Peak Oil News >> Consumption; Demand; Prices >> BP's Browne Sees Energy Prices Stabilizing and Even Falling Long Term

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Hoarding is exactly what the government is doing right now by filling the SPR, and frankly it's the best thing that could happen. It drives prices up. High prices encourage demand destruction. They also finance new well development. The hoarded oil gives us a buffer to fall back on once shortages become more prevalent. High prices are what we need in order to adapt to what's coming, and the sooner they happen, the better.

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BP's Browne Sees Energy Prices Stabilizing and Even Falling Long Term

World energy demand will continue to grow, but new oil and natural gas discoveries ramping up across the globe will likely lead to stabilized prices and perhaps even a dip in the long term, the CEO of BP plc said Tuesday. he said, but added there remained plenty of new opportunities for exploration and production, pointing to recently discovered oil and gas deposits in the Caspian Sea, Angola, Russia and "here in the U.S. from the deepwater of the Gulf of Mexico," he added.

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Posted on Wednesday, November 30 @ 06:28:59 PST by Waegari

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Re: BP (Score: 1)
by snagging15 on Monday, May 29 @ 11:52:17 PDT
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