WORLD ENERGY REPORT: MORE, MORE, MORE

A new report from the Energy Information Administration (EIA), the Department of Energy’s statistics crunching office, predicts big increases in energy and fossil fuel consumption despite making one thing perfectly clear: The era of cheap oil is over. The report predicts 2030 oil prices will be in the $113/barrel to $186/barrel range and says that the the $113/barrel figure translates to a $70/barrel 2006 price.Guy Caruso, head, EIA: "We're not going back to the historically low prices we saw in the '80s and '90s…"Though the report provides a range of oil prices for 2030, it indicates the higher price is more likely. The good news: Oil consumption would be 10 million barrels/day less at the higher prices (with concomitantly lower greenhouse gas emissions). It should be noted that these numbers are based on an assumed 2030... [read full story]