Don’t Worry, Be Happy – EIA AEO 2011
As yesterday I said about Keep Your Eyes ON on Oil Price (keep going up from $91/BBL as per today), today I found a very interesting article from The Oil Drum (TOD) about EIA Annual Energy Outlook.
While every body keep awake on end year holiday, EIA said Don’t worry be happy on 2011. They said we no longer have to worry about energy supply or prices. Cheap energy will characterize the world for most of the next decade, according to the report. Oil will not reach $100 per barrel until 2017 and natural gas will remain below $5 per thousand cubic feet (mcf) until 2022.(1)
Did they say not reach $100? So, around $91 is already the highest point for the next 5-6 years ahead?
Like I said before, keep your eyes on it. Because although EIA Outlook told the different story, Wall Street is getting nervous already. As oil prices continue to creep up and as more evidence accumulates that the age of ever-growing energy production and economic growth is coming to an end, a specter is haunting the great investment banks and brokerage houses of New York.
Don’t worry be happy but keep your eyes On.