"The Era of Cheap Oil is Dead" - $100/bbl is On the Way

Analysis in Advance of this Week's OPEC Meeting

from The Independent (UK):

With the price of a barrel of oil expected to breach the $100 barrier in the coming weeks, experts have warned that the era of cheap oil is now dead.

"Economics and politics will keep oil ticking over $100," said Mark Spelman, energy expert at consultants Accenture. "When economics are tight, geopolitics very uncertain, stocks low, winter approaching and we have a weak dollar, the oil price can only go up... the era of cheap oil is now dead."

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