'Emergency oil plan' required in view of coming shortages

Financial Times The report circulated to governments (...) suggests dramatic measures, such as reducing motorway speed limits by 25 per cent, shortening the working week, imposing driving bans on certain days, providing free public transport and promoting car pooling schemes.

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Oil Surges After 'Spike' Prediction
A Goldman analyst says crude could reach $105 a barrel in 2007. Other experts are skeptical.

Venezuela Official Comments on OPEC
Venezuela's Oil Minister Says OPEC Running Out of Spare Production Capacity

  thanks to Drudge Report

A titanic struggle between supply and demand
Oil hit another new high this week and OPEC promised to raise its production by another 500,000 barrels per day to help ease the pain. But with capacity tight and demand continuing to grow, high oil prices may be here to stay

TALK about record oil prices is beginning to get a bit tedious; oil seems to be hitting new highs with the regularity of a metronome. This is, naturally, more than a bit tedious for consumers, who are having to dig ever more deeply into their pockets. More frightening still, it might get worse before it gets better. Last week, Goldman Sachs released a report predicting that oil prices may stay above $50 per barrel for several years. Oil prices obliged by jumping. On Monday April 4th, light crude hit $58 for the first time ever. On Tuesday and Wednesday morning, the price fell back by a couple of dollars in response to forecasts of growing crude-oil stocks in America. The market may also have been somewhat reassured by comments on Tuesday from Alan Greenspan, most notably that a big enough increase in crude inventories would “damp the current price frenzy”. But the Federal Reserve chairman also expressed concern that the world did not have enough oil-refining capacity.

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  thanks to DANGEROUSMETA!