Why High Oil Prices are Here to Stay
BY ROBERT RAPIER
On May 3rd I will be delivering a talk called Moving Beyond Oil Dependence as a part of UC Santa Barbara’s Spring 2012 Chemical Engineering Seminar Series. The talk will roughly follow the outline of my book, and I have used several graphics from the book in the presentation.
However, I created a couple of graphics specifically for this presentation that I believe explain the majority of the oil price escalation over the past decade. True, part of the price rise may be due to speculation, but the following two graphics show just how robust demand has been even in the face of $100 oil. The data source for both graphics is the 2011 BP Statistical Review of World Energy: