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Energy Prices Are On Their Way Up

Would you agree that a former president of Shell Oil knows a thing or two about the energy business? I thought you would, which is why I invited John Hofmeister to join me on my podcast. Here are five insights on energy today from this proven leader:

The price of oil will reach $80 a barrel this year and possibly go as high as $100 a barrel in 2017. The world’s most populous nations – India and China – are using cheap oil to grow their economies. And they’re not the only ones. So are many countries in Africa. Global demand on this level has to push the price up.

 

Is it really coming?  The recovery of oil prices?

There are indicators that a recovery is near.

  • Companies have reduced the cost of horizontal drilling making domestic drilling more competitive.
  • Energy reserves are falling
  • Leading oil producing nations, primarily the Arabs and Russia are meeting in September and have expressed support to curtail production, thus raising oil prices
  • T. Boone Pickens said it is going to happen

Some pretty compelling arguments that oil prices are headed back up.  August prices have already surged to over $50 a barrel.

The fall in oil prices have financially devastated oil producing states.  The price collapse has lasted so long that financial collateral damaged has occurred across the country.  Energy is one of America’s largest industries.  Energy fuels America in more ways than one.  We need a healthy energy industry to drive our economy.

The recovery of the oil industry can’t happen fast enough for me.  Even if it means $3 a gallon at the pump.  $1 a gallon gas isn’t worth much if you don’t have a job or are dealing with hour cuts.

 

Just Saying….

TODD

Todd

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About Ebsco Spring Company

Ebsco Spring Company manufactures precision springs. Ebsco Spring was established in 1941 in Tulsa Oklahoma. Ebsco Spring manufactures custom springs for a wide variety of industries including fluid power, oil and gas, aerospace, defense, medical and others.

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