(April 24, 2008) According to a Canadian study the price of oil is likely to rise to 150 dollars a barrel by 2010 and 225 dollars by 2012. (Oil prices to double by 2012: Canadian study) The article states, “‘Despite the recent record jump in oil prices, oil prices will continue to rise steadily over the next five years, almost doubling from current levels.’ The CIBC report also notes that while production increases are at a virtual standstill, global demand continues to grow…Although US oil consumption is likely to fall by over two million barrels a day over the next five years as pump prices rise, he says, more drivers on the road in Russia, China and India will surely pick up the slack in demand.”
Since most commodities are transported by fuel-consuming vehicles, this will cause a significant increase in the cost of consumer products. This of course could lead to shortages of all types including food. One day, the world’s need for oil may lead some countries to use aggressive means in order to obtain it. Whether this is the reason the armies of the world come together in the Middle East and eventually fight the battle of Armageddon is unclear at this time.
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