The looming oil crisis will dwarf 1973

[rfranklin]

The looming oil crisis will dwarf 1973
Commentary: Forces converge to create worldwide woes

By Paul Erdman, CBS.MarketWatch.com
Last Update: 8:02 PM ET May 5, 2004


Editor's note: This is the first in a three-part series by CBS MarketWatch columnist Paul Erdman.



HEALDSBURG, Calif. (CBS.MW) -- As the price of crude oil keeps rising toward $40 a barrel and beyond, it has become increasingly clear that the world is heading toward a major oil crisis -- in terms of both price and supply -- that will dwarf that of 1973.

There can be no doubt that the fall of the House of Saud would be thrust the entire Western world into an energy crisis of unprecedented proportions.


For many of us who have been observers of global energy trends for what now amounts to decades, this has become not a matter of "if" but rather one of "when." We are facing a convergence of three forces that will have a potentially explosive effect on the market for crude oil.

-more-
http://cbs.marketwatch.com/news/print_story.asp?print=1&guid={8A89E36B-0E79-44B0-A790-DFFCDBE4BA21}&siteid=mktw

[girl gone mad]

1. dupe.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x48960

:)