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Date Posted: 11:12:56 01/11/15 Sun
Author: Knut Holt
Subject: OIL PRICES LOW FOR MANY YEARS TO COME

How Will the Oil and Gas Prices Develop in The Years to Come

On the long term the abundance of oil and gas and where it is found have a great impact on the prizes.

As by 2014 huge amount of new oil and natural gas resources have been found or opened to exploit in all regions of the Earth. That has occured all over the World, but especially in North America, the former Soviet Union and Australia and the process still amply occuring. Much of these new oil fields are of the type shale oil, but also many conventional oil deposits on land and under sea have been found.

Shale oil is oil deposits in porous shale rock, and the rock needs to be cracked so that the oil can be pumped out. The technology for this has improved significantly the last years so that long known shale oil deposits now can be exploited within reasonable costs, and it has become interesting to search for more such deposits.

That means that the regions of Earth steadily more are producing their own oil and gas, and the demand for oil and gas import is shrinking.

This also has the effect that the so far dominating oil producent block, the OPEC, has got serious competition and has lost the ability to keep oil prices high by shrinking the production.

But OPEC, which still holds more than half of the oil reserves of the World, and especially Saudi Arabia, can produce the oil with very law costs, and can compete for market shares by increasing the production and lowering the prices, which is exactly what happens.

Another factor that will contribute to reduced prices of oil and gas in the near future, is the demand for reduced use of fossil fuel and an ongoing migration to energy sources that do not create greenhouse gasses when used, which practically means using more electric power generated by wind, solar panels and nuclear emergy. This movement will reduce the oil and gas consumption of the World.

These developments will depress the oil prizes for a long period to come and the long distance trade with oil and gas will actually decrease. The economy of certain producers, like Norway, which need high prizes is actually set in grave risk due to this development.

By Knut Holt
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Source: http://www.eioba.com/a/4p6r/how-will-the-oil-and-gas-prices-develop-in-the-years-to-come

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