Oil hits $112 a barrel

Yesterday, oil hit $112 per barrel. Will we see $200 or $300 oil within a couple of years? It all depends on the real amount of reserves, the speed at which they can be brought to market, and the effect of higher oil prices on economic growth.

In a lecture in 2006 to ASPO USA, Matt Simmons advised that 80% of the world is now just beginning to use oil and gas so one can see how increased use by these people may continue to drive demand regardless of price increases.