Get Ready for Oi Prices and LNG Prices to Hit the Roof
Oil prices could 'super spike' above $150 a barrel, analyst warns By Matthew Rocco Published July 06, 2018 Oil FOXBusiness Facebook Twitter Comments Print Is $80 oil right around the corner? Former Shell Oil President John Hofmeister on the outlook for oil prices. Oil prices could double and surge past all-time highs of around $150 a barrel with a possible supply crunch on the horizon, analysts at Bernstein Research warned. Energy producers had pulled back on spending during a period of weak crude prices, shunning large exploration projects. Only 15 companies are now responsible for 80% of global oil reserves, according to a Bernstein research note cited by CNBC Opens a New Window. . By cutting investments, the industry risks creating a shortage of oil in the long run, Bernstein said. “Any shortfall in supply will result in a super-spike in prices, potentially much larger than the [$150-a-barrel] spike witnessed in 2008,” the ana...