Oil prices over $100-a-barrel in near future

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http://www.time.com/time/business/article/0,8599,1681362,00.html

clipped from www.time.com Oil Prices: It Gets Worse Oil prices hit a record high of $97 a barrel on Tuesday oil prices could move irreversibly over the $100-a-barrel threshold in the not too distant future, as the global economy faces a serious energy shortage. "Lots of targets have been set but very little has been done. There is a lot of talk and no action." The reason for the IEA's alarm is its expectation that economic development will raise global energy demands by about 50% in a generation, from today's 85 million barrels a day to about 116 million barrels a day in 2030. Nearly half that increase in demand will come from just two countries — China and India