$125 per barrel of oil is not far off

Published: October 11, 2007, 2:55 am

Mr. Abdullah AlAteeh,The Qatari minister of energy and industry, stated that the fair price of one barrel of oil should exceed $100 and possibly $125 if inflation is taken into account. Energy production is only a fraction of what oil and gas (fossil fuels) provides the world. Did you know that Urea (Fertilizer) is made out of fossil fuels? So are many products like plastics, medicines, roads, wire insulation, feed stock, fabric, tables and much more. It's ridiculous to assume that it can be replaced. In reality nothing can replace it as we stand today. Funding is needed for R&D to look for logical and economical replacements for it. What fossil fuels we have has to be used scarcely. Immediate action is needed to avert global catastrophe when its production dips below the world demand. It's not a matter of if, but when. There is not enough natural fertilizer in the world to keep everybody fed. Countries are not going to go away and die peacefully. Wars are inevitable.

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