Oil prices won't rise higher than $100 US a barrel for "a couple of years according to chairman of Cambridge Energy Research Associates Inc.
Oil prices won't rise higher than $100 US a barrel for "a couple of years," according to Daniel Yergin, chairman of Cambridge Energy Research Associates Inc. "Just on supply-demand, putting aside geopolitics, this surplus is going to last for a couple of years and that will have a dampening impact on oil prices," said Yergin, winner of a Pulitzer Prize for his book the Prize: The Epic Quest For Oil, Money & Power, in a telephone interview Wednesday. "Right now, predicting oil prices is really predicting" gross domestic product.
Oil prices "reflect the recognition that a surplus is building up and that it's going to take some time to work it off," said Yergin.
"Capital-intensive, long-term projects are going to be slowed down, reviewed and reprioritized" because of lower oil prices, said Yergin. Among those, he included the oilsands.