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..."According to US government forecasts, world petroleum liquids consumption is expected to increases from 83 million barrels per day in 2004 to 118 million barrels per day in 2030.
That's an increase of almost 30 percent and there are not enough new oil reserves to meet this demand.
"The price of oil has to increase otherwise it would be betraying the laws of economics," said White.
"I bet that in 10 year's time after the Asian population has boomed and gentrified and peak oil has hit home hard, you will have to agree with me that oil at $87 a barrel was cheap, cheap, cheap," he said. ..."