08 May '11, 2pm

Oil Prices Will Continue to Rise, IEA Reports

The International Energy Agency (IEA) was established in the wake of the 1973-74 oil crisis to ensure the uninterrupted supply of oil to industrialized nations. This autonomous agency now predicts oil prices will rise an additional 30% over the next three years. The goal of the IEA organization is to monitor oil production and the international market for oil and other energy sectors. The IEA is a multi-government and independent monitoring agency based in Paris. Five years ago IEA stated that oil production will rise to 120 million barrels a day by the year 2030. Now the IEA is predicting the price of oil will increase by 30% over the following three years.

Full article: http://cleantechnica.com/2011/05/08/oil-prices-will-conti...

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