Chu: Increased Demand for Oil   Leave a comment

U.S. Energy Secretary Steven Chu, a champion of renewable energy and biofuels, has a clear position about the future of oil. neft_01

He says global demand for it will increase over the next two decades and even with more efficiency and alternative fuels, prices will increase again.

In the long run, over the next two decades, he said, he’s certain the price of crude will be significantly higher than today. Crude oil has dropped from a high last summer of $145 a barrel to a recent low of about $34.

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