hmmm... $20 crude or $80... which is it?

Interestingly, two contradictory oil price forecasts have appeared in the past few days, Goldman Sachs predicting that prices would remain “low” for fifteen years, while OPEC has argued that the price should recover to $80 a barrel by 2020. This is interesting because a few years ago, Goldman was considered the greatest price bull (among respectable forecasters) and OPEC actually had one of the lowest long-term oil price projections.

As a student of oil price forecasting, I can attest that this is somewhat surprising, but not shocking. First and foremost, there is a huge amount of uncertainty about many elements of the long-term market, such that diverse opinions should be expected. 

( http://www.forbes.com/sites/michaellynch/2015/09/25/long-term-oil-prices-goldman-sachs-versus-opec/ )

ps my nephew thinks VW needs an award.. "who cares about the environment.. those VW diesel's will run forever.. They get great fuel mileage.."

???

Maybe the next generation deserves to run out of energy...???

???

but the generation that comes next is sure going to look back on this period...  "Why didn't they conserve?"

Most of the Natural Gas that was produced in the Large Oil patch the township to my east was Flared.. back in the 1930's.. just burnt off as worthless...

"wow."

 edit add: nephew's defense..

"We're NOT running out of Crude.. ( http://www.science-frontiers.com/sf124/sf124p10.htm ) 

and he's NOT jumping on the Climate Saving Cap and Trade bandwagon.. so.. ???

So if we go down that path.. he will not be joining us..  (not too enthused myself...)