In this present economic environment, where global oil supplies exceed demand and oil prices continue to slide, it may be difficult to imagine a turnaround any time soon. But some experts are predicting that in the end, even as soon as the end of 2015, the current decline will just feel like a blip to the oil-producing countries who should by now, be used to this boom-and-bust industry.
In this optimistic article, American Petroleum Institute’s President and CEO Jack Gerard, goes so far as to predict that the industry’s future is bright and that the Keystone XL pipeline would be approved sometime in 2015. We like the sound of that!
Low oil prices do stimulate global economic growth, and that fuels demand for oil and in turn, higher prices. So while things may be a little soft for a few months, let’s trust the optimism of experts like Gerard and focus on the light at the end of the tunnel.
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