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Fuel card news: Oil prices 'could rise for 25 years'

16 July, 10
Oil prices could continue on their current upward trend for another quarter of a century, according to a worrying forecast for drivers from International Agency executive director Nobuo Tanaka.

Speaking at the Energy Technology Perspective 2010 conference in the South Korean capital of Seoul, Mr Tanaka explained that even with measures to cut back on carbon emissions, oil consumption still looks set to increase for decades to come.

"If such measures are taken, global oil demand would plateau around 2030-2035 and this would mean less pressure on prices and reduced import dependency for many countries," he told delegates at the meeting.

He called on developing countries to implement schemes to increase energy efficiency and warned that the current dependence on fossil fuel could prove unsustainable in the long-term.

Mr Tanaka's comments came after the US Energy Information Administration warned that the price of West Texas Intermediate could increase to an average of $83 a barrel next year.

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Posted by Tammy BrooksADNFCR-2675-ID-19893686-ADNFCR

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Fuel card news: Oil prices 'could rise for 25 years'