When the oil price peaked in the summer 2008 the economy was growing all over the world and the “wheels” in the industry rotated faster than ever. When the economical crisis hit the western world the oil price dropped from 140 $ / barrel to below 60 $ / barrel within a few months. Since then we have had one major accident from deep sea oil drilling..
I frequently follow the oil price and you can also do it on this link
The last half year the price has been climbing steadily from 75 to 100 $ per barrel. According to Petrobras CEO Mr. Gabrielli the global production capacity peaked in 2010.
There have been limited investments and the production capacity and there is a long lead time for building oil production capacity. It is hence reasonable to believe that the oil production the next five years will remain lower than the recent peak years, simply for the limited production capacity.
Over a long period of time the price for different energy “sources” such as oil, coal, gas and electricity from any source is coupled. When the oil price is high oil heated electric power plants are converted to coal and gas.
With the increasing oil price the interest increase for transports with low fuel consumption. We are hence very glad to be able to offer efficient hybrid buses both by Nova bus in North America and by Volvo in Europe. In a way a hybrid bus is an insurance for higher fuel prices.