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Submitted to Digg by geekorati 6/25/2008

The difficulty in knowing just how much oil is available in the world is one of the main reasons there is such a descrepancy between how much oil should cost per barrel according to the “experts” in the field. A recent survey reported that the range in proposed prices per barrel range from $35 up to $90.

As the Saudis increase production as a sign that the prices are currently too high, other experts are pointing towards a likely “super spike” in prices that will drive costs up to $150-$200 per barrel in the coming months. The uncertainty is what is fueling this. How much oil is there?

Nobody knows. Nobody knows a way to know. In the meantime, we are still heading towards $5.00 or more per gallon.

Original Description:

What is the “right” price for a barrel of oil? Japan’s oil minister said, based on fundamentals, the price of crude should be $60 a barrel, not the $130 to $140 we see today. During congressional testimony, five oil-industry CEOs each gave estimates of where oil “ought” to be, with results ranging from $35 to $65 a barrel to $90. What is going on?

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