Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says

Several years of underinvestment in large oil projects could lead to oil price spikes of $80-$100 per barrel by the 2020s unless mega projects are sanctioned very soon, Jonathan Chanis, Vice President of Policy at Securing America’s Future Energy (SAFE), told Platts in an interview on Monday. “We’re at a very perilous point because we’ve had two years of a really, really marked decline in investment,” said Chanis, who was Senior Trader at Caxton Associates, a Vice President at Goldman Sachs’s commodities division,…