World Oil Supply

This gas station at United Nations Avenue will soon have competition. I believe it’s Petron putting up one right beside it.

There are several schools of thought with regards to gasoline prices. The consensus thinkers believe that large oil discoveries lay ahead and that new technology for finding and extracting oil will keep the world awash in petroleum for decades to come.

With energy needs continuing to expand worldwide, especially in rapidly growing countries such as China and India, demand for petroleum is now rising swiftly. If world supplies were to shrink, something would have to give and that something would be price.