With the price of a barrel of oil soaring at record levels these days there is definitely some hope that oil will make a comeback. Really? Ok...it's probably a little naive but some interesting facts tell me yes...

Right...when pigs fly! Anyways, here goes:  

• The price for a barrel of oil at the time the US (and reluctant allies) embarked on the now very unpopular war with Iraq in March 2003 was $25;

• In 2003, around the same time of the commencement of the Iraq debacle, the average price for a gallon of gas in the US stood at $1.72 (more here)...of course we all know that today the average price is around $4;

• According to the billionaire George Soros, speculation is one of the main culprits driving oil prices accounting, he believes, for up to $50 of the $130 - $140 a barrel oil now sells for; 
  

• Our tropical oceans absorb over 560 trillion gigajoules (GJ) of solar energy annually...this is equivalent to more than 1,600 times the world’s annual energy use;

• The world's present renewable energy sources account for about 18% of current energy use but with tremendous potential for greater exploitation in the future. Some estimates put the  technical potential of renewable energy sources at more than 18 times current world energy use;

• Alternative fuels and renewable forms of energy abound. Well known alternative fuels include biodiesel, bioalcohol (most well-known - ethanol), chemically stored electricity (such as used in batteries), hydrogen, non-fossil methane, non-fossil natural gas and vegetable oil  while renewable forms include solar, wind and water;

• In 1974, at the peak of one of the most serious oil crisis the world had seen to that point (and a first peek at how oil could threaten global stability) the price of a barrel of oil stood at $12;
  

• Experts believe that alternative sources of energy could be viable substitute to conventional energy in 3 years and possibly stabilise world oil prices and even drive them down;

• In February 2008, Iraq's oil production spiked to 2.4 million barrels per day. The great news is that even at that level, experts believe that with all facilities fully upgraded and operational, it can add another 2 million barrels per day to the world's supply;

• Think the we are out of oil? Not so fast! Just recently (April) reports surfaced that a deep-water exploration area off Brazil's coast could contain as much as 33 billion barrels of oil. Subject to more testing, all things being equal, this would make the find the world's third-largest known oil reserve.
  

What are your feelings? Could oil make a comeback? How about peace in the Middle East dampening the speculative fervour now rampant in the financial markets? Hmmm! Did I say there was hope?