Black Dragon Resource Companies Inc (BDGR)

[LGL8054]

A widely-followed industry report on international oil supplies released today suggest that oil prices could move permanently over $100 a barrel very soon.

This gloomy assessment comes from the International Energy Agency (IEA). Let me say upfront, the IEA is well-respected within the industry... and isn't known for alarmist warnings.

However, in today's report, the IEA did a complete 180. In the IEA's 2007 report, it argues that governments need to make urgent, bold decisions on energy policy, or risk massive environmental and energy-supply crises within two decades - crises and shortages that could spark serious global conflicts.

"I am sorry to say this, but we are headed toward really bad days," IEA chief economist Fatih Birol was reported saying.

Wealth Daily