Smart Energy Universe Survey Shows Majority See Oil Prices Dropping Below $40 per Barrel

RENO, Nev. - Jan. 28, 2015 - PRLog -- Each week smart energy professionals, from around the world, meet in a ‘Virtual Town Hall” to discuss and voice their opinion on a premiere smart energy news item of the week. The results are published in www.smartenergyuniverse.com.

This week Smart Energy Universe (SEU), asked respondents about the Impact of Oil Prices on the global economy.

The Survey concludes oil prices will drop below $40/barrel before stabilizing, and may take up to 5 years to get back to $70 per barrel.

1452 smart energy professionals participated in the online survey.

On the question of how far oil prices will fall,the majority of respondents (60.9%) see the price of oil going below $40 a barrel.One in three (34.1%) said the price of oil will stabilize when the $40/barrel mark is reached.

A majority of respondents (70.4%) see the price of oil going up to $70 per barrel in 3-5 years. One in four (23.8%) said oil will never go back to $70+ a barrel. Only 5% said that oil prices will go back to $70+ per barrel in a year.

Regarding the question of whetherthe effect of low oil prices is limited to oil producing regions, three out of four (74.3%) respondents said the effect of lower oil prices will mainly impact oil producing countries. One in four (21.2%) sees the lower oil prices affecting all regions.

Oil prices and low oil production: Asked whether the oil prices will lead to low oil production, three out of 5 respondents (60.4%) see oil production going down due to low oil prices. One in three (34.2%) said oil production will stay at current levels even with low oil prices. A small percentage (4.8%) said oil production may slow down in some regions.

Over 200 of the respondents also submitted comments expanding on their responses to the question.

Each week Smart Energy Universe (SEU) publishes the results of the Question of the Week.  The Question of the Week pertains to the leading news of the week.