- Gerald Bailey says events in Middle East and Venezuela may push oil prices higher
- Two years ago, Bailey accurately predicted the start of an upward oil price trend
- Petroteq’s unique technology can extract oil from sand at a cost of $25 per barrel
The director and president of Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) has said that oil prices could reach $80 per barrel this year and rise further up to $100 in the near future. Dr. R. Gerald Bailey was appearing in an interview with Fox Business on May 23, two years after he made another prediction of oil price trends, which proved to be accurate (http://nnw.fm/7fjKK).
Bailey told Stuart Varney on Varney & Co. that prices could reach $80 a barrel this year and go higher still. “Let’s not frighten people and think it’s going to be $100, but don’t be surprised. It reached that two and a half, three years ago, so it’s not out of the picture,” he said.
With over 50 years in the industry, Bailey bases his analysis on the political climate in key oil-producing regions. “My case is the volatility is so crazy in the oil business. It’s typically now in the oil casino, you might say. And there’s so many geo-political things going on, happening in the world… Iran, Venezuela, and then the Middle East is always bubbling as usual.” Trouble in the Middle East or a disruption in the oil supply from Venezuela might send prices soaring even higher, Bailey said.
As a guest on the same television program two years ago, Bailey made what turned out to be an accurate forecast of oil prices. Speaking about that prediction, he said, “You know, I was on your show two years ago and I called the bottom that day at $29. And you asked me, ‘How do you know this?’ I said, ‘I’ve been in this business a long time.’ I walked out of your studio that day and prices have been going up ever since.”
With oil prices at their highest level in four years and still rising, Bailey said that Petroteq will be another source of energy for the country. The company’s environmentally-friendly oil extraction technology can reclaim oil from sand at a cost of about $25 per barrel, he said, which means that Petroteq’s process will remain profitable, even when oil prices go down. “It’ll make money and it’s good for the country,” he said.
The Petroteq president also spoke of the company’s heavy oil extraction plant in Asphalt Ridge, Utah, where it holds a mineral lease that covers more than 3,000 acres with oil sands reserves estimated at 87 million barrels of oil equivalent. Petroteq has recently expanded the production capacity of its plant from 250 to 1,000 barrels per day and has the capability to further increase the capacity in the future. Utah contains about 55 percent of the total oil sand deposits in the U.S., which hold an oil resource of over 30 billion barrels.
Unlike other extraction technologies, Bailey said, Petroteq’s methods will not leave behind the tailing ponds that blight other oil sand extraction sites. “It’s not this stuff like in Canada that gives you a lot of water sludge and terrible tailing ponds. Ours is a waterless, environmentally-friendly process.” He added, “We will take the sand, treat it with our secret sauce, clean it up, put it back on the ground and, as I say, you could grow tomatoes in it when you’re finished.”
Petroteq’s proprietary solution is cost effective, produces no greenhouse gases, leaves no waste and provides significantly better economies of scale through modular expansion. The company’s oil sands extraction technology has been so far awarded two patents in the United States and Canada.
For more information, visit the company’s website at www.Petroteq.energy
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