The world could have a glut of oil by the end of the decade because of rising production combined with declining demand as consumers and businesses switch to electric vehicles and renewable energy, according to a new report from the International Energy Agency.
Could gas prices decline?It's possible that an oversupply of oil could lead to a 'lower price environment,' according to the IEA report. However, the analysis includes three projections for where oil prices could be in 2030, ranging from a high of more than $90 a barrel to a low of less than $60 a barrel within six years. Currently, oil is trading at about $82 a barrel. Still, one expert cautioned against reading too much into the report.
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