Oil prices reached the highest levels in two years Tuesday, sparking concerns that prices will continue to grow over the next few years, damaging economies worldwide.
Meanwhile, New York's Goldman Sachs released a report claiming that oil prices will be "substantially higher" in 2012, as global surpluses dwindle and excess production capacities shrink.
The Organization of Petroleum Exporting Countries, which provides 40 percent of the world's oil, will boost supply to meet demand as the global economy continues to grow, thereby reducing reserves.
"Despite the recent rally, we believe that forward price levels offer good hedging opportunities," Goldman analysts, led by Allison Nathan in New York, said in the report. "We continue to expect improving fundamentals will provide additional support to prices."
As demand for oil increases along with the recovering national economy, many alternative energy ventures are also expected to emerge in an attempt to soothe the energy market. As this happens, many small ventures are expected to file for an LLC in New York, California and Texas - states with growing renewable energy industries.
Tags : incorporation news, ny, operations, small business management
Posted: Nov 10th, 2010