OPEC long-term outlook as oil hits 3-year highs: rosy

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — While acknowledging the inevitable advance of alternative energy sources and technology, OPEC said that oil will be dominate energy source for decades to come with crude prices reaching three-year highs. In its annual World Oil Outlook, OPEC acknowledged Tuesday that more electric vehicles on the road and the push for alternative and renewable energy will indeed usher in an era of declining demand for oil in rich countries. But OPEC believes the energy needs of expanding economies in other parts of world means that oil will be the world’s No. 1 source of energy through 2045.