Fear over the environmental impact of using oil, gas and coal reserves means we may never run out of untapped energy stores, according to a leading petroleum industry economist. “Concerns about carbon emissions and climate change mean that it is increasingly unlikely that the world’s reserves of oil will ever be exhausted,” BP Chief Economist Spencer Dale told the Society of Business Economists Tuesday. This means the relative price of oil will not necessarily increase overtime, reports Reuters. Spencer’s remarks come amid concerns that an oversupply of oil is pushing the price of crude back under $50 a barrel. Global oil demand is slipping, at a time when supply is high, The Wall Street Journal reports . This is putting downward pressure on oil prices. Consulting firm PVM oil broker David Hufton told The WSJ oil prices could be higher, “as long as OPEC do not produce more than […]