Reynolds said the current reality of "peak oil" - the period when global petroleum extraction begins to decline - and an expected surge in oil demand in developing countries will contribute to an upcoming price spike.
"We're going to go through a tremendous 10- to 20-year difficult transition," he said.
Reynolds said more developing nations are reaching a level of affluence that allows families to begin purchasing cars. In a country such as India, that could translate into millions more vehicles on the road, adding another contributor to worldwide demand for petroleum.
Important warning about e-mails purporting to be from the adn.com staff.