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Mookie4ever wrote:RugbyD wrote:something to note here is that the sky is not falling, and it never will. Current market prices, which are still pretty low in historical real$ terms, are making new production methods economically viable. Over the past 3 weeks my company has been part of the loan syndicate to finance 2 ventures to consummate development of canadian oil sands, which have massive amounts of recoverable oil. New technologies, financed by the massive profits that people like the Exxon CEO enable, are continuoulsy improving recoverability of oil and exploration techniques. Current conventional oil deposits can only be drained up to 35%. Every time new technology ups that %, our proven reserves increase, helping keep prices down.
If anything, anger over gas prices should be directed and people like Hugo Chavez and the Iranian prez. Unstable collectivist sociopaths make your life more expensive, not the companies charged with the risk of dealing with these psychos.
I read yesterday that the current highs are not supported by the current economic reality and that they are being driven up by fear and speculators. Most analysts feel that the price of crude should drop by at least 20% this year. Is this right?
I'll try to find the article online.
RugbyD wrote:The market supports this price, making it fair.
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