Quote:
Originally Posted by theunchosen
Stevey. . .the only way oil hits prices like that is in the event of another speculator runaway freight train.
I've worked with some guys in the oil industry and there won't be any shortage of oil for production sake any time soon.
Shell just dropped new reports into alot of offices paying their geologists to go back and run scans on old wells because a substantial number of wells have refilled partially. When you consider that and about 1/4 of the wells that are already located and accounted for in barrells are not tapped I doubt oil runs out or production or supply even slows in the least over the next 20 years.
Speculators are the single cause behind gas prices. Go talk to an oil company and they will tell you its not their fault and they aren't making the profit that causes the price inflation.
|
If you look at oil prices over the past three years, we are currently on track to repeat the previous spike to $140 / barrel by the end of the summer. Regardless of the cause... it's still happening.