No need to drill off the California coast or in the ANWR

Lankameese

Billy Hamilton status
Sep 26, 2006
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from his home, decked out with a massive fire pit in the living room, semi-circular leather couch and bright orange shag carpet
<img src="/forum/images/graemlins/applause2.gif" alt="" />
 

blakestah

Phil Edwards status
Sep 10, 2002
6,139
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Bad investment.

The oil prices are a big bubble based on futures trading and uncertainties in future demand. The current economic trends indicate a substantial decrease in future demand, coupled with increases in production, and increased oversight on trading rules for futures and puts.

In other words, give it about a year, oil will be down close to the break-even point for the shale beds in North Dakota, and everyone will pack up and leave, to return in a few years. The shale demand is based on an assumption about the price of oil, and if oil dips low enough, they will lose money by accessing that oil.