will bhp stay above 25, page-40

All this doesn't mean a great deal to BHP their avg. production cost is $7 USD/bbl.

They are @ the very BOTTOM of the cost curve in every commodity.

All marginal producers will shut up shop before BHP feels the pain.

Hence, they don't really care where prices go (as demonstrated by their lack of illogical, complicated hedging that the amateurs, try to use and most likely FU)

They will still be sitting on top of the pile of obliterated commodity producers, and they demise of all of these producers will create supply problems and hence cycle will start again and BHP will increase their margins more and marginal producers will once again flourish, with BHP on the top still.

As sure as "experts" will comment on the rationality of bubbles, there will be equally qualified "experts" commenting after price drops and the rationality of anti-bubbles.

If your an "expert" you have to write about something to get your column inches up, and to distract you from your real job.

Of course, If you are a REAL expert, you comment on HC.

choice