voelte says poo going back to 40 usd, page-23

well folks - get used to the market. When oil was at $13 a barrel - only 12 or so years ago - there was no logical reason - exploration stopped because no economic case could be made - no rational person believed that it was a real price. But there you are - it was the market.

Could the market be at $40 again - well yes - not based on logic - but on the market - all factors known into the price etc etc. It works - but is not always "logical" - especially in hindsight.

If I were an Oil Co CEO - I would be basing my earnings forecasts on a price of oil well below the current price - just natural caution. I cannot fault Mr Voelte on that.

The real debate is about peak oil - and that is one for statisticians, not geologists. The world market is really trying to figure out this debate - is it another environmental scare - or is it real. Then - if peak oil is is real - is it now or in 30 years time?

I have had fun poking fun at Mt Voelte in this forum - but today's interview was quite a good perforrmance by someone who knwos his business and is not talking it up hard against the latest highest oil price.