Oil ticked along at $20 range for many many years and production went ahead and new projects were started up and the resources world carried on quite happily.
I must say I do find peoples short sightedness incredibly frustrating...when companies like Exxon Mobil and Shell do their feasibility studies they base it on oil at $12 per barrel..yes you read that correctly $12 per barrel..$60 per barrel is still historically very high and very appealing and anyway it is almost certain that it will not stay at this price for long and will head back up..its running out and cannot be replaced ever!!
In these difficult times the one thing i have truly learnt is that the so called "experts" have no more idea than you or me..the worst example of this is when the price of oil was in a vertical spike upwards Goldman Sachs come out and say that it will go to $150..then when it reverses into a vertical downward line they come out and say it will go to $50!!! Hey if they were such experts then they should say that it will go to $150 shortly after which it will reverse to $50 and then....you get the picture.
I know that rigs are more expensive now and so is infrastructure and so on but the price of oil now is still historicall very high...i just cant believe how short sighted people are...
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