Hi Kahuna,Great stuff. Forward oil has me baffled also. Exxon...

Hi Kahuna,

Great stuff. Forward oil has me baffled also. Exxon has just blown $100 million on a failed single drill. Cheap oil is history as we go offshore IMHO.

( http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=6404206&src=eDialog/GetContent§ion=news )

Control of Iraq is the key here IMHO. That's where the remaining cheap oil lies along with Russia perhaps as we've been led to believe. Something that sticks in my head on a trip to China in the 90's was the amount of bikes on the streets. Thousands upon thousands! If only a small percentage of these people move to 4 wheels, the thirst for black gold can only accelerate with the world already consuming around 4 barrels for every barrel discovered. Just doesn't make sense as you say. Always appreciate the thoughts of one of the best posters around.
Capman, As you know, just like yourself, I'm a long termer and see plenty of upside in HDR. As long as we all make a fortune who cares who trades, who holds!! lol

Cheers,
xmagx