Heading Under 2.50, page-10

Great sight for checking on oil drilling around the world - baker Hughes:

http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-rigcountsintl

The world hasn't seen a decrease in drilling to the current numbers since 2002 - 14 years ago.

When you work through the US numbers - Texas alone is down 465 rigs in the last 12 months..

You don't drill - you don't produce the oil - when the switch comes in the poo is probbaly going to spike quite hard - which it will need to to get drillers back into the field to try and head off a new developing supply shortage..

Feast or Famine - then Iran will get its wish with Billions flowing in to develop its fields - in fact the Saudis are actually setting them up for a future windfall - their economy will go gangbusters.. and then also the alternatives will have their day and it may become the final cycle for oil as we've known it for the last 70 years or so.