Warren Buffett : "Is the high oil price the work of hedgers and...

Warren Buffett : "Is the high oil price the work of hedgers and speculators? I think not. Look at the oil price 5 years out ( Aug 2013 price is 133), speculators don't go that far out." Interview today at CNBC.

Another story :
PERTH, June 26 (Reuters) - "Exxon and BHP approve the A$1.5 billion ($1.43 billion) development of the Turrum gas field off Australia's southeast coast late next month, The Australian newspaper said on Thursday.

The companies are finalising details of the Turrum Phase 2 development, which has reserves of about 1 trillion cubic feet (tcf) of gas and an additional 110 million barrels of oil and condensate, the paper said without citing sources.

First oil and condensate production from the field is expected between 2011-2012, with gas output to follow after 2015 once an onshore gas plant is built, the paper said."

Another story well told :

Rio gets 85% on Iron Ore, BHP still defiantly against it. Kloppers isn't stupid, China isn't either, and iron ore is and will remain precious. US stagflation or not.

High oil and bulk commodity prices are here to stay. These will drive earnings of the big fella going forward and earnings in the long term drive share prices. Shorters be afraid, very afraid.