Kahuna - thanks for going to so much trouble to extensively explain your thoughts on this issue.
I understood what you saying completely (I think).
When long standing patterns change it is certainly worth trying to analyse just what is going on.
If this means that $40+ oil will be with us for several years (if not indefinitely) then the net present value of WPL, BHP, HDR etc should be much higher.
oil price target for 2005 of us$64.21- us$66.90, page-7
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