price of oil, page-2

When I started work in the oil business 35 years ago, oil was $3 bbl. At that price they were saying it was too high - the oil shock of the 70's. Exploration was going ahead, well paying jobs were to be had. Then in the mid 80's the world was awash in a sea of oil.
Oil cannot be dismissed, it is just too valuable a commodity. The can penalise the oil companies with carbon tax, but they cannot do without the by products of oil. Virtually everything we use and need is made from oil.
Sure they can develop alternative power sources for cars etc, but we would expire without the many by products including medicens and drugs.
Gold is useless really, only hoarded, whereas we would expire without oil. Oil must regain meaning and value. Someday they will realise this.