> “Why don’t you cite the words in the article that you think support the claim of $20 for a decade?”
The chart you posted in Post 24 has oil prices fluctuating between $12 and $25 between 1990 and 2000. The Saudis controlled the market then and they largely control it now.
Their cost of getting oil out of the ground and their huge cash hoards around the world make them capable of repeating what happened between 1990 and 2000.
What is your reading problem?
Ok I get it. You’re not interested in any views that conflict with your own or of the garbage you pull off the internet.
This linked article:
discusses the real fear the Saudis have and not the false narrative of this garbage article that you posted.
Here is the money quote made in January of this year 2014:
***Saudi Arabia’s Prince Alwaleed Bin Talal, a billionaire businessman and nephew of Saudi King Abdullah, said the production of shale oil and natural gas in the United States and other countries, primarily done through fracking, is a real competitive threat to “any oil-producing country in the world,” adding that Saudi Arabia must address the issue because it is a “matter of survival.”***
The percentage oil production by OPEC compared to the global market didn't waver by a couple percentage points from those cheap prices to the >$140 prices of 2008.
This linked article:
We have had link posted several times.
***Saudi Arabia’s Prince Alwaleed Bin Talal, a billionaire businessman and nephew of Saudi King Abdullah, said the production of shale oil and natural gas in the United States and other countries, primarily done through fracking, is a real competitive threat to “any oil-producing country in the world,” adding that Saudi Arabia must address the issue because it is a “matter of survival.”***
Thank you for posting what you believe supports you claim. I see nothing to support in 2015 and beyond, that translates to $20 for a decade.
You might want to consider the difference between a 1995's $20 and a 2020's $20.
You might also consider today all of OPEC has a little over 2 MMBPD surplus capacity and what global demand would do at a decade of $20. And the challenges of growing demand while operating at a large deficit for a decade. You might also consider the cost to find and produce the next barrel of oil in 2015 is quite different after the world has consumed ~620 billion barrels since that time period.