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Currently yes,when you talk to those in the oil business especially those at the very top,they see this lower spike in pricing as a year or year and half scenario at the most.
Viewing it in that light they will cut back some but have to be ready to bring back full production which does not happen overnight when prices begin to escalate again.
I have a good friend who is buying anything related to big oil as fast as he can and as much as he can.
This guy is so connected the likely hood that he's wrong is small.
Also market share is far more important than ever.Those producing and selling don't want to lose any market share at all especially the big guys, the ruskies, Saudis, us, and a few others.
ON Keystone we refine Venezuelan oil since it is heavy crude and hard to refine.
If we could be refining Keystone heavy crude instead of Venezuelan oil the world would be a better place.I don't know if that's how it would work but why would we refine heavy crude from Venezuela,a country that has already nationalized what we built and a confirmed enemy, when we could refine Keystone oil from Canada a confirmed ally?

Well, that’s cheering news. I guess I can hold onto my BP shares for a while longer, but make sure my next car is high milage. Regarding the heavy crude refining, wouldn’t it make sense to have refining capacity along the Canadian border somewhere, clean up the dilbit and pipeline a much safer product? Every time we have a gulf hurricane, I wonder how bad Texas refining will be hit this time. Also, how much danger is there of a tornado at Cushing and how resistant to severe winds are the oil tanks there?