""What's your ETA for $40/barrel?""
2008 or 2009...there need to be demand destruction and more supplies.
supplies are slow to come online becasue oil companies got so badly burned in 1986 and 1998 when prices crashed...the fact that capital spending in the oil patch is slow to ramp up is a sign that oil companies know that most of this is peculation
NO!!!! Don't say that. I know this is rough on the rest of you, but for a certain segment of the populous, high crude prices are a blessing. Now, I'm not just talking about oil companies here. Driller's, refineries, retailers, and most importantly for me, derrick builders, are all finally seeing a dim light at the end of a long tunnel. For too many years we've struggled with layoffs and pay cuts. Now that it's actually profitable to drill, that's what a lot of wildcatters are doing.
What many of you don't realize is this could potentially provide a windfall to local communities due to increased spending by those of us individuals who are now making more money than ever before.
But for most, if you want to see a decrease in the PPB, and a subsequent cut at the pump, lobby your legislators to neuter or eliminate the EPA. This fascist government organization has made domestic drilling and refining so cost prohibitive, that only now, at these price levels, are drillers and refiners willing to invest the capital here.
In the past eleven years I've detained derricks for drilling on six of the seven continents (although I think there's oil to be had in Antarctica) and only now are things turning around. And to tell you the truth, it wont be until the PPB is over $90, and gas is above $4.50 a gallon (adjusted for inflation), that they will be the highest prices ever.