[mountainlyons]

Heard that a thousand times. It’s been fundamentally wrong every time.

Exon and Shell have some new technology to heat the oil in place and tests have led to costs of $30. It is just a stop gap until ethanol can be made from cellulose and coal gasification looks good also. Lots of new stuff is not viable with crude prices where they are at.

[RightWhale]

The cost of producing Saudi oil is still $2. Nobody will process oil for $30 plus. They can’t compete.