[steveegg]

Another $25, we get to $100 a barrel, which is supposed to be some magic number. At that point, it is entirely feasible to mine the ocean floor for Methane Hydrate, a much more abundant storehouse of energy than all the petroleum, coal and natural gas reserves known anywhere in the world.

I seem to recall another price breakpoint for oil. $40/bbl was supposed to convince the American oil companies to explore in America. Only one small problem; the DemonRATs and RepublicRATs banded up to say, "No domestic drilling at any price."

Much the same thing is waiting for anybody who wants to exploit methane hydrate. IIRC, the US is a signatory to a treaty that gives all deep-ocean mineral rights to the UN.

[AdamSelene235]

I seem to recall another price breakpoint for oil. $40/bbl was supposed to convince the American oil companies to explore in America.

That is only the case if you talking about $40 of constant purchasing power. A significant component of the rise in the price of oil is due to currency debasement meaning the cost of extraction has risen far more than is reflected in the bogus inflation numbers put out by our Central Planners in Dee Cee.

[Rte66]

They *are* drilling. Every available rig is working. And it did start back at $35, actually. It's just that it's the independents who are doing it and no one is paying attention to the small deals. But a whole lotta small deals eventually fill our tanks.