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Smells like a dead fish to me...
Quote:
Originally Posted by csp97
World Crude Oil and Lease Condensate Production
Energy Information Administration, US Department of Energy, Table 11d
2005
73,805,000 bpd
2006
73,543,000 bpd
2007
73,188,000 bpd
Interestingly enough, the article you referenced is from 2005. Looks like Peak Oil, smells like Peak Oil...
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This smells like an OPEC thing to me... If they keep production flat for a while they can drive up the price per barrel as we have seen. I will bet that if the world economy begins to slide to a recession and therefore a demand drop, all of a sudden huge increases in output will happen and the price will be protected at something like $80 a barrel. remember we are dealing with a cartel and not with true market forces here...
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