Quote Originally Posted by Sigurd Fafnesbane View Post
I think it is a combination of scaremongers like the 14 or so that has answered positive to this poll , low dollar value and the unrest in Iran or Nigeria (yeah some fear that they won't produce as much as they have promised), that cause the price pr barrel to be as high as it is. I won't buy the reason about there being too little oil to go around.
Dollars don't buy as much as it used to and since oil is nearly exclusively sold in dollars, the prices are high to cover the so-called losses.
I liked your assessment of the current supply side of oil. It was very interesting.

However, I am not a scaremonger being one of the now 15 who have answered "no" to the poll. I don't believe oil will ever be as cheap as say 50 dollars a barrel. While there may be plenty of oil to go around (I don't dispute this), much of it, like you have said, is unexplored. This comes at a time when global demand is exploding especially in third world countries such as China and India.

I don't think we are doomed, but I don't think oil prices will ever be cheap again. There is a lot of money left to made on the exploration and production of new crude.