Originally Posted by
reggid
Blockhead that report from Bryon King has been hanging around for a few days now.Lets hope everyone has read it now and if not it is now here on sharetrader.
What the report does not stress enough is that all the world has for oil is the amount that is in the pipeline and in existing low cost wells. At $50 there will be no more Canadian oil sands or deep sea drilling. Our own Cantabury basin is a waist of one million dollars unless the directors believe that future oil prices are to be much higher. So industrial civilisation will end unless one of two things happens.Either oil much rise to replacement costs or we quickly find a new energy source.
Demand destruction is competing head on with depletion and just for the moment demand destruction has the whip hand.
Digger