Date registered: Sep 2004
Vehicle: 83 Astral Silver 280 SL
Location: Planet Houston
Mentioned: 0 Post(s)
Quoted: 7 Post(s)
RE: Oil prices go absolutely nuts, stock market tanks
But in essence you are agreeing with me - as oil prices rise, nominal finds will become economical - but the problem is that there are no new large pools to be discovered. New oil will come from sources that require more and more dollars to get. At around $150 a barrel, Canadian tar sands become economical, and the supply situation will improve, but it still won't change the fact it costs $150 a barrel to turn Canadian tar into crude. No matter which way you look at it, we are on a long upward climb of oil prices.
Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.
-President Barack Obama, 1st Inaugural address