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Politics : Welcome to Slider's Dugout
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From: SliderOnTheBlack6/11/2005 10:58:00 AM
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BP CEO on Future Oil Prices..........

irna.ir

I am sure most Oilpatch Permabulls will only see, hear and read what they want to see, hear and read in this article.... whodathunkit (vbg) ?

While Lord Browne did say he expected Oil Prices to remain over $40 for the next couple of years... what else he said; is of more importance to those investing upon the Peak Oil - coming Oil Shock & Crisis Theory:

["..."Once spare capacity is restored and there is a reasonable expectation that that will be the case over the next three or four years as new supplies from the Caspian and Angola and some of the OPEC member states come on stream prices might moderate," he said."

"..."Over the longer term, the abundance of resources, inter-fuel competition, and the potential to employ more energy-efficient technology suggest that prices much above $35 are not sustainable for very long periods," Browne told his fellow peers."]

The entire article appears in the Financial Times.

In that Article Browne also said:

["There is no shortage of Oil, or Gas to meet world needs."]

I've long said:

The Oilpatch is, was and will always be... a Cyclical Sector.

Those chasing prices based upon Matt Simmons & others New Paradigm, Peak Oil - Shock & Crisis thesis...are heading directly into that quote/unquote: ""abundance of resources, inter-fuel competition, and the potential to employ more energy-efficient technologies"...

Tic` Toc'
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