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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End?
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To: kryptonic6 who wrote (28)1/27/2005 9:19:48 AM
From: Wyätt Gwyön   of 1183
 
The net present value of all discoveries for the 5 oil majors during 2001/2/3 was less than their exploration costs

uh oh. doesn't speak well for exploration capex going forward. the world had better hope the Saudis are not lying about having more than a gigabarrel of undeveloped reserves (probability: less than 5% imo).

or, maybe switchgrass biodiesel can save the day.

or, maybe a billion people will die from avian flu like some are predicting.

otherwise, it's hard to see how an energy crisis in the next five years won't cause a lot of economic violence.
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