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Strategies & Market Trends : The New Economy and its Winners
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To: Bill Harmond who wrote (7420)6/4/2001 1:23:39 PM
From: craig crawford  Read Replies (2) of 57684
 
>> Yes. I hear it costs $6 to discover new oil. <<

hah! "discover". what about extracting, transporting and refining? bill have you read a couple of the links about oil posted on my commodities thread? approx 90% of all the oil in the world has been discovered already! not only that, but all the easy oil gets pulled out first because that's the most profitable way to go. there are some good articles out there that point out that we are rapidly approaching that time when the ratio of energy expended to discover, extract, and transport the oil is even with the energy output! many of these articles also point out that we are right at the point of peak production and production is going to fall off dramatically over the next few decades.. that's right. demand is explodng at a time when we simply can't produce anymore. today we only "discover" one barrel for every four that we consume. just wait until demand for hydrocarbons skyrockets around the world when two and half billion chinese and indians decide that cars and motorcycles beat bicycles!. like i said, just 1 quart of oil a week per chinese and you just wiped out 25% of the world's oil production.

you are way off the mark on this one, bill.
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