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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 75.46-3.7%Nov 20 3:59 PM EST
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To: GVTucker who wrote (67642)4/14/2005 7:23:55 PM
From: RetiredNow   of 77400
 
GV, I think oil prices have hit their peak because I am now starting to see a bunch of analysts come out and say that oil will reach $100 or $150. That reminds me of the $400 Amazon prediction. Then the bottom fell out of the market. So too will the bottom fall out of oil.

BTW, I read an article recently that said that oil shales and sands in Utah and the surrounding area contain something like 1.8 trillion barrels of oil, which dwarfs all of the proven reserves in the Middle East. 80% of that land is owned by the U.S. gov't and much of it is protected land like ANWAR. That oil is expensive to extract, but it is economically feasible with oil prices this high. On the Canadian border but within the same patch of land that contains the oil, the Canadians are currently producing 1 million barrels a day and are ramping up to 2 million soon. So the technology exists to extract it, but the U.S. hasn't opened it up yet to companies willing the spend the money.

Give it another couple years at these prices, and they'll start putting the gears in motion to extract that oil. My point to all this is that as everyone says, the cure for high oil prices is high oil prices. I would love to see the U.S. become a net producer again in the oil markets. Can you imagine the U.S. with proven reserves greater than all of the Middle East? We'd pump oil to our hearts content until the Middle East is driven right back into a land of sand and destitute camel tribesman. I'd love to see that scenario play out. Too bad it's mostly just a mirage right now.
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