PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Hope Praytochange who wrote (749209)	9/14/2006 3:47:32 PM
From: DuckTapeSunroof	Read Replies (1) of 769667

Re: "no physical shortage in the world" Technically correct! Production out-weighs demand currently. (But... if you'll look at the charts showing the percentage amount that production out-weighs demand, you will see that the absolute percentage has been on a downward trend for decades. And, the recent uptick is well within the historical range....) When is 'Peak'? This year, next year, 2012? No one knows (we will only know for sure with the benefit of hindsight), but I'm fairly sure we will see the other side of Peak within our lifetimes. Still... at a high-enough price, a lot of oil can be produced... from previously uneconomic zones... from GTL... from coal, etc. But, as long as consumption keeps RISING as fast as it is... (and the cost per BOE of new production keeps rising) then that is telling us something important.

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