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Gold/Mining/Energy : Big Dog's Boom Boom Room
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Recommended by:
Ken Robbins
old tx oiler
To: The Reaper who wrote (181104)10/25/2013 5:15:49 PM
From: Jim P.2 Recommendations   of 206099
 
I cannot see $70 crude as sustainable. Severe recession would bring it down there but what sort of reinvestment would occur in new capacity? Likely if it went down to $70 for long enough to effect drilling here it would be down long enough to play havoc with production budgets in the national oil companies.
The Middle East has proven to be very volatile even when the governments are flush with money.
Longer view is $70 oil would set up the next leg up in prices.
jim
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