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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Step1 who wrote (22579)	12/2/2002 8:56:57 PM
From: Little Joe	Read Replies (1) \| Respond to of 36161

"me say, unless we start pouring some real money and efforts away from oil, we will be in a world of perpetual hurt..." I have my doubts, if things were that tight the price would be through the roof now. Instead, it is on an inflation adjusted basis, pretty cheap. My counter argument is that there is according to some at least enough oil in anwar to keep America from not having to import oil from Saudi Arabia for 50 years. More important is the huge Russian Oil reserves in Siberia. Don't forget Lukoil, a Russian company, has more oil than Saudi Arabia. It looks to me like that oil will be coming to market sooner than some expect. I think within 5 to 10 years we will be awash in oil and that there is no real rush for alternative fuels. Also, eventually the price of oil will rise enough to make the cost of developing the tar sands and shale oil which will be a source of additional supply. If I am not mistaken Syntroleum and others have developed a way to obtain oil from coal. I suspect that the demise of the use of oil for energy is a long way off. I remember when we had gas lines in the 70's all of the so called smart people were telling us we would run out of oil in ten years or by the turn of the century. They don't look so smart now. They failed to forsee the development in techniques that expand existing reserves, make it easier to find new reserves and most importantly that so many undeveloped and former soviet bloc countries are now open to exploration. In the meantime if anyone has an economical alternative to oil, I haven't seen it. I suspect that when the price of oil gets high enough, I will. Little joe