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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (50814)	6/8/2004 3:28:50 AM
From: Seeker of Truth	Read Replies (2) \| Respond to of 74559

Hello Elmat, I was chatting a few years ago with an oil trader. He was totally despondent about the oil business. He said he had lived through four tremendous collapses in the oil price and he saw nothing but ups and downs in the future. But the geologists are giving us a different picture, i.e. of exhaustion of the reserves. According to most of them, the peak has already been reached or else it will be reached by 2010. However, look at the oil futures. You can buy December 2010 oil for $29 plus. !!! Somebody is crazy. The consensus belief of the oil traders is evidently that oil will be more abundant relative to demand in 2010 than now. Where will all the new sources be found? Why do they ignore the geologists? Are we oil bulls pathetically ignorant? Questions, questions.