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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (415197)9/8/2008 1:08:51 PM
From: TigerPaw  Read Replies (1) | Respond to of 1576787
 
Oil in 1950 was about $2.50/barrel

That's only because the drill everywhere and use it up philosophy was in full swing. The U.S. fields weren't pumped dry overnight, there was lots of oil once, but it got used for insignificant purposes.

TP



To: TimF who wrote (415197)9/8/2008 2:02:33 PM
From: combjelly  Read Replies (1) | Respond to of 1576787
 
"If the price of oil goes up slower over time than a reasonable discount rate, than it makes sense to drill now rather than later."

It depends on how much slower. There is no evidence that the US has enough reserves that can economically be produced to slow the rise in oil prices very much.


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