lapfog_1
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Fri Dec-19-08 04:57 AM
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| 1. None of the oil that they were thinking of drilling for |
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in all those offshore (or even North Slope) locations is profitable at $36/brl. None.
So no more "drill, baby, drill".
No matter what the price of oil drops to, we should still insist on high mileage, hybrid, or electric (my favorite right now) vehicles. Because the price of oil will not stay at $36. Peak oil is still here, speculators overshot, and are now undershooting, the true price of the commodity (as influenced by the increase demand by the Chinese before, and now the global collapse of demand caused by the world wide depression now).
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