Posted by LAA on November 04, 2012 at 07:29:33 from (86.51.147.113):
In Reply to: Re: green cars posted by MarkB_MI on November 04, 2012 at 06:39:40:
For starters there was no oil drilling boom in the mid ninties because oil was too cheap, there was an uptick in US domestic activity, particularly in shallow water offshore Gulf of mexico which was due to advances in seimic technology (3 D ) that made old wells viable again but that was almost exclusively natural gas, secondly, gasoline certainly was not $ 3.00 per gallon in the mid ninties in the USA, I don't know where you got the above stated information but it is incorrect. As to who will finance drilling look no farther than those oil companies you love to hate, the oil business is not short term, far from it, oil companies are constantly working to increase their reserves, to do less would mean they were soon out of business, some reserves are bought if the price is right but the majority have to be drilled for, in my nearly 40 years in the business actual world wide proven reserves, industry wide, have went up every single year, not down, up. If you are with the crowd that actually believes that increased supply does not equal lower price then I hope your not a commodities trader.
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