ozzy43

Oil May Trade in the $80-100 Range for a While

This is devilishly difficult to determine with any precision, but I think this represents a fair minded and thoughtful stab at the beast. After all, Cantarell is declining at, what, 15%+? North Sea 10%+? If the global depletion rates come close to these, the far side of the curve looks to be a cliff. Who says the market is intelligent, rational? Perhaps a truly free market which priced in externalities properly would be, but ours - heavily regulated, subsidized and now increasingly nationalized - sure seems to be a dullard at times.