ozzy43

Charlie Maxwell to Barron's: $300 Oil is Inevitable

Or it could be an analyst's honest assessment of where the price of oil will be in a few years - this is his job, after all, and there are serious questions about the ability of future oil supply to meet demand.

What seems senseless to me are those analysts who employ magical thinking to assert that an increase in price will seemingly magically create more oil in the ground (light, sweet, of course) to drive the price down. Or to assert that 'human ingenuity' will miraculously be capable of wholesale massive fossil fuel replacement at the precise moment when we're on the way from being an affluent nation to 3rd world status due to decades of extreme fraud in the financial and political systems.

If human ingenuity could produce miracles on schedule, where's the battery technology that would enable feasible electric cars? Decades, and a huge dollar prize, have not facilitated success in this one technical area, and we'd need dozens of similar breakthroughs to replace oil.