kd2000

Is the Second Great Depression Imminent?

There never was any shortage of OIL at any point was it! It has always been a refining shortage. The fake shortage was created by traders and speculators to bubble up OIL prices. Iran made a comment that they can even live at $5 / barrel OIL. There are tons of OIL reserves in middle east. Iran / Iraq has huge reserves. OIL simply was not profitable for companies to make substantial investment in last 10 years. Rise in OIL prices has invigorated these investments now! Further middle east is desert with lot of free SUN ! and they are investing heavily in solar plants essentially to offset decline in OIL reserves long term. Idea is to sell energy in any form to rest of the world. Customers want a new product (Solar energy) let's build one!