SteveB/Colorado

Expect Oil to Approach $100/bbl Again By Summer

Worth noting is that even with oil at $145 per barrel and nat gas at $13 MMbtu last summer, energy companies were not developing leases. Stats I saw from last June showed only about 1/4 of leases on shore (primarily in the West) and off shore were being developed. I think all the "drill, baby, drill" last election was just a bunch of hype. I agree that the long term trend in prices is up and up. But I would be very hesitant to want a lot of additional leasing until the companies develop what they already have; something like 68 million acres worth.