Comment 27966

By Chuck T (anonymous) | Posted December 21, 2008 at 14:48:55

I don't know what the price of oil will be in 2009 but I do this, the world: will burn about 30 billion barrels ; find maybe 5 billion; see current fields deplete at a rate of 5 to 9%; cut back on exploration and development in all areas; reduce and scale back maintenance and equipment upgrades further weakening an already stressed supply chain; and probably not make any real progress toward reducing dependence on cheap oil. Also, I know the oil industry will not survive in its current form with oil at $30 - $40 a barrel.

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