ERHC Energy Inc (ERHE)

[david02835]

I appreciate the many great posts here from the fine and learned people on this board and am learning a lot. Although I have no oil or energy background, I read a lot and hold stock here and in CWPC. My one observation from even the best of posters here is that I believe they are unrealistic about how low the price of a barrell will go.
OPEC has said that they feel that $60 is a fair price for oil at the present and plan to keep it at least that level. The President of Venezuela has said that he plans to tax foreign drillers in his country to keep all exports in line with OPEC. The new oil sands of Canada need oil above $50 to be profitable in the long run with costs of recovery in the $25 to $30 range. The middle east is totally uncertain in their supplies. The Chinese and the Indians are trying to compete for oil versus the USA. Long time oil experts, i.e. Boone OPickens, have publicly stated that we will never see $50 oil again.
With the costs of new discoveries like we have with ERHE increasing at a rapid pace, it is unrealistic to assume oil will ever go to the lows I hear mentioned by Meridian and others. I just hope that oil stays below $75 so that our economy has time to find other energy sources. I don't want ERHE and CWPC to be the only stocks I own that have any value! LOL
I am not an expert but can someone show me a scenario where oil can get below $50 again. It is NOT a free and open market but a controlled one. I can't see it. GLTA