ajtj99's Market Pulse

[Randy1960]

Don, I beleive you have been looking for lower crude oil prices through Elliot Wave methods, maybe you would be interested in this fundamental news?

http://biz.yahoo.com/pz/070706/122506.html

The new rig will be capable of drilling in water depths of up to 12,000 feet, with a total vertical drilling depth of up to 40,000 feet.
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The reason I find it interesting is because people have been using the Hubbert Peak bell curve to explain why oil prices are going higher, but are they not jumping to conclusions? Why would a oil co. spend money to explore the ocean for oil if the rigs needed to bring up the oil are not yet invented? With the average depth of the oceans at about 12,175 ft. it indicates to me that the oceans have not been explored, the earth is about 70% water and we know that some of these's waters have shown oil beneath.