Bobwins
Perhaps I could be more clear. I was pointing out, correctly, the oil companies are making massive profits and some wells could be profitable at $3 oil. I didn't say I recommended or wanted that. Even the most difficult oil in most cases can be lifted for less than $15 a barrel.
It was just to make the point that the oil companies and countries are, in fact, making massive obscene profits off the oil shortage. They are probably the most profitable legal businesses on earth right now. Their costs have remained the same, even lessened, and the price of the product keeps going up, up, up.
I am in favor of greater energy efficiency and renewable resources. I agree that the American consumer is unlikely to switch wholeheartedly without massive price rises.
China will pay $50 for oil because it doesn't produce enough oil for its own use, just like the United States. I fail to see your point here. They have no choice.
In any case, the oil companies are making obscene profits. That's a fact, not a political or populist view.
Please don't go on about how "difficult" the oil business is...they are making some of the greatest profits in the history of mankind. They themselves are dreadfully excited by $50 oil and drilling all over the place.
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