In a way, yes.
Why was it $100bbl + to begin with?
Why was it $100bbl + to begin with?
Cuz that's what the consumer was prepared to pay?
Are you going to be a goof and blow off the big picture or do you want to learn something for once?What's your favourite whine again?
Ah yes ...
Saskatchewan has been a basket case for most of its run in Confederation and certainly earned the "parasite" badge until just a few years back. Alberta did too, but you have to go back about four decades.
Cuz that's what the consumer was prepared to pay?
Are you going to be a goof and blow off the big picture or do you want to learn something for once?
That would drive it down. Not up.It's simple economics isn't it? Supply and demand? With new supplies coming online recently, particularly shale oil development in the US and to a lesser degree the steadily increasing output in the oilsands, demand for offshore oil in the US, the world's largest consumer, has dropped considerably. Add to that the economic downturn in Europe and some developing countries, China in particular, and you have a whole bunch of producers fighting over a shrinking market.
Well, Petros, you probably know a lot more about Petro but I assure you, I know a hell of a lot about Manufacturing. I'll listen to you... You listen to me.
That would drive it down. Not up.
Not much longer than a dozen or so years ago the buzzwords were "oil crisis" and "peak oil". OPEC reserves were at a low and the extent of tight oil reserves in North America were relatively unknown.