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By ruckrover (anonymous) | Posted December 21, 2008 at 04:25:19
Ryan's post makes sense. RstJ, Meister and Smith don't seem to quite get it. The peak in oil price was a combination of speculative bubble and supply problems. The price will keep going up and down and affect the economy in way Ryan says.
Smith points to Brazil - there's no way the Brazilians are going to extract the new oil they've found until the price is way higher again. These are no old fashioned Texan or Saudi gushers - the Brazilian deep sea fields are under 7 kilometres of water, rock and salt and at super barometric and thermal temperatures that will boil/melt/squash/corrode etc the pipes and drill bits. Sure it can be extracted - but it is far from cheap. It won't keep Hummers on the road.
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