Comment 5833

By CharlesL (anonymous) | Posted March 12, 2007 at 17:29:00

That hole peak oil hypothesis is just pure speculation. Even though the EIA has conservative values concerning the oil inventories around the world, they are still not accurate. They change depending on the sources we get the info from.

The world's has not tapped into all the oil resources. OPEC represents only 40% of the oil production in the world. Therefor, there opinion is still valuable in determining the oil futures??? There is surely something wrong with that!

Oil nowadays can be found in large amounts in oil sands. They are barely tapped considering the huge reserves in the Canadian oil sands. Solvability is not great at the moment so production and exploration has been put to a hold. Therefore putting a halt to the increase of production.

This winter has been quite warm due to global warming and consumption, lower than before. American reserves were at a unusual 11% higher than the years before.

So by simple logic it is impossible that we have reached a peak in the production of oil.

So in conclusion there is still plenty of oil left and the sector will be underperforming this year.

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