Fuck peak oil
"My guess is virtually 90% of the oil industry is assuming that $70 oil is not going to last more than a few years," according to Adam Sieminski, the chief energy economist at Deutsche Bank ... he guesses that most oil companies are projecting crude will fetch $40 a barrel plus inflation over the long-term.
The article goes into the whys ... right now 35% of oil discovered makes it to market, the rest stays in the ground. Oil companies have gotten better and better at extracting it, and they're counting on continued improvement.
Wall Street looks like it's betting on more of a peak oil scenario, though.
"My guess is virtually 90% of the oil industry is assuming that $70 oil is not going to last more than a few years," according to Adam Sieminski, the chief energy economist at Deutsche Bank ... he guesses that most oil companies are projecting crude will fetch $40 a barrel plus inflation over the long-term.
The article goes into the whys ... right now 35% of oil discovered makes it to market, the rest stays in the ground. Oil companies have gotten better and better at extracting it, and they're counting on continued improvement.
Wall Street looks like it's betting on more of a peak oil scenario, though.
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