Quote from JSSPMK:
It's not Shell Co. who said that, that is the difference. How do you establish demand/supply? Based on what? Do you have access to some sort of stats? I thought that there is a lack of refineries at the moment, but to assume words of a man who has worked in oil extraction sector for over 20 years as a lie could be an error on your part, unless you have somehow managed to establish your opinion on some sort of fundamental basis. His opinion on valuation was rather vague as he doesn't specialise in fundamental analysis, but thought that it would go to about $100 as new low. Oil is not gold, it's a commodity that we actually do need on daily basis, so there is such thing as being able to afford & not being able to afford. I tend to think that as soon as oil goes into 'won't be able to afford' territory, then prices will somehow be 'forced' down. Try to consider a possibility that there is enough found oil for the next 150 years, again, unless you have hard data that this is of course a lie. TY!
I would rather believe a slightly drunk oil expert, then a media article that could easily have some interest/s in withholding truth. In fact if you subscribe to thinking that media controls public opinions, then you would treat all media with a pinch of salt (always a media skeptic) 
i really mean no disrespect, jss, so please don't take this in the wrong way, but...
what makes you think your friend, although truly believing what he says, is not wrong? is not in fact brainwashed by the corporation he works for?
i have seen tobacco company executives state with a straight face that cigarettes don't harm you. said executives also themselves smoke to show that they really believe this.
i think it's possible to want to believe in something so much that you believe it despite it's being obviously (to everyone else) wrong. consider that your oil friend, especially if he's invested in his company, may believe a fallacy.
other examples of debates which (probably) should not be but are based on wanting to believe something regardless of facts to the contrary: global warming, evolution, high fat foods harming your health. all of these have facts to support them, but there are those who have a vested interest in believing the opposite so they argue the contrary.
again, no disrespect intended, i really love your posts. just a point of view on this topic of denial.
