Absolutely correct.
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Lehman says oil prices have peaked
- Thread starter S2007S
- Start date
Absolutely correct.
Quote from dhpar:
even on ET you will not get any respect by shitting on respectable guy like pickens:
a) he was right about oil (as simmons was) and b) he gives a lot of money away for good.
to say that they talk their book for years is crazy - why do you think they were long in the first place?
i guess it did not occur to you that they just do what they believe in...
$300 is a strech, i concur, but we are past the peak oil - just do you homework, e.g check out satellite imagery on ghawar, check out production/consumption profile curves etc.
fu
No shitting on Pickens here--I actually like the guy--I just said he gets free publicity from the media with which to talk his book. How many times did the market take off after Boone came out with one of his predictions for new highs in oil? You think he might have been long when he said it? He's been long oil, and he's been right, but they don't come knocking on my door to find out my opinion after I have loaded up on a position, and if they did it wouldn't matter to the market anyway. He is a high profile individual and the media affords him free publicity with which to talk...his book. He admits that this new Pickens Plans stands to generate significant profit for him based on his investments in wind, and before the ad campaign he is funding began running CNBC had a spot about his new ad campaign that was coming out--an ad for his ads if you will--so yes, he gets to talk his book for free.
Now Simmons I will demean, and I stand by what I said. Trust me, I have done my homework...peak oil is a long way off. After we tap ANWR, the OCS, and make more of a foray into the oceans we may be there, but at this point I say we are nowhere near peak oil. The stuff we do find may be a little bit more expensive to get at, but that doesn't mean the price will go to $300 anytime soon. Oil prices were as low as they get in 2000 and the incentive for new investment wasn't there for oil. Now that prices are up over 100 bucks just you wait and see what happens over the next few years in terms of production...
Quote from Gyrene Dertra:
... Trust me, I have done my homework...peak oil is a long way off. After we tap ANWR, the OCS, and make more of a foray into the oceans we may be there, but at this point I say we are nowhere near peak oil. The stuff we do find may be a little bit more expensive to get at, but that doesn't mean the price will go to $300 anytime soon. Oil prices were as low as they get in 2000 and the incentive for new investment wasn't there for oil. Now that prices are up over 100 bucks just you wait and see what happens over the next few years in terms of production...
Now that's some statement. *Trust you* ... from what I've read, I'm not sure that anyone is certain of where we are. So from your homework, what can you give us that is compelling, such that we can have the same confidence about the amount of available oil .
BTW, what's OCS?