I remember the wackos saying back then we would be out of oil
by 1985

Fact is, the world has never had more than about a 15-20 year "supply" of
oil since the late 1800's.  However, we have always found more by drilling
in new areas, new techniques, secondary recovery, etc.

As we move into more difficult locations and deeper wells (we're considering
a 33,000 ft well in 5700' of water next year...) price per barrel will
continue to increase w/ very impressive short term spikes and dips along the
way.

And in spite of what the alarmist cry, the oil crisis of '70's was simply a
marketing/deliverability crisis no different than bread or batteries
disappearing from store shelves after hysterical predictions of an
approaching storm.

There was (and is for now) plenty of oil to go around until the next
panic/hysteria "demand" sets in.

BTW - Based on proven reserves and projected demand, we still have about a
15-20 year supply of oil. :)

Steve Webre
Broussard, LA

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