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Re: Who is right?
This is an odd one, Mike. I agree with the hype about oodles of oil just waiting to sipped up by a straw...it's not that there isn't oil, but that we seem to be dragging up all there is right now, and soon there will be little left where the shale and oil sands are. But we have a lot of oil that is untouched, and protected within our many National Parks, and along our very long coast. Those areas will not be touched until we need them to fight a war, or there is no oil anywhere else.
The difficulty is not when do we run out of oil, but when does our oil get priced higher. That will not be just when we have less of it to frack, but when the cost of borrowing the money to fund the fracking doubles, and doubles again. It might last until 2015, but somehow, I doubt it will last any longer than the $Dollar as the reserve currency, and that may not be very long.
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