As a geologist I've always found that the best time to make money was not at the top or the bottom of the cycles, but somewhere in between. Lower land prices, drilling costs, ability to farmin, etc. are some of the reasons.
I have found that in spite of the present absence of risk capital, there is always money available to drill good plays.
Investments are usually made on the basis of future commodity price projections, and in the long run I believe the price of oil and gas will be significantly higher.
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