Quote:
Originally posted by calf+Aug 3 2004, 05:33 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (calf @ Aug 3 2004, 05:33 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-the_only_turek_fan@Aug 3 2004, 11:27 AM
You sure Brad?
If the high oil prices are a direct indication of low supply right?
If that is the case there should be reason for panic in this province?
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Actually, from my understanding, the high oil prices are more a result of what's happening in the world. Terror uncertainties, high demand in the US and China etc.
There's no reason to panic in this province of running out of oil since the Athabasca Tar sands have TONS of oil in them. [/b][/quote]
Demand from developing countries like India and China seems to be a demand variable that wasn't there in previous cycles. It seems to be showing up in other commodities as well.
From what I've seen, it looks like Iraqi oil production is at or has exceeded pre-war levels so that's probably not a factor on the supply side.
Lastly, future prices aren't necessarily a reflection of supply/demand reality as emotion and guessing does play a part. Then again, they might be dead on.
Cowperson