Quote:
Originally Posted by peter12
What kind of back-up plan? Like a secret plan in a government vault?
There are firms in this city that are profitable at $50/bbl.
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Some people have a terrible memory and think that these prices are somehow a death knell for the industry. These prices are terrible for terrible producers; at $100 oil anyone can make bank. Employment levels and capital/operating costs were arguably out of control and needed a correction. The industry survived and thrived for year at oil under $60.
Average '01
25.94
Average '02
26.09
Average '03
31.14
Average '04
41.42
Average '05
56.46
Average '06 66.09
Average '07 72.27
Average '08 99.59
Average '09 61.63
Average '10 79.43
Average '11 95.00