The oil well has no bottom

Much of the current debate regarding the future of commodity prices, particularly oil, hinges on the continued strength of the developing world. This, itself, is a presumption, and it may not be the sole or even primary determinant. To be sure, much of the rise in energy and non-energy commodity prices has reflected the surge in demand from the emerging markets and the inadequate and very-much lagged response of commodity suppliers. Resource prices were so low for so long, that many producers simply shut down or refrained from high-cost resource exploration or mining. It is only since oil moved well in excess of US$35 a barrel that many of the players in the Canadian oil sands have found it economically feasible to mine oil from bitumen. And they wouldn’t be doing it now if they didn’t expect oil prices to remain high for the indefinite future. Many, far more expert than I, suggest that global oil supplies will be increasingly inadequate in coming years
canada.com