CNN: Economist Predicts ‘Game Over’ Because of Rising Oil Costs

…Senior business correspondent and program host Ali Velshi, along with CNN


Why was Leeb so pessimistic? He said if oil prices continue to rise, they increase the cost of finding and refining new oil too. Speaking of costs to develop a Petrobas owned oil reserve discovered off of Brazil, Leeb suggested that development costs for the area would be so high and the return so low that the break-even point would be $240 per barrel.