Peak Oil Passnotes: Is 2007 Time to Get Out of Oil?

But to come full circle if we have a year of oil in the $50-$55 range then all of a sudden the oil companies are going to find themselves paring back. They have been hit by huge increases in costs, raw materials, personnel, rig rates and so on. They have entered into new contracts which have tied in those costs. But all of a sudden they might not like those super expensive technological breakthroughs they have been talking of.

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