Still Pumping After All These Years

He said that even at $50 a barrel, the business isn’t “wildly profitable.” However, when the prices are high, it does allow him to pump more capital into the operation.

Then again, having seen more busts than booms over the years, he also said he is “apprehensive” about the high prices. “I think $50 oil will probably cause [the economy] to slow down, which means you have an oversupply once again, and the price will collapse.”

Mr. Fairbank and his writer wife, Patricia McGee, are already hedging their bets. They have struck what they hope is a small blow for conservation by buying a Toyota Prius, the world’s first hybrid car, which is equipped with both a climate-friendly electric engine and a standard gasoline engine.

“We’re hunkering down for the coming apocalypse,” Mr. Fairbank said with a chuckle.
The Globe and Mail