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Oil prices may drop soon, here's what I've found

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posted on Jul, 18 2008 @ 08:46 PM
Okay, I might be jumping the gun on this, and if i'm wrong please explain.

It appears that Canada has the 2nd largest oil reserves inthe world,
[Candian oil reserves]thanks in part to the oil sands. However due to trading regulations under the SEC, it is not traded. Now here's the good part, recently the SEC announced it was going to revise the rules, thus allowing many other types of oil to be traded as such.
Press release, 2 years ago CERA
Announcement SEC June 2008
Since it seem that if weak have a teaspoon of extra oil, speculators trade lower. If they classified "unconventional oils" as well... "oil", They would be forced to trade lower.

And now for some possibly flawed thinking, but thats my right...
After seeing this, it comes to me that peak oil is a myth.. scaremongering at best. With the current rules in place, global reserves are around 1-1.5 trillion barrels, if unconvetional oils are added to that it jumps up to around 3-3.5 trillion barrels, not including coal to gas i think. Not to mention the shale reserves in america, now I know they've been working on it for over a 100 years, they didn't exactly have modern computers back then either. Another thing is that by the time we reach this supposed peak, we'll be using alternative energy sources. as would the world. China may not ever out pace our country in terms of demand nor will any other, in fact they have an advantage over us, instead of upgrading or replacing dated oil based infrastructure, they can start anew. [it's easier to buy a new car than to fix an old one] If this is the way things go, which they will then demand wont ever catch up to supply. In fact oil may become the "alternative fuel" as opposed to the norm if things go well. I'm very certain of this, can you tell me if Afghanistan finished laying down telephone lines in eveyhome, or did they settle for cell towers..

That's all,
Let the discussion begin.

And thank for your time

posted on Jul, 19 2008 @ 01:03 AM
okay, on another note, i don't remember where i saw this, but following the "actual total" [everything we got] the price per barrel should "be-worth" around 50-70 USD until after 2030. With the market behaving the way it is today... maybe even longer.

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