OTCPK:MAUXF - Post by User
Comment by
gibbonsjon Nov 27, 2014 8:35pm
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Post# 23172231
RE:RE:There will be lots of long faces today. Everywhere.
RE:RE:There will be lots of long faces today. Everywhere. fear is what drove prices to where they were, oversupply is an entirely different thing. Right now global production is 900K bpd greater than demand and that's with Iraq, Iran, Libya and Nigeria either curtailed or shut out entirely, add to that is the new supply that is growing fast. The US is not the only country that has made 100 billion barrel finds. In Australia they are just now drilling in the Arckaringa Basin where they estimate 300 billion barrels. China it turns out has more ng than anybody, fracing has changed the landscape. Think about how that changes LNG prospects. Maybe its a good thing Canada has been slow joining the LNG party. The idea of peak oil was behind price increases that came about every time there was a perceived threat to middle east export capabilities. Notice nowadays that the market does not react to threats like it used to. Peak oil is dead and so will we be if we continue with the addiction.