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The Forum > Article Comments > Are US drillers actually making a comeback? > Comments

Are US drillers actually making a comeback? : Comments

By Nicholas Cunningham, published 21/5/2015

Oil prices have rebounded strongly since March. The benchmark WTI prices soared by more than 36 percent in two months, and Brent has jumped by more than 25 percent.

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Yes Nicholas, lots of swings and roundabouts in prospect?

And that's before the 1.7 trillion barrels thought to be in the Edmonton reserve comes on line!

All the Saudis and OPEC can do in the interim, is make hay while the sun shines!

And thankfully for the global economy, that means still lower oil prices as far out as the eye can see; or until the Saudis traverse through a genuine oil peak?

By which time new technology will likely see the Edmonton reserve adding considerable weight and downward pressure to the global energy market.

I just don't see North America in particular, allowing the Russians and others to control their market ever again, and through it other economies! Ditto a newly oil rich Brazil!?

And given we would take a leaf from that pragmatic book, just get on and develop our own energy resources; particularly the one said to be to our immediate north, and thought to rival the known reserves of the entire middle east!?

Can't died in a cornfield over a century ago!

Besides, it's hard to kill an already dead reef! And we have only a few weeks reserve thanks to the (can't see the forest for the trees) [IMV Benedict Arnold] Greens, market manipulating cartels and speculators!

Better the latter two should take a bath than allow any further destruction of our, teetering on the brink of a brand new recession, economy!

All that prevents us accessing our own major resource, I believe, is after patent moronic stupidity, the distinct and abysmal lack of political will; and or, some pollies in bed with the "offshore" energy cartels/allow others (yes sir high high sir) to call the shots?

Simply put, we are not a poor southern state of the world's largest economy; albeit over reliant on them for our defense!

As indeed, were the South Vietnamese!

That ended well didn't it?

And given that history, and oil being clearly used as an economic weapon; total energy self reliance, would be no bad thing for OZ!
Posted by Rhrosty, Thursday, 21 May 2015 12:51:23 PM
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