On Thu, 28 Apr 2011 20:55:36 -0400, wf3h wrote:
On Thu, 28 Apr 2011 20:32:40 -0400, Wayne B
wrote:
On Thu, 28 Apr 2011 13:55:18 -0700, wrote:
You read it right... Big Oil made $18B in three months and nearly $1T
in 10 years
Next time you fill up your car/truck/boat/whatever, you should thank
them for investing countless billions of dollars in exploration and
drilling.
that would drive prices down, not up
You'd think so wouldn't you? There's only one problem - they are
discovering less new oil than they are selling. The fact that they
are spending huge amounts of money on exploration and drilling is a
matter of public record. You can look it up as Casey Stengel used to
say. Every new barrel of oil that is discovered and developed costs
a great deal more than the oil that it replaces.
Here's a good start if you're interested:
http://en.wikipedia.org/wiki/Hydrocarbon_exploration