Quote:
Originally posted by Porsche-O-Phile
Then why is it 60 bucks a barrel?
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Supply and demand.
The supply side of the equation is what is currently for sale, not the entire planet's reserve. We know there's lots of oil that is not being drilled, so that oil has no impact on today's price.
The oil we're using today is very easy (cheap) to obtain. As prices rise, it will be ecenomically feasable to go after more difficult reserves.
In a thread a while ago, I seem to recall Lubemaster poo-pooing the idea that we will run out of oil soon, that even at our current increases in demand, there is at least a thousand years worth of oil.