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Originally Posted by aceventura3
I know the obvious problems with showing these three graphs together and trying to draw conclusions, but through 2005 the general trends suggest that we are doing a good job of finding new proven reserves, increasing available supply, and moderately controlling demand.
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Interesting data, nonetheless. But have a look at this to help illustrate what I mean:
Projections aside, have a look at what happened between 1950 and 2000, and then ask yourself if you think this is repeatable in anywhere near the same capacity between 2010 and 2060. Even if demand for oil doesn't grow at the same rate it did between 1950 and today, we can still assume there is much growth to occur in largely populated developing nations as they modernize.
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The information I find consistently leads me to the conclusion that the recent price escalation has less to do with normal supply and demand and more to do with other factors..
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To help me understand your perspective on this, if the other factors would be resolved, what do you think the "true" price of oil is? What is the lowest it could be, and what do you see happening to that price between now and, say, 2050?