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I think oil will go <$10 a barrel - so be careful. Cost of production is the same argument I'm hearing for sliver mining, which is currently priced less than it costs to pull it out of the ground. The economy is the driver of wealth, the wealth creator. Take Silver for example, it doesn't get it price from folks holding it in fear of financial Armageddon, the price actions comes from industry. The largest industry users by far is the electronics industry, in particular the mobile phone industry. Do we think US citizens are going to use their cash handouts to buy the latest iPhone?
Same argument with oil, the appetite has absolutely vanished. However it might also be an excellent time to get in. Who'd have thought we'd be paying the same price for oil today as we were in 1987! I guess that means you guys are paying 37p per litre at the pumps?
"Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain
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