Originally Posted by
Gone Flying
didnt it get to $140/bbl in 2007/08 timeframe? I don’t think opec will be upset if prices go higher than they are now, and don’t think they will do much to drive the price down significantly.
They don't want to encourage the migration to green energy any more than they have to. They might cash in for a few weeks or a couple of months.
2008 was different, it was almost a "peak oil" scenario... based on old technology. Subsequently we've developed new tech which has opened up a LOT of previously inaccessible or impractical oil reserves (fracking, etc). The new tech deployment, enabled in 2008, should still offer enough capacity to offset RU.
Course it will be nice if our masters here in the US of A allow production of our own reserves.