AVG cost of oil production was $18/bbl# Stock
k*a
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when George W Bush became president.
It is roughly in inline with this report
http://news.cnpc.com.cn/system/2014/07/04/001495584.shtml
It was only because George Bush and his oil accomplices jacked up the oil
from 35 to 150. During GWB's presidency, he argued oil trading funds holding
oil contracts for profits were of no impact to oil price. A 4+ time
increase of oil price was directly contributed by GWB's presidency. Given
the inflation, I think oil's price should be around $50-$60 per bbl at value
. A lot of oil today at cost of $70+ are not needed to be produced at first
place. There was massive overinvestment in the oil industry created by the
oil bubble inflated by GWB.
It is roughly in inline with this report
http://news.cnpc.com.cn/system/2014/07/04/001495584.shtml
It was only because George Bush and his oil accomplices jacked up the oil
from 35 to 150. During GWB's presidency, he argued oil trading funds holding
oil contracts for profits were of no impact to oil price. A 4+ time
increase of oil price was directly contributed by GWB's presidency. Given
the inflation, I think oil's price should be around $50-$60 per bbl at value
. A lot of oil today at cost of $70+ are not needed to be produced at first
place. There was massive overinvestment in the oil industry created by the
oil bubble inflated by GWB.