Two stories jumped out at me today:
Mr. Bush your Legacy is Calling - which relates a major oil discovery off the coast of Angola, but OPEC caps which are arbitrarily keeping oil prices high
Pan American Energy find oil reserves in Argentina - which suggests as we've guessed that there is a ton of oil in South America too.
So, if there is a lot of oil still to be found, perhaps 100 years worth. And if there is a ton of innovation on new sources of energy for power, heat, and transportation. Why are we so concerned about oil?
I think we'll see oil dip back down to $75 this year and hold. Perhaps even lower as we move past 2010 and into the major innovations that American scientists will bring to bear.
What happens to the Middle East then? Will fanatics gain even more power as the Middle East loses their monopoly on oil profits? Will Latin America become the Middle East with upheaval and crisis?
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