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In my view, if you go back to the early 2000s oil was 25 and everyone was happy, both producers and consumers. Everyone liked the price and the price was far.
Adjust that $25 to today. First lets assume 3% inflation for 10 year, that's about 35% and then a 65% loss in the strength of the dollar. All of these figures are approximations because I am not going back to look up specifics, but they are close enough.
If you do this you come to about $55 per barrel, this seems like a price I would be happy with.
On the other hand, I do understand that marginal global capacity is at a cost near $75 so I can see where that won't be produced without maybe $85 long term prices. I could probably be ok dealing with that. Over time Bakken oil will be more accessible with tech gains, I don't see much over $100 as sustainable currently
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