An acquaintance of mine has a friend of the family that works for a major oil company, believe she said Exxon. Anyway, this employee says the amount of oil in the Gulf of Mexico is just huge. The recent discovery of oil that was in the news recently is just the tip of the iceberg. He feels the cost of a barrel of oil will be falling into the $20ís in the future. I cant see the oil companies letting that happen, but it sure would be nice.
I agree that we could see this relatively soon.
There are multiple reasons but ONE I think we are forgetting is the HUGE grass roots backlash against the absurdities of the "Peak Oil" crowd like Ruppert.
Mike Ruppert by the way is finished.
The oil speculators and industry execs have over stepped the mark. :-)