Re: Now that's a switch

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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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BKM8572

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Re: Now that's a switch

in response to

Re: Now that's a switch

rebels1

posted on Aug 28, 2009 06:18PM

Rebels:

Or how about this? How about all of the analyst projecting and forecasting $200.00US $per barrel when it was $147.00? Just before oil crashed back to the $30.00s level just one year ago.

The most dangerous attitude is the arrogance of believing recent history cannot repeat itself. Particularly when the issues which caused the previous crash have far from fully been dealt with. Remember, out of the 1929 market crash in October, we had fully recovered by 1933 only to fall back to the depths of depression. How comfortable are you saying such cannot happen again? And if so, how comfortable would you be saying 30% unemployment would not seriously impact on oil consumption? The "real" unemployment rate in the US is now 15% and headed higher. After six months of collecting benefits, an unemployed individual disappears from the statistical data base!