Quote:
Originally Posted by Wag
But what people see is the the quarterly profit statements from these companies showing billions of dollars of profit per quarter and they can see that prices do not need to be that high...but like you said who cares what the prices go to, "shut up and pay!
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Wag - when it takes $600B in reserves to explore new deposits, you better make $60B a QTR in profits are you can't afford to drill! Their profits are high because of many reasons, but only short term gains!!! One of which, the frickin' GOM was shut down to drilling for most of 2010 and that money did not get spent - here in LA!