Friday, September 05, 2008
Timing the market
Gordon Brown, speaking to CBI Scotland --
But at its peak in 1999 the North Sea produced 2.9 million barrels a day. This year 1.5 million barrels a day - the largest reduction of any oil producing nation - making Britain a net importer of oil.
And five years ago oil was less than 40 dollars a barrel - in July it was 147 dollars a barrel and today 107.
He goes 5 years back when oil was $40/barrel -- but it was closer to $10/barrel at peak production. Hindsight is of course 20-20, but the oil should have been left under the sea in 1999.
Chart from US Energy Information Administration