2009-03-06theoildrum.com

``We are now living through another perfect spike dip spike pattern. The 2008 price spike encouraged over production. High inventories will suppress prices. The drilling rate will continue to be cut back which will eventually cut maximum flow rate. By the time prices recover enough to restart drilling, it will be far too late to build up enough new wells to meet winter demand. Inventories will fall and prices will spike once more.''


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