Quote:
Originally Posted by Nidge
Your bang on the button there mate, BP's reserves are 13 trillion barrels of oil untouched waiting to be bought to the surface that's without the other oil companies and their reserves, 13 trillion barrels is enough for 50 years of use, add all the other oil companies reserves up and you've got alot of oil for many years to come. There's no reason for it to be this high in price.
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There's no doubt that there is plenty of oil somewhere in the world. All I am saying is that it is in the interests of oil companies and governments to keep the price of oil artificially high by simply limiting supply.
The only reason it is so high is profit but they will always quote the exploration and development costs as a reason for the high prices despite probably having large stores of oil ready for market.