But the total supply is lower. The amount of oil consumers get is the lower of demand and supply. They can't get oil that isn't taken out of the ground no matter how much they demand it.
But as demand increases, it becomes worth it for Standard Oil to either pump more out of the ground, or explore shale options for themselves.
Ouch on the oil spill. Let's cheer for $9 gas (coming to a gas station near you within 5 years!).
Well, much like the hyperinflation deal, I don't own ENOUGH BP for it to be worth my while to see massive gas prices. Anyway, the oil spill let me lower my cost basis, and I'm confident it'll come back eventually, so it's not a huge deal for me.
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SmartMuffin - Because anything less would be uncivilized - http://img.imgcake.com/smartmuffin/barkleyjpgde.jpg
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