STO $6.86, page-56

No I haven't, it's not a matter of perspective.
The fact is tight oil hasn't produced returns to investors and certainly can't cover worldwide depletion and supply growth over the mid term. It was born of $100 oil and cheap money which entrenched the clearly speculative idea that oil prices couldn't fall.
I suggest you look into the financial statements of the lowest cost producer Pioneer whuch has excellent resources - you will find what I say is true.
Now Brent is at $65 and we are replacing reserves at the lowest rate since the 1940's with the clearly speculative idea that oil prices can't rise.
Unless you can point me to where I have the facts wrong then you are just repeating the same arguments i have heard 1000 times in the last few years.
Yes the industry is cyclical, is there something I said which lead you to belive I didn't know that? That's a consequence of human behaviour not an act of God.