"6) Allen Greenspan announcement on oil - "Greenspan sees oil...

"6) Allen Greenspan announcement on oil - "Greenspan sees oil trading in a range of about $40 to $50 a barrel over the next couple of years. A $50 price would be high enough to encourage new shale oil production in the U.S., he said."
Should we hold Alan Greenspan responsible for what Allen Greenspan says? I guess so. One could say Alan is partly to blame (and his successor) for without the ZIRP the asset bubble would not have been inflated in the first place.

However, Bill Thomas said,

"Even though oil prices have been volatile, our view of supply/demand fundamentals has not changed. We believe $40 oil will not provide enough cash flow or investment return to overcome the combined effect of production decline and demand growth worldwide. While EOG can deliver healthy growth in cash flow at $50 oil, we continue to believe the U.S. horizontal oil industry as a whole needs a sustained $60 oil price and extended lead time to deliver a moderate level of growth."

Now that's someone in the oil business (especially if you're in the shale E&P business) you should listen to.

OK, now the screams of AKK is drilling vertical wells (not quite, but granted not Hz either), Pierre shale is different (doesn't require fracturing - granted but what is not different is the calculation of F&D costs and the EUR of the Pierre wells is a problem).

Good luck with the positive talking up of AKK so to onsell later this week...