I agree downside , Things are beginning to move with E & D ....

I agree downside , Things are beginning to move with E & D . They really have to , the oil producers of the World are forward looking and as oil fields deplete new ones have to be found well before they dry up . The depletion rate is 4 - 5 billion bpy and as there has been no money spent for the past two years , up to 10 bl bls will soon be in deficit . This is all very well but how long before we see a rebalance to say $75 and the return of E & D . across the World . Some say by the end of the 4th quarter ........Cheers