Following with interest the strange obsession some have with oil price and MMA performance.
Seems to me like a distinct lack of fundamental understanding.
Massive over investment and greed in offshore markets on the back of a once in a lifetime boom in Australia ending with a significant debt burden is where the focus should be imho.
Anyway, purely to entain those who believe in the oil price / mma valuation ratio - read this;
Seems to me that any encouragement into offshore oil is l-o-n-g way away.
I dont think MMA are going to make it to see that day unfortunately
An oilfield discovery in west Texas dwarfs others found so far in the United States, according to the US Geological Survey. The Midland Basin of the Wolfcamp Shale area in the Permian Basin is now estimated to have 20 billion barrels of oil and 1.6 billion barrels of natural gas, according to a new assessment by the USGS. That makes it three times larger than the assessment of the oil in the mammoth Bakken formation in North Dakota. Morris Burns, a former president of the Permian Basin Petroleum Association, told CNN affiliate KWES that the low price of oil -- currently around $46 a barrel -- means the oil will sit underground for the foreseeable future. "We are picking up a few rigs every now and then but we won't see it really take off until we (get) that price in the $60 to $65 range," Burns told the station. Tends to suggest there is likely a ceiling on the price of oil after all
MRM Price at posting:
28.5¢ Sentiment: Sell Disclosure: Not Held
