HappySqurriel on 29 October 2008
Most easy to access conventional crude is already being used so further production comes at a massive expense and several years of development. From what I hear (and I live in oil-town), the falling price of oil is not the primary reason why oil companies are cutting back or development (after all, many still expect $100+ oil next year). The oil companies fear windfall energy taxes and carbon taxes and are not willing to spend Billions in development for such little gain; after all, they can make far more profit if they don’t develop the resources and let oil skyrocket to $500 a barrel.
