Mark Bunger of Lux Research: No Matter How High Oil Prices Go, Without New Technology Production Won’t Rise Much
Submitted by EnergyTechStocks.com
It is an accepted fact on Wall Street that the higher oil prices go, the more oil the world should be able to produce, as expensive new oilfields, and marginal old ones, become financially viable. Indeed, this is the core reason why many oil analysts believe that oil prices will go lower over the long run.
Wall Steeet’s got it wrong, says Mark Bunger, research director at Lux Research, the noted technology research firm. According to Bunger, no matter how high oil prices go, global oil production won’t significantly rise if today’s technology continues to be used. “There’s no way to get more (oil) with the same technology,” Bunger told EnergyTechStocks.com in an interview.
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