I am through with my Wells Fargo rant...for now.
The new year brings in rain, sleeping till noon, and reading up on the oil industry from OPEC's perspective. Even OPEC paints a lackluster picture of the future of oil. And supposing their estimated global reserves do exist (which I doubt), there is still a lack of infrastructure and qualified labor to fill our planet's growing demands for the myriad spawns of crude oil.
And add to this the speculators in the market, who drive the tremendous volatility of oil (and other commodity) prices; it will be an exciting ride. Oddly enough, projects for new exploration will be triggered by a sustained price of oil at $60/barrel (or much more - up to $90/b - depending upon who you ask). So oddly enough, the current cheap oil is a detriment to development of future sources, and will consequently create a downstream supply issue. Either way, I do not think we should become too comfy with oil at $40/b. And to digress, one could even surmise that companies were driven to the brink of bankruptcy by the $150/b prices - not to mention consumers, companies and government tightening their belts and reducing overall spending.
On a more positive note, my exciting New Years included biking to a party in Happy Valley for a few hours. I love riding in the rain. Considering that potable water will soon become increasingly precious around the globe, I am grateful for ever drop that falls on me and my surrroundings.
The picture above is from the town square in Arcata, California last week. Looking back, it was a nice relaxing trip. Have a good 2009 everyone.