What he is referring to is the cost of extracting untapped oil, which under any circumstances is certainly cheaper than the current price of oil. It may be an “Inconvenient Truth” for you but shale oil and oil sands alone would provide virtually unlimited amounts of usable gasoline even if oil were to drop to $40 per barrel. Sadly for the Chicken Little's of the world we are not running out of oil. This, like other economic crises of the last one hundred years is caused solely by politicians, not speculators, not “big oil” and not by the commodities markets.
There is no call to tar me as a Gorebalist.
the cost of extracting untapped oil, which under any circumstances is certainly cheaper than the current price of oil.
Do circumstances like politicians have no effect? You mention
This, like other economic crises of the last one hundred years is caused solely by politicians
yet you don't factor it into the price of extracting presently untapped oil. (By which I presume you mean oil in presently untapped fields.)
If politicians run true to form, which is about all they're true to, the price of oil in ANWR and everywhere else in America's reach will remain "prohibitively" high, until hell freezes and the Chinese deplete the offshore fields under our noses. Might as well put a price on lunar crude.
As a matter of fact, if the price of oil in fields now off-limits is to be tagged to anything, I'd say we could tag it to the price of a seat in Congress.