LOL - yeah, just toss out the statement and ignore the half of it!
The part about supply - It doesn't matter who sucks what, it matters what the supply is, and every single thing that increases supply decreases the price.
High oil prices will be around until the countries with
a lot of cheap oil still in the ground (ME) produce more.
Fixed it. - As if there is a great difference between sweet & heavy crude on the world price. Sheesh!
So Bill, Pal...
Obviously you are quite a brilliant fellow. Would you be so kind as to explain to me how Saudi Crude which costs less than 3$ a barrel to extract is perhaps a bit different from the deep sea or tar sands type that is only viable about $50 or $60 a barrel?
Unless you have taken more than a high school course in economics, perhaps you want to go buy a textbook or something befor engaging in a conversation of this nature.
The reason oil is so expensive is because of the market power of the ME producers. It is not a lack of oil, but rather the ogliopoly of OPEC, led by the Saudis. It is kind of like they have their hands on a special part of our manhood and can twist it at will.