LNR 100% Correct about Oil, Most others were totally wrong

LNR a couple of months ago commented that the high prices of oil did not reflect “any” shortages of oil supplies, but rather pure speculative profits. For most of last year, almost universally, respected media reported that- these high prices can’t be speculation alone, the high prices are a function of increasing demand from China and other growing countries and we will soon run out of supplies ! Wow, they were ALL wrong again. LNR stated that its independent research indicated that current supplies, without any new discoveries- which there will be, would last at least another 50 years even at the present increasing consumption rate. Therefore, LNR had no doubts that the world’s oil needs and supplies were hardly running out- as most of the media was stating. Oil prices continue to drop this week.