What’s all this BS about the oil spill, asked Marcio Rocha Mello yesterday.
“There are thousands of oil wells in the Gulf. They drill a thousand per year. They have one accident and the press makes a big deal of it.
“But oil spills are not very harmful. In fact, they’re good things. There are natural oil leaks all the time… Millions of gallons leak into the oceans, a thousand times more than from the Macando well. But oil is a natural thing too. Bacteria work on the oil. They convert it to forms of plankton, which are the base of the maritime food chain.
“One thing you can be sure of, the oil price will rise. Oil production is going down. Demand is going up. It is a mathematical certainty that the price will rise. We will never, ever see oil in the $70- $80 price range again. Never.”
for The Daily Reckoning Australia