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."
Regards,
Bill Bonner
for The Daily Reckoning Australia
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About the Author
Best-selling investment author Bill Bonner is the founder and president of Agora Publishing, one of the world's most successful consumer newsletter companies. Owner of both Fleet Street Publications and MoneyWeek magazine in the UK, he is also author of the free daily e-mail The Daily Reckoning.
Comment by document verification on 28 July 2010:
In that much amount of oil spill couldn't be natural... Gulf oil spill is indeed a disaster of a history...