I'm sure you're all aware of President Bush removing the executive ban on offshor drilling. This issue has been discussed extensively on this board, and I don't claim to have some new revelation on the subject, but when I was reading about it just now on CNN's web site, I came across an interesting paragraph:

This is from http://www.cnn.com/2008/POLITICS/07/14/bush.offshore/index.html

"Candida Scott, an oil industry researcher at Cambridge Research Associates, said oil needs to be priced at $60 a barrel or more to justify deep-shelf drilling. With oil now selling for $145 a barrel, companies are almost assured of profiting from offshore drilling, Scott said."

If what this lady is saying is true, then it seems to me that prices can't go down too far, because if they do, the very offshore drilling that caused the price to go down will become unprofitable. Thoughts?