Evidence of demand destruction for oil
Michael Smedley of Candian General investments has characterized the soaring oil prices as “financially engineered” and hinted at heavy decline in oil prices.
He was also quoted as saying:
The oil companies are also facing rising costs and the heavy oil industry has to deal with emission and environmental issues as well as political risks over environmental issues in the United States.
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Mon, Jul 21, 2008
Post by Melissa Pistilli, Heavy Oil Senior Reporter