question we really don't know, you are dealing with a finite resource,
the world is 85MM barrels getting close to 8mm barrel a day, that is a
lot of oil to take out of the ground, new frontiers to eb found, we
have stuck a lot of straws into the ground and it is finite, so it
will be higher just cant tell you when
how many oil producing wells in US? 500,000
I have no idea what the price will be, traditionally BNSF hedged oil
because they use diesel, i suggested to them no to, if we could guess
oil then we should do that instead. Berkshire does not hedge in away
for commodities, some subsidiaries do, very few commodity have i eve
had confidence in, one thing i am confident in is that US dollar will
decline over time. a real intelligent person can make more money over
time then speculating
CM - if we have done nothing but oil, we would not have done nearly as
well. what we have done is much easier then what you have tried to do
(speaking to women who said she bough oil and sold at peak and is very
good at it)
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