Will new energy discoveries and new technology sink oil prices? Will lower oil prices rescue the world from the Great Correction?
Maybe, say Porter Stansberry and a good number of the analysts and experts here.
We’re attending an investment conference — for professionals only. It’s a beautiful place for one. The island is a barrier island, mostly sand…surrounded by ocean or marshland. There is a golf course…tennis courts…bocce courts… Maybe even a kangaroo court. Or an appeals court. And a royal court. Not to mention a food court.
The lodge looks like it was built in the ’20s…it has that glamorous look that seems to call out for a white sweater and white flannel pants… You feel you should dress like Cary Grant and hope to meet Claudette Colbert on the lawn.
The rooms are luxurious…large and quiet, while the lobby is lush with rich fabrics and comfortable chairs. The staff is poised, gracious and almost genteel. They would be good people to look after you if you were going broke or insane. Not that we’re planning on either. But it’s always a good idea to be prepared. Whether you lost your mind or your money, the nice people running the place would probably wait a few days before kicking you out.
There seems to be almost no one here. The lobby is empty most of the day. We wonder how it stays in business.
This is also where George W. Bush convened a meeting of the G7 heads of state. In the room next to ours, the walls are hung with photos of Tony Blair, Silvio Berlusconi, George W. Bush…and others.
They’re all gone from office now. Except one, Vladimir Putin, a man who looks like he might never leave.
But the news down here is upbeat. Thanks to fracking and horizontal drilling. They say these techniques are making billions of barrels of oil available. Believe it or not, the US is set to be the world’s top producer by 2020, according to a Goldman Sachs study.
An oilman from Texas showed us a map. It included a large chunk of Southwest Texas, colored to show where drillers had bought oil rights and where they were operating.
Heck, there is hardly an empty county in the whole state! The expert took the map apart, analyzing who was working where…and how much oil they were likely to get.
The results were staggering.
“Oil will fall below $40 a barrel,” predicted Porter Stansberry, our host.
Whether that will happen or not, we don’t know. But it got the group talking excitedly.
“Cheap oil will set off an industrial renaissance in America,” one suggested.
“Sell the oil and gas companies,” recommended another.
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