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One of our E&P analysts expresses the current industry situation best “I think to myself, what a wonderful world.” Oil prices have risen from around $60/bbl in November 2006 to a peak of $98.62/bbl in early November 2007, with crude prices expected to average at $86.93/bbl for the efourth quarter of 2007. Oil futures predict prices to remain in the 90s and high 80s well into the next year. With those numbers running through our heads, it’s hard to say anything negative about the industry.
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