Oil's Ascent Keeps Majors on the Offensive

Thus, Gheit believes that the familiar energy cycle -- busts and all -- will continue. But Thompson, for one, has his doubts. He says that worldwide oil demand is "just about to outstrip our ability to produce." During past booms, he says, companies enjoyed the manpower and equipment necessary to simply ramp up production and increase oil supplies. But he says that oil busts wiped some of those resources out.

"The roller coaster has caused a good bit of the oil industry to go away in this world," he says. So "the roller coaster may be over."

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