Mark Lewis and Daniel Davis team up for their piece "Toil for Oil Means Industry Sums Do Not Add Up" in the Financial Times.
Davis is a member of ASPO-USA's advisory board and a lieutenant colonel in the US Army.
Lewis is the former head of energy research in commodities at Deutsche Bank. You can review his presentation "Outlook for OPEC Demand & Implications for Global Exports" from the 2012 ASPO-USA Conference.
“...behind the hubbub of market hype about a new age of oil abundance, the toil for oil is in fact now more arduous and back-breaking than ever.
This should worry everybody, because with the evidence suggesting that consumers are reluctant to pay much above $110 a barrel, it is an open question what happens next to the industry’s investment plans and hence, over time, to the supply of oil.”
