Well, I've resisted writing about the price of crude oil as long as I can. So, here is another of my two cents' worth -- and that may be overpricing the column. OK?

First, a little background. I have an academic geology background, with a master's degree in geology and a work history that includes six years with Esso and several decades either working for a small oil exploration company or as an independent oil and gas exploration geologist. During those hours upon hours of poring over drilling logs and making oil and gas exploration maps, I developed an understanding of the nature of oil and gas. I understand that oil is a finite natural resource -- a resource available in limited quantities -- and, of course, that means for every barrel we produce, there is one less barrel in the ground. They aren't making any more!

So, are we running out of oil? No! But we are running out of cheap oil. Of course, cheap oil is relative to supply and demand. When the gushers of the early 1920s came in at 10,000 to 20,000 barrels a day, we did not realize that we might never see that again. The large, easy-to-find fields with their enormous flow rates have been found, and we can't replace those fields.

However, with new fracking technology, we have been able to extend and........

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