All, also from Barron's, an interview with Goldman's Murti, the oil spike analyst.
He doesn't believe in peak oil, just that supply is harder to increase. The places that have the oil don't have incentive to produce more. They don't really "need the incremental revenue".
At some point, price will affect demand. He sees the spike to $150 to $200, but it will not stay there. His long term, 20 year, view is $75 oil or "some lower number". (Not too precise)
As for gas, with $14 prices in Europe and $20 in Asia, LNG is not seen as a threat domestically. Didn't address the growth in domestic supplies. Maybe we need some export terminals.
He likes the integrated oils because of value, COP, also for their nat gas, the e and p s for their unconventional plays, Cabot, neutral on the refiners because of margins, and likes the pipelines, EP and OKE.
One other item from Epstein's column. Bernanke was questioned about the Fed's effect on the business cycle. He conceded that they make mistakes but try to set the rate "that establishes a full-employment economy." I thought their primary goal was a non inflationary money supply. And we want to blame the "speculators" for our enery woes. By the way, Murti dismisses that notion in the current state of affairs, simply "driven by fundamentals".
As a CEO I once worked for responded, when someone dismissed something as being merely political, he said everything is political.