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Russia only has 9% of world reserves while AU has 31%. They imported one shipment in 2012 but none since. Abbots blacklisted Russia anyway. Russia's boosting (tripling) production as it does deals with Iran China Japan etc.

Selective reasoning and generalisations that are mostly wrong. Have a look around the world for examples. Plenty of them. When things go wrong the majority take a bath. The only ones that capitalise are those with little or no gearing and who have sufficient capital (and supportive income)...

It's the last unexplored (drilling exploration) piece of real estate left. The challenges in drilling there are still insurmountable during the winter as far as I know. Given the challenges and cost you have to be desperate or nearing the end of places to look for moar oil.

The day they start drilling down there and you know we're nearing the end.

I'm not sure why you're republishing the rubbish SM waffles on about. Outside of PI'g his blogs are are just low grade content fillers. As for the US being the biggest 'oil' producer I suggest you do some real research and find out the real story. His blogs are so full of inaccuracies and...