Let me tell you about 2006: Peak Oil is here
There’s been only one lead mine opened in the world in over 25 years. The last lead smelter built in America was built in 1969. There’s been no great oil discovery in the world in over 35 years. Alaskan oil production is in decline now; Mexican oil production is in decline; England, which has been one of the great oil exporters in the world for the last 25 years, is now in decline – England will be importing oil within the decade – you know, the North Sea is in decline. So, as supplies dwindle, at the same time, Jim, you know what has happened in Asia, demand has grown – in America, Europe and everywhere. So when you have demand growing and supply dwindling, that’s a bull market. And it’s always happened. And as I said, it has happened throughout history. It’s not simple, but it’s pretty basic economics and basic history.