News Analysis: Eastern Mediterranean Sea Estimates Are 3 Billion+ Barrels Of Oil And 23 Trillion+ Cubic Feet Of Natural Gas based on extrapolations from Exploration Drilling and Seismic Surveys. Many Scientists are increasing becoming of the view that such deposits are not unusual and will be discovered elsewhere also. They maintain that Petroleum is a result of ‘Natural Processes’ occurring on Earth, nothing more.
As more deposits, particularly off-shore, are discovered, the prices of Petrochemicals should subside through volume increases over future years.
One Industry that will be happy over a price reduction will be the Airlines. However Aircraft Manufacturers may be displeased with cost reductions (by new discoveries and ‘Fracking Production’ of existing Oil Fields). They are loathe to discuss this subject, of which they are very aware, because they would lose a significant marketing tool: “The Relentless Price Increases Of Aviation Fuel”. As a possible result, the selling of more profitable “Lighter Weight Composite Passenger Aircraft” may have less ‘Sizzle’ Sales-Wise, some people say. Reality.
Reference: http://www.globes.co.il/serveen/globes/docview.asp?did=1000902485&fid=1725