May 28 2008 / by Jeff Hilford
Category: Energy Year: 2008 Rating: 8 Hot
The economy is a funny thing. As oil prices, and commodity prices in general, have gone wild in the past year or so, there are many interesting ripple effects. Some are obvious and quantifiable, such as the increase in venture capital investment into green/alternative energy sources and plummeting SUV sales. But here is a micro-trend that could gain some traction if oil prices continue to rise. A farmer in Indiana installed a drill on his property that produces about 3 barrels of oil a day – worth almost $400 dollars at today’s price of about $130/barrel.
Of course you have to have oil in your backyard to actually make this work – but if oil ever gets to be the same price as gold – then we’ll really see a trend in backyard prospecting.