88 comments on And it begins...the government says (more deeply this time, and with feeling): 'CONSERVE!'
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88 comments on And it begins...the government says (more deeply this time, and with feeling): 'CONSERVE!'
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The value of the oil rigs is greater than the insurance because the insurance was written when the price of oil was much lower than it is now, and rigs are far more valuable when the oil is more valuable.
The only way the value of the rigs would go down is if the oil companies expected that the price of oil would go down in the future, when the oil would be produced by the oil rigs. IE, that the oil company executives do not believe in peak oil.