There is a very good presentation by Matt Simmons arguing the bad side of cheap oil. The low prices keeps the investments at low levels. Therefore the seeds of another oil shock will be planted soon, if prices do not climb to acceptable levels.

The presentation is available here : http://www.simmonsco-intl.com/files/SPE%20Gulf%20Coast.pdf
You can find other presentations from Matt Simmons from http://www.simmonsco-intl.com/research.aspx?Type=msspeeches
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