“Oil will be slower onstream, more expensive to produce, it will be more politicized and there will be less of it. All of those are factors that make us look at the current back of the oil curve and see it as undervalued at current levels of a shade below $100. We see the consequences as being more severe than the postponement of Gulf Coast volumes. It looks likely to become an iconic event, a touchstone and rallying flag for opposition to the oil industry across a wide series of fronts and issues for years to come.”