Up until about a year ago, companies were talking about needing somewhere between $80 and $100 a barrel. That had a lot to do with the high cost of steel and other raw materials. Now steel prices and some other raw material prices have come down. I think projects are now looking at $60 to $75 a barrel in order to be viable to go forward. We're not far from that.
On May 5th, 2009. See this statement in context.