reassessing long term commodity prices september 2006 jeffrey currie goldman sachs international 44 0 20 7774 6112 gs com the group inc does and seeks to do business with companies covered in its research reports as a result investors should be aware that firm may have conflict of interest could affect objectivity this report consider only single factor making their investment decision for important disclosures see page 45 go http www hedge html or contact your representative global 2 question 1 q what is current investor premium embedded oil price bbl 9 b 10 29 c d 30 plus 3 return on capital bottom quartile 19 4 are not earning much higher returns today than 2000 when wti crude averaged
