158 comments on DrumBeat: June 10, 2006
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oaksmoke on June 11, 2006 - 9:57am
Why would anyone want to trade oil for dollars? It is ridiculous for any oil exporter to maintain a trade surplus where they have to accumulate promises. Dollars can be used a medium of exchange, but oil in the ground is the best savings account. We may have had the ability 30 years ago to make a major impact with alternative energy not anymore. Simmons may want data because info is his business, but I feel this data is practically useless. It's going to be a constant battle riding the depletion curve. It is unlikely we will manage to get ahead of the curve for any long period of time. The oil exporters should be more worried about their internal consumption than exporting false data. Oil exporters have to survive on the difference of thier own depletion curve and their own consumption. There is no doubt oil's relative value will increase. Saudi Arabia will more power to influence prices than ever before.
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Richard on June 11, 2006 - 10:32pm
Maybe there is nothing wrong with the US$ (bit overvalued, but not by much) and maybe the people living in the M.E. also have to eat?
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