237 comments on DrumBeat: September 12, 2006
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237 comments on DrumBeat: September 12, 2006
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... and I'd expect a little handwaving like the bit quoted above to appear a few more times, for a few more countries, over the next decade.
"In general, this occurred mostly because of lower output from the conventional sector as well as unplanned interruptions in the non-conventional sector."
It sure is.
I heard a happy commentary on NPR's Morning Edition today about why oil prices are dropping. The guy said it was because of all the good news -- OPEC still pumping, Iran nuclear threat easing off, high inventories -- no supply worries.
And then there is Jack in the Gulf of Mexico. This is not being cited as a reason but it hovers in the background. The propaganda machine was in full swing last week. Now, consider this:
The new investment benchmark is $60/barrel. OPEC has decided they like high prices because even at $78/barrel there was no impact on demand. There is a serious disconnect between the day to day NYMEX price and reality.