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307 comments on DrumBeat: January 30, 2007

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Darwinian on January 30, 2007 - 9:37am Permalink | Subthread | Parent | Comments top

Keith, of course the market doesn't believe me. The market believes that Saudi Arabia has over 260 billion barrels of reserves. The market believes that the Middle East has over 700 billion barrels of reserves. But when people begin to realize that Saudi reserves are dramatically overestimated, they will realize the same is true for the rest of the Middle East. This will be the bomb that, when it explodes, will shake the world. Nothing will ever be the same again when this fact becomes common knowledge.

Ron Patterson

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veganmaster on January 30, 2007 - 10:01am Permalink | Subthread | Parent | Comments top

I'm curious whether "the market" knew in advance of the crashing of other major oil fields, like Cantarell, etc. - if not then the market doesn't know dick. I find it hilarious that humans are dumb enough to believe in the goodness of herd psychology (Popular Delusions and the Madness Of Crowds). The market is dumber than 3 ugly blondes blowing 4 blondes, and no amount of wishing upon a star will replace the one time gift of oil. And that's a good thing, because capitalism (resource rape and pillage) is destroying the fricken planet! Better to take the tough medicine now, then learn to live like we belong in an ecosystem instead of rampaging over it with four-wheel monster trucks. The sooner the endless growth virus dies, the better for the future (or should I say, the less dreadful the future will be).

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paid troll on January 30, 2007 - 10:04am Permalink | Subthread | Parent | Comments top

Spot market is not a total market.
There is no point to buy a cheap oil if there is no storage for it.

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paid troll on January 30, 2007 - 10:16am Permalink | Subthread | Parent | Comments top

Wake me up when/if KSA would be unable to ramp up the production in response to the increasing demand (significant price increase).

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jkissing on January 30, 2007 - 11:45am Permalink | Subthread | Parent | Comments top

Were you awake thru aug, while price surged to 78 and sa steadily cut production, and stubbornly continued to cut up to nov, when opec provided a fig leaf for an apparently reluctant sa to enact more cuts?

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fireangel on January 30, 2007 - 2:55pm Permalink | Subthread | Parent | Comments top

You could have bought dec o06 futures for $20 on 2002. Shows how much the market anticipates the future. The only change has been that long dated futures are now above the spot price.

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capslock on January 30, 2007 - 12:01pm Permalink | Subthread | Parent | Comments top

That happened first in the Summer of 2004.

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toilforoil on January 30, 2007 - 3:04pm Permalink | Subthread | Parent | Comments top

Ron, I've just come from the cold and turned the computer on for the first time today. Oil is up three bucks. Maybe a few billionaires picked up your article sometime today.

Anyway, please accept my compliments for a well-written and informative posting. You've come a long way from your early days on energyresources, baby! Keep it up.

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Darwinian on January 30, 2007 - 4:32pm Permalink | Subthread | Parent | Comments top

ToilForOil, thanks for the kind words. But I really don't think my early postings on Energyresources were all that bad.

Were they???? ;-)

Ron Patterson

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