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113 comments on The Economics of Oil, Part I: Supply and Demand Curves
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The US alone has total product storage currently 1.7 BILLION barrels and there's that much more again in the rest of OECD.
http://tonto.eia.doe.gov/dnav/pet/pet_sum_sndw_dcus_nus_w.htm
Production could go to zero and demand could still be met for a long time.
I like three egg omelettes, but I only have two chickens. Fortunately, supply and demand are still in balance because I had a dozen eggs in the fridge.
Long time being defined as a month. The purpose of the SPR is so our military can fight long enough to capture an oil field.
I like three egg omelettes, but I only have two chickens. Fortunately, supply and demand are still in balance because I had a dozen eggs in the fridge.
What do you eat on day 13? A two egg omelette? What do you eat after your chickens die of old age? You turned all your eggs into omelettes and none into chicks. I know, you can eat chicken for a long time.
Do you work on wallstreet teehan? Sounds like you'd be perfect for buying mortgages and selling synthetic CDOs and taking your salary out of the price difference.