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177 comments on DrumBeat: October 11, 2007

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westexas on October 11, 2007 - 11:37am Permalink | Subthread | Parent | Comments top

There was an almost palpable sense of panic among the talking heads on CNBC this morning regarding the oil market. One of the talking heads said something along the following lines:

Proposed reasons for high oil prices range from increasing demand worldwide to geopolitical concerns. (Let's see, what's missing from this list?)

They then went on to propose a third reason. (Declining export capacity perhaps? Nope.)

They blamed high oil prices on the DOE's ongoing efforts to replenish the SPR. (Anything but declining oil exports.)

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Jussi on October 11, 2007 - 12:04pm Permalink | Subthread | Parent | Comments top

It gets a bit frustrating. Apparently Schlesinger, of all people, told the ASPO crowd in Cork that "we are all peakists now", and there are certainly signs that smart people are increasingly seeing how the writing's on the wall. Yet I find that the business press goes to unbelievable lengths to deny what is so obvious to most of us. Similarly, we hear more or less upbeat assessments of the economy, while there is little to indicate that things might NOT be horribly wrong in more than a few ways.

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xeroid on October 11, 2007 - 2:39pm Permalink | Subthread | Parent | Comments top

Any MSM organisation that needs to make a profit is only going to tell good news to the end user who will ultimately actually pay for the service. MSM need repeat business or they fail.

Don't blame MSM, they know their market - the punters don't want to know about anything bad - nobody makes a living selling things people don't want, it's as simple as that.

The MSM only give 'bad' news that has happened, not bad news about things that 'may' happen in the future - if you expect more, sadly, I fear you will be disapointed.

The reality of the way MSM operates is very bad news for any mitigation of peak oil, AGW etc.

Politicians are from the same mold, they only ever react to things that everybody can see and that they can't deny ... even then, they are way too slow if we did actually have a peak in 2005, as seems likely.

Xeroid.

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cuchulainn on October 11, 2007 - 4:29pm Permalink | Subthread | Parent | Comments top

I was talking to a friend of mine who is a *very* high-level consultant to one of the oil supermajors. He told me that a recent strategy meeting someone brought up the idea of peak oil. The consensus of the room was apparently "yup, this is pretty much happening now or soon". I said to him - "Didn't anybody say 'Don't worry, we can increase recovery factors' or 'Don't worry Saudi will pump lots more'?" His answer - no. I was staggered that there didn't seem to have been any serious resistance to an idea that the oil majors will just not countenance in public.

Cuchulainn

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jokuhl on October 11, 2007 - 8:00pm Permalink | Subthread | Parent | Comments top

Job requirements; Must have good, 'Front-Office' appearance. (read, Poker-face)

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Jussi on October 12, 2007 - 12:02am Permalink | Subthread | Parent | Comments top

Yeah, it seems that by now honest people admit it, no matter how annoying it may be. So what the f*** is wrong with the business press??

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redcoltken on October 12, 2007 - 9:38am Permalink | Subthread | Parent | Comments top

all you have to do is read the papers after 1929 market crash - that say the same things back then that MSM would say now......its a memorized prayer not a rational discussion

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177 comments on DrumBeat: October 11, 2007

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