The Oil Drum

233 comments on DrumBeat: May 5, 2008

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NeverLNG on May 5, 2008 - 11:17am

It's Monday, and I just came back from a fine sunny day at the beach, ready to hit the pavement running. I'm so happy to discover the world isn't ending after all!!

"You can see the panic wave cresting and an attempt at stabilization," Van Order said. "We're moving through this but it may take longer to get through. But you've got to feel better than you did a month or two ago. There's less teeth grinding."

http://money.cnn.com/2008/05/02/markets/thebuzz/index.htm

Seriously, the world is a great place. The Oil Drum is one of those things that make me believe there are a lot of people out there who really care about each other and the world. Three blind men can't adequately describe an elephant, but possibly 3 million of them can -- if they can learn to communicate with each other.

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Dryki on May 5, 2008 - 12:00pm

There's less teeth grinding.

Exactly.

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Robert Marston on May 5, 2008 - 2:37pm

For my part, I thought oil prices would relax a little. But I was wrong, wrong. Geopolitical turmoil now appears to be only window dressing. We have serious fundamentals driving up and keeping the price of oil high. Now I know this will sound like preaching to the choir but here goes:

1. China + India + Russia + The Middle East go on a major car buying/consumption binge.
2. Peak oil in traditional oil fuels is being masked by unconventional and biofuels. That said, the world is still struggling with all its might to stay on the bumpy plateau and not to slide down the cliff. The analysis in recent media reports has been little more than mind fogging propaganda. We're in a false sense of bliss driving into the teeth of this thing.
3. People should know something is dreadfully wrong when US gasoline consumption falls 7% from the previous year in February and the price of oil doesn't even pause.
4. Oil currently at new record (120+) and rising.
5. It's getting pretty obvious we have a serious problem right now. Not 2035, not 2018, not 2015, not 2010. NOW.

Rob out...

*goes off to plant potato gardens for friends and family*

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chemE on May 5, 2008 - 4:03pm

>>3. People should know something is dreadfully wrong when US gasoline consumption falls 7% from the previous year in February and the price of oil doesn't even pause.<<

New competition for that 45% of World Gasoline output that the United States used to burn.

http://www.gravmag.com/oil.html

Surely the MSM does not expect the US to burn an expanding percentage of static/declining world gasoline output forever.