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105 comments on POLL: Oil Breaks $127, Now What?
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105 comments on POLL: Oil Breaks $127, Now What?
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GAIA Host Collective
From Paul Krugman in the NY Times
I understand that is not a primary source, so take it for what it is worth. I think, however, that a lot of people are putting too much emphasis on what is essentially noise in the US inventory numbers or (worse) reading US gasoline inventories as proxies for oil inventories.
Edit: On a personal note, I made a trip last fall to visit my parents in FL. We took peak oil videos and literature with us and spent the week talking about the coming rise in oil prices. They are Fox News Republicans, and I wanted to get to them before Fox propaganda turned to peak oil.
Well, they came to visit us this week. Instead of "Gee! You sure were right about oil prices!," my father last night said, "It is all speculation. If they reign in speculation, the price of oil will be cut in half." *sigh* I think my mother gets it, but I'm afraid my father is lost to iron triangle propaganda.
I can't understand why so many people don't "get" supply & demand. Unless you can affect either supply or demand, you're not going to have a significant effect on prices. Unless there is hoarding, speculators have no effect on supply, and the only effect they have on demand is opposite to the direction of their speculation.
Thanks shargash,
That NY times article may not be primary but it sounds as if they are reading from primary sources ... maybe:)
(Actually though my question to Jaymax and a similar question to yartrebo (below)sprang more from amusement that the two diametrically opposed views came so close together on the thread without blows being struck).
Here's a link to the EIA web page where each week they report the stocks of crude oil being stored at major facilities. You'll notice there's not an excessive amount for this time of year. I suppose there could be some stocks that aren't being accounted for, but you'd have to find them.
Well the largest inventory is probably floating around or in transit in tankers. It is possible to change where ships go and how long it takes to get there to manipulate prices. Here's an interesting article.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aQZcc1kgLb8k&refer=home
By the way, I'm with Smith(above) all the way to $140. Woohoo! What a rush.
At least we get to fight al'Cia in Iraq, now that they finally got a foothold. Hopefully, McSame will steer us on a clear path to victory, or something.