<Plan for Hydro-Fracture Drilling for Unconventional Natural Gas in Upstate New York The Oil Drum DrumBeat: July 24, 2008>

145 comments on CFTC Report on High Oil Prices - "Speculation My A$$"

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westexas on July 23, 2008 - 1:53pm Permalink | Subthread | Parent | Comments top

I found my 6/28/07 post on The Yergin Indicator:

http://www.theoildrum.com/node/2725#comment-207062
RED ALERT: DANIEL YERGIN ISSUES STRONG "BUY SIGNAL" FOR OIL

CNBC just quoted Daniel Yergin as saying that, without the "fear premium," oil prices next year should be down to $60.

Most of you probably recall Daniel Yergin's previous predictions for lower oil prices. Based on prior experience, once Yergin issues a prediction for lower prices, one should expect oil prices to be 100% or more higher than his predicted price, within one to two years of his prediction--think $120 or more within one to two years.

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Neven911 on July 23, 2008 - 4:32pm Permalink | Subthread | Parent | Comments top

Jeff

Whilst we are in a creative mood i had a thought (dangerous). I thought we could improve the situation by creating a new acronym, WSD to describe an oil fields reserves, A WSD is "a World Supply Day". This has major advantages.

1/ Its is understandable by anyone, we all know what a day is, 1 billion barrels on the other hand has absolutely no 'meaning' to the general public.

2/ As consumption increases, Reserve Values Drop! 1 Billion barrels is currently 11.8 WSD, should consumption increase to 100mbpd then the reserve is 10 WSD

Imagine the press relese "ANWAR possibly contains 58.8 World Supply Days of crude!"

Its got to be better than POTUS or WOMD (Which I always confused with WOMAD)

Neven

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Joe Average on July 23, 2008 - 6:49pm Permalink | Subthread | Parent | Comments top

Good Morning.

Um, this is for people like me, yes? Doesn't "WSD" sound a bit like "WMD"? But yes, I do like the idea, even though it would probably only appear on page 58 of the local rag, buried beneath the "Touched By The (Road) Toll" figures.

People don't service their washing machine; they just keep using it until it breaks down, curse it when it does and finally phone someone for help. I'm still crossing my fingers and toes that the "energy man" will have some answers for us when the time comes. I think that's the way it'll go.

Regards, Matt B

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145 comments on CFTC Report on High Oil Prices - "Speculation My A$$"

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