 | Where Does the US Import Oil and Other Petroleum Products From? | The Oil Drum | Agriculture: Unsustainable Resource Depletion Began 10,000 Years Ago |  |
119 comments on DrumBeat: October 20, 2008
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119 comments on DrumBeat: October 20, 2008
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There's plenty of temporary demand destruction taking place as the de-leveraging continues. Some of this demand destruction will enforced by lenders cutting back on the loans it will make, e.g. car loans. While this is taking place then pretty much everything will be hit as money becomes more scarce and expensive. Whether this demand destruction continues will be determined by the economy, if people think the oil price will generally continue to increase they will work from this basis. Unfortunately at the moment few politicians are telling this message to the people, while there are plenty of people saying PO is a hoax, wells are being capped by big oil, plenty in ANWR...
We have seen some bank failouts but IMHO this has not addressed the underlying problems but merely prolonged or postponed the outcome:-(
Merritt Pkwy.(from Westchester co. NY to near Hartford) appeared to be right back to traffic levels of a few years ago . Recently traffic levels had been down significantly and it was very smooth sailing up toward NH, even on Friday evenings. Friday it was very heavy and there were backups in all the old spots and this on what I would consider a "tweener" weekend. Had not seen this in over a year. We bought gas in MT. Holyoke in MA for 2.69 (2.65 on way back) but I think it was 3.39 on the Merrit itself. Apparenetly $3 is the new $1.49:)
Matt