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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Wyätt Gwyön who wrote (12692)	4/28/2004 5:44:08 AM
From: Raymond Duray	Read Replies (1) of 110194

Darffot, Re: if there are no more swing producers During the artificial oil crises of the 1970's the world had approximately 25% shut-in crude oil production capacity. As of 2002, according to the experts at ASPO, this ready reserve was about 2% greater than the world'd aggregate demand. We may very well be in the midst of the "Peak Oil" event right now. And yes, this will change the entire nature of how we live. I've just finished Ken Deffeyes' "Hubbert's Peak" and I'm now about halfway through Richard Heinberg's "The Party's Over: Oil, War and the Fate of Industrial Societies". I tend to agree with these men. Deffeyes spent his career as a petroleum geologist and professor. Heinberg, an erudite ecologist, is not as well qualified to discuss the petroleum industry, per se, but he does astutely destroy the pollyannish views of such optimists as Peter Huber, Bjorn Lomborg, the USGS and the DoE. Reality will be setting in shortly. We are certainly approaching TEOTWAWKI. Time to unfasten our seatbelts and get out of our gas-guzzlers.

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