Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Art Bechhoefer who wrote (92344)	7/17/2001 9:00:25 AM
From: Frank Pembleton	Read Replies (3) of 95453

To all, Politics in the last 30 years has been the driving force in "oil shock" psychology. The whole notion that we are running out of oil <yawn> happened in the late sixties, along with the socialization of North American politricks. IMHO, sex, drugs and rock'n roll have more in common with an oil shortage <yawn> then the automobile ever had. To support these new social policies you need to create dependency and it's done by creating fear, without fear there is no need for social engineering -- energy policy anyone? We can sit here with our collective intelligence and espouse the virtues of the Hubbert supply curve <yawn> or we can take an intermediate view of the market and play the psychological factor of fear and greed. Extraordinary Popular Delusions & the Madness of Crowds, written in 1841 by Charles Mackay illustrates this perfectly. More things change, more they stay the same! One last point, at any given time the difference between supply and demand is in and around 2% -- in either direction. How else can one explain going from "The Economist" front page lay-out of "drowning in oil," to the Peoples Republic of Californication "rolling black-outs" in two short years? Running out of oil? It's the wrong question to ask... Regards Frank P.

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