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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (238131)6/20/2005 1:14:00 PM
From: RetiredNow  Read Replies (2) of 1576861
 
Well, this isn't the slow time. There typically is a build up of inventories at this time of year to cushion against peak summer driving times. Then they build up again in Oct/Nov in anticipation of the winter heating months.

So oil surges are expected this time of year, but this is excessive. Everyone is blaming it on gas refining capacity and oil pumping surplus capacity. Both are the major root causes. Not enough refining capacity in the U.S. and OPEC is pumping flat out, so no surplus pumping capacity in the Middle East. Add to that speculative furor and you have $60 oil. Some people are forecasting a crash, but I think it is likely $50+ oil will be with us for another couple of years.

The probability is rapidly increasing that we will experience an oil induced recession sometime late this year or early next year, unless they get control oil and gas prices.
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