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Politics : Sioux Nation
DJT 14.01-3.5%Jan 26 3:59 PM EST
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To: CalculatedRisk who wrote (66091)5/3/2006 10:38:12 PM
From: Wyätt Gwyön  Read Replies (1) of 362625
 
Or is it a more sinister problem - peak oil - and they simply cannot increase the quantity supplied. We don't really know.

actually, we do know. peak oil is here. i mean, we've been beating this drum for several years and the picture at this point could not be clearer--it is pretty much just as all the ASPO Cassandras predicted. the global giants are peaking and supply cannot be brought on quickly enough. supply will not save the day--look at XOM, same boe production as in late 90s, i.e., no supply response to higher (MUCH higher) prices. and worse, more and more of XOM production is not even crude, as the lack of opportunities drives them to GTL in Qatar.

the only thing that will save us is huge drop in demand, and about that we don't know. certainly it would help matters to have a massive global recession, which is more likely now that Roach has said it's safe to go in the water.
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