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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: patron_anejo_por_favor who wrote (65605)	5/17/2007 3:07:41 PM
From: Elroy Jetson	Read Replies (1) of 116555

The spike cause the Fiasco in Iraq has very little to do with Iraqi crude oil, most of which is being diverted to Turkey anyway. Refined products are expensive because refineries are not being expanded to meet the temporary demand from the US military for the Fiasco in Iraq. Once the US military demand for refined products falls off, the price of these products will decline. Currently we see oil prices off significantly from their highs while the price of refined products continue to rise sharply. This should tell you everything you need to know, even if you didn't know what was going on. Increasing the production of Iraqi refineries will reduce demand on Kuwaiti refineries, but this is one small part of the increased demand for refined products created by the Iraq Fiasco. Everyone is investing in "peak oil" except the major oil companies. Major oil firms continue to invest for a long-term change-over to other hydrocarbon raw materials, but you won't find anyone captivated by the "peak oil" story. .

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