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From: Ed Ajootian	6/10/2008 9:04:27 AM
	Read Replies (3) of 206085

Bernard Picchi, of Wall Street Access, said he believes there is “ample evidence of oil-market manipulation, but not by oil companies or hedge funds, but by governments who subsidize consumption with below-market oil prices.” Picchi cited China, where he estimates oil price subsidies now run $125-150 billion a year. Worldwide, Picchi says, “several dozen governments subsidize their citizens' oil consumption (30 million barrels per day, or 35% of world demand) at an annualized cost of $500-650 billion.” Perhaps the ultimate anti-bull, Picchi predicts oil prices will fall “over the next several years much as they did between 1979 and 1986 when U.S. and world oil demand fell by 14% and 7%.” He adds that he believes demand has “peaked for the foreseeable future, and perhaps for all time, at 21 million barrels per day.” For all time? Pretty bold. ********************************************************* From an email from Casey Research. I wonder where all that money is coming from to fund China's fuel subsidies. I know they have a windfall profit tax there but it seems inconceivable that that tax could be raising that kinda money.

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