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Politics : Sioux Nation
DJT 14.86+41.9%Dec 18 3:59 PM EST
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To: Wharf Rat who wrote (217839)10/6/2011 1:28:41 AM
From: tejek  Read Replies (2) of 361689
 
She forgot to tell you that Obama took 1.25 M BPD of Primo off the export market when he said, "Bomb, bomb bomb, bombbomb Libya.".

She also forgot to tell you we were coming out of a crash in '09, and it wasn't until 3/10 that consumption got back to where it was on PreCrash Planet when production peaked in '05 and the price started to triple or triple double on the road to the quadruple Yergin. IOW, she forgot to tell you demand was sharply reduced in '09. She forgot to tell you we still aren't producing any more now than we did in '05, but that China is now using the 1-1.5 M BPD we gave up in the Crash. That's not why I won't be voting for her, tho. Forgetfulness isn't that big a sin.

Which means absolutely nothing because the CEO of Exxon Mobile whom I would think knows more about crude oil pricing than you or I tells us that if prices were based purely on suppy/demand......crude would be at $60-$70 per barrel. That sure doesn't sound like peak oil pricing to me but then I suspect Oil Drum will disagree.

3/7/10 World oil consumption has recovered back to its pre-crash peak. Numbers published for December 2009, and January 2010 show that demand for the crude once again touched 86.4 MB/d – or A Thousand Barrels a Second

And yet, oil is at a 2 year low:

quotes.ino.com
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