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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End? -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (106)	2/20/2005 7:10:10 PM
From: Raymond Duray	Read Replies (2) \| Respond to of 1183

darfott, As you suggest, we are basically in agreement. My point is to merely sharpen our comprehension of the fine points of the argument on Peak Oil. Re: which is where TRC had jurisdiction (basically Texas) No. Exclusively Texas. Re: but if you could produce up 10 million bpd, and the world only needs 8 mmbpd, then you are a player. In 1973, the world had about 25% shut-in capacity. Today, that figure is estimated at about 1% on a base of about 83 mmbpd production. This is a recipe for vast market manipulation by speculators. You'll recall the price premium imposed by the bastards in the City of London and the Nymex in the waning months of Bill Clinton's term. OPEC's Secretary Ali Rodriguez estimated that $7 of the $35 price of a barrel of WTI in October, 2000 was due to excess and economically pointless speculation. When Clinton opened SPR, he broke the back of the speculators. How different in October, 2004 when Bush was so certain that he owned his election "victory" that he could arrogantly allow his friends in the awl patch to fleece the world markets with $55/bbl. If anyone needs proof that the fix was in in the November elections, this is good circumstantial evidence that Bush cared not a whit about what the actual vote tallies would be.