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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (35748)	8/23/2005 11:59:36 AM
From: Knighty Tin	Respond to of 116555

I don't quite buy into the idea that oil is cheap because it is not as high as it was in 1980. It is higher than when the long lines started in 1973 and 1974. It is high for several reasons: 1. The dollar is becoming worthless. 2. We suck it up like Courtney Love in a DEA evidence warehouse. There is zero effort at conservation in the US or in China. In fact, I would claim that our oilman Prez and oilman Veep are pushing policies that encourage more consumption of the precious juice. 3. We've invaded what was the second largest producer of the stuff (now number 10) and de-stabilized their entire country. 4. We are threatening to invade or blow up number 4 and number 8, Iran and Venezuela. 5. The richest oilfields are seeing declining production. 6. China is growing like a weed. 7. Americans or Diebold or The Supreme Court voted for higher oil prices in 2000 and 2004.