Awash in Fossil Fuels

As 2008 came to a close, stockpiles for the three major energy commodities tracked by the EIA were all above their long-term averages. While the world was 'running out of oil' as recently as last Summer, now we're running out of places to put it.

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Comments

[Ferdinand E...:]

Greg is right, people. If you remember your stock-flow model, inventories are important for determining the short run price, but if inventories (or better inventories divided by current consumption) are large, that doesn't give you the right to talk about the world being awah in oil. But thanks anyway duo for those diagrams.

Jan 08 09:13 AM

[toobad41:]

You could easily relate the surge of oil supply to the tide coming in....it could go out just as quickly. Demand can't use up the 6.7 million barrel of excess inventory beyond the 1.5 million barrel build that was expected. 2008 increase in oil pricing did that to us today. We are looking at the 2nd half of the year to use up that inventory.

Jan 08 11:13 AM