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Michael Fitzsimmons » Comments » BCS

  • Watch for Yourself: 60 Minutes Oil Story Was Spot On [View article]
    worldwide oil demand has dropped by over 5 million barrels a day due to the economic contraction. at 5 million barrels a DAY, it does not take long to fill all the storage tanks around the world. oil is now being stored on tankers on the high seas. the reason for low oil prices is not due to new huge supplies coming online, they are due merely to demand falling off a cliff.

    similarly, the high oil prices in 2008 were due to the inability of worldwide oil supply to keep up with worldwide oil demand. despite $145/barrel oil and $4.50/gallon gasoline, production at XOM, COP, and CVX was down year over year as it was at many other international oil companies. did speculation and the falling dollar have something to do with $145/barrel? of course. was it the main cause? absolutely not. commodities still trade on fundamentals, especially a commodity like oil, which has many private and governmental players, and is a very liquid worldwide market.
    Jan 14 08:20 am |Rating: +6 -3 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    S&P also slapped AAA ratings on toxic sub-prime re-packaged paper....
    Jan 14 08:10 am |Rating: +7 -2 |Link to Comment
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