phillips49

Barron's Banks on $100 Oil

Let me see if I got this right. The Saudis are increasing world oil availablity by 0.24% (200,000/83,000,000) ( if production doesn't fall of somewhere else like PEMEX or Nigeria) and the price of oil is going to fall by 24%? (32/132). I think I'll stay long on the oil and gas companies. They are going to continue the upward trend interrupted occassionally by hot news flashes that we are awash in oil and everything is OK.

Oil Manipulations Exposed

correction -it was Abe Lincoln that said "you can fool......." not Mark Twain

Oil Manipulations Exposed

Good article! I sure wish it was as easy as the author presents. We could just send in the oil Gustapo and fix it! Arrest them all, sue them all. Gas would drop back to $2.50/gallon and everyone would go back to sleep!

I rather suspect that it is a little more complex than that though. It is hard to hide a fraud of this magnitude from the entire world. Was it Mark Twain that said "you can fool some of the people some of the time, and some of the people all the time, but you cannot fool all of the people all of the time"

I'm sure there is some churning and manipulation. However the fundamental truth is that if supply exceeded demand, prices could not be manipulated. A supply/demand issue is the root cause. Our dependance on foreign oil will be the ruin of us. I'm not an oil apologist, I'm a realist. We need to reduce our presence in the global energy market competition. We need to pump our own oil, use our own coal, use our own natural gas, put up wind farms, put up nuclear power plants, and transition our mobile fleet over to the most energy efficient possible.