jjhman

Net Exports of Major Oil Exporters Likely to Fall

I have trouble with the idea that speculation is an important part of today's high oil prices. Every day someone takes delivery of 86 million barrels of oil. No one is going to pay more for that oil, on that day, than it is worth to them. Long term contracts mean nothing regarding the oil being delivered next week.

One more thing. There is a lot more behind the facts of peak oil than Matt Simmons looking at three years of flat production. The only question about peak oil is when, not if.