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The Peak Oil Debunked blog has some interesting facts about oil demand that support the anecdote mangolfer posted here. The U.S. decline in consumption in the past year (800K+ bpd)has wiped out the rise in consumption in the same time of China and several other countries combined. Oil consumption has already peaked in most western economies, and even China.
Jul 09 10:45 am
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All Comments by Richard Whitney »Is It Time to Bet Against Oil? [View article]
Does anyone notice that, when oil dips, Iran rattles its cage? Saddam in his day worked the markets better than any trading turtle ever did, blustering to get a higher price, selling into that peak, possibly even shorting and then making nice with the U.N. for a while to cover. Then he would rinse, and repeat. Iran is copying the master. They have a lot of VLCC in port full of oil.