Richard Whitney

The Great Oil Deception: Part Two

Eric...You have incited a riot. You even have the Jared Diamond lunatics ranting here!
Good job. You might be interested in this:
peakoildebunked.blogsp.../

Is It Time to Bet Against Oil?

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.
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.

Covering Down Some of My Short Positions

Congrats for covering. The collective wisdom is that the bottom is still ahead, that this will beat 1973-4 and 1929, and we are all doomed. Magazine covers illustrating The End are next.

Platts Bars Lehman From Trading Oil Contracts

Maybe this saves LEH from being long WTIC when Iran and Saudi Arabia have had enough and they sell into those juicy future deliveries before the decline. Saddam knew that trick!