cjct

Roger Wiegand: Oil to Reach New Highs by Year-End

By the way, DOE just reported that US use of petroleum products dropped to 1999 levels over the past 4-week period. I realize that facts can be inconvenient sometimes, but there's really no way to ignore demand destruction at these levels. Lots of price predictions in the above interview, but a conspicuous lack of supply/demand figures other than the T. Boone pickens slogan of 85 mbd production with 87 mbd demand. NEWS FLASH econ101 says that price adjusts to equilibriate supply and demand. If demand was really outpacing supply by 2 mbd we would be drawing down inventories at record pace.