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Daily Oil Market Summary: May 4

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Tue, 05/04/2010 - 19:56 | 331772 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Oil is fascinating right now.  Plateau of the peak (nobody knows the magnitude).....big ass spill (nobody knows the magnitude)....."Petro-Doelarrs" as a strong and viable currentsea.  This all while 'Merca keeps driving.  There are so many straws on the camel's back and I think oil may be the heaviest.

Wed, 05/05/2010 - 03:09 | 332084 Hephasteus
Hephasteus's picture

It's just another symptom of the same disease. The oil companies like everyone in charge always lie out their ass about how bad it is, how fast it's leaking out, how quickly and effective their efforts at fixing it is, and finally how badly it will affect the local ecology. I guess when people are running around the beaches of florida on fire like a freaking wiki torch they'll finally fess up.

Tue, 05/04/2010 - 20:32 | 331803 e1618978
e1618978's picture

Oil is not a viable currency, storage is too limited.  We are close to max storage at 2.7 billion barrels worldwide, and that is only 250 billion dollars worth.  Lehmann brothers had 500 billion in debt, just by itself.

Tue, 05/04/2010 - 23:23 | 331967 LiquidBrick
LiquidBrick's picture

With Obama Admin cancelling deep-water drilling, "summer" driving here in 3 weeks, a proposed change to oil co's clean up bill from 75m to 10b, and the threat of a brush war we haven't yet heard about oil will be $90 before mid-June.  $82 today was just a test.

Wed, 05/05/2010 - 01:08 | 332042 carbonmutant
carbonmutant's picture

Apparently anarchists don't use as much petrol as tourists.

Wed, 05/05/2010 - 09:25 | 332338 Cpl Hicks
Cpl Hicks's picture

True, your average anarchist can only carry two gasoline-filled bottles out onto the street.

Wed, 05/05/2010 - 07:36 | 332183 jkruffin
jkruffin's picture

They have officially gone buck wild in Greece,  trying to storm the parliament.  HOLY COW!!!   Now,  if only Americans had the balls to do something like that, we could see that CHANGE we were prmised.

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