This page has been archived and commenting is disabled.
Guest Post: Oil Price Could Doom Obama
Submitted by Llewellyn King of OilPrice.com
Oil Price Could Doom Obama
Like death and taxes, the price of oil is always with us. And like
taxes, it may be President Barack Obama’s worst nightmare at election
time next year.
Among forecasters, there is a sharp division between those who see an
inexorable rise in the price of oil and those who believe it will
stabilize about where it is now.
The hawks see gasoline streaking ahead to $4-a-gallon this year and $5-a-gallon in 2012.
Others say demand will collapse and it won’t go that high. The Energy
Information Administration is very conservative in its forecasts and it
gives very high prices only a 10-percent chance of coming about.
Adding to the confusion is a nasty little spat between the
International Energy Agency in Paris and the Organization of Petroleum
Exporting Countries over price, inventory and what OPEC calls “technical
factors,” such as pipelines down for repair or the loss of the Deep
Water Horizon rig in the Gulf of Mexico last year. IEA is saying that
OPEC is keeping its production quotas low to jack up the price—currently
just over $90 a barrel and the highest grade Brent crude from the North
Sea as high as $99 a barrel—and it is endangering the global recovery
with its actions.
But OPEC Secretary General Abdalla Salem el-Badri has taken issue
with the IEA for roiling the markets with weak data and speculation.
“Supplying the world’s media with unrealistic assumptions and forecasts
will serve only to confuse matters and create unnecessary fear in the
markets,” he said.
OPEC, which drastically cut back its targets for production in 2008
with the collapse of the global economy, has, in fact, increased its
production by 2.3 million barrels a day while formally not changing its
declared targets. OPEC controls about 42 percent of the world’s oil
production.
What is certain is that world is slurping up more oil than ever. The
latest IEA prediction is that daily consumption is increasing and will
reach 89.1 million barrels a day as the recovery proceeds. Emerging
markets and China in particular are held responsible for the surge.
With the exception of two of the savants of the oil industry, the
legendary T. Boone Pickens and former Shell Oil Company chief John
Hofmeister, comment in the United States has been muted. When asked why
the price of oil was so high despite the recession, White House Press
Secretary Robert Gibbs brushed aside the question, recommending the
reporter ask the secretary of Energy, a physicist who has not spoken on
oil pricing.
Jack Gerard, president of the American Petroleum Institute, did not
offer an explanation when he was asked the same question at a meeting in
Washington.
The fact is that the price of oil is not determined only by simple
supply and demand but by complex premiums and market sensitivities. It
is a market that is roiled by wars and rumors of wars and, because oil
was the first truly globalized commodity, the premiums can have their
genesis far from the futures markets of New York and London.
Uncertainty in Russia, turmoil in Central Asia, the ongoing suspense
of Iran’s nuclear plans and even corrosion in the Trans Alaska Pipeline
System are cranked into the price. No wonder so many hedge funds are
involved in oil. Instability is mothers’ milk to hedge funds.
There are left-wing blogs that maintain that the price of oil and its
occasional spikes are created by elaborate speculative plays on the
futures markets in New York and London. The left is traditionally
paranoid about oil and oil companies, but who is to say they are not
right this time? The memory of Enron is still fresh.
One way or another, two things stand out: The chances are that the
summer driving season will put pressure on gasoline prices this year,
after an extremely cold winter all over the Northern Hemisphere. The
conservative (10-percent chance of happening) scenario by the Energy
Information Administration says $4-a-gallon gas would come at the end of
the summer.
The second reality is that the world thirst for oil has not been slaked; as the world prospers, the greater that thirst.
In 1974, the heads of 23 democracies lost their jobs because of surging energy prices. Obama, beware.
»
- 14562 reads
- Printer-friendly version
- Send to friend
- advertisements -
Well, as they say, you can't eat oil.
Try changing some spark plugs. Ga haaa!
PLEASE stop focusing on Obama. Who sits in that office is irrelevant. The 'policies' that this and every government follows are determined by people whose names are not known to the public - even ZH does a poor job of identifying them. Obama is a distraction - the magician's puppet, the girl with the big tits. And almost all of you are falling for it every day. Why not use our collective intelligence ( if any remains) to identify the real villians and publish their home addresses, the names of all of their family members, where they shop, eat and play golf, and their next scheduled public appearance ( to accept some kind of humanitarian award for their cherity work). otherwise all this is blowhard idiocy.
why? moist amurkins have it pretty good.
ZH from day one has done a pretty awesome job of exposing dirty players on Wall Street and in Washington.
But, we appreciate your addition to the blowhard idiocy.
You are 100% correct. He is paid to read the Auto-Cue and be the Public face of the system. That's it - period.
So give the man, his due he's doing a great job.'The man with the Golden Voice' or am I thinking of someone else mm mmm.
The only character defect that I can see, is that he crafty and twisted. Honest Politican!!.
The last one was shot back in November 1963
.
.
Well said. The world is run by a small group of international banksters. Obama has been compromised and our congress except for Ron Paul and a small group of others is bought and paid for. Yes, a publication showing the top illuminati would be interesting. As far as where they live, I understand that some of them have just enough incremental income to afford a small place at the beach in addition to their two bedroom condo. That's what happens when you can print money out of thin air and charge interest to we poor saps that borrow it from them. Nice gig. It's looks like third time is definitely charm for the Central Bank concept. Where is Andrew Jackson when we really need him!?
I've pondered this phenomenal blindness myself Americanspirit, It must be something in our psychological make up, "This is the way things are supposed to be, I learned it in grade school, if you would just 'believe', than things would be as they should be!" The problems are, "Your fault", you don't believe the proper things, in order to effectively conger, you have to have total faith in the power of belief, (you know the Mustard seed story!) Having said that; Barry will, it seems, be a one term President, he very effectively soaked up the poison and anger left from the last administration leaving the way open for the next "Savior" to come forward and save the nation, from it's self?
OK - so I misspelled cherity. Junk me.
No.
I like it that way.
is that when you do good things for sonny bono?
or when you contribute to chastity's sex change operation?
You sir are sick...please continue.
it's the company I keep
Everything happens for a reason. Instability in the middle east will tear apart any semblance of unity among the oil producers. Contrary to many here I predict the price of oil will drop as the producers struggle to maintain their control. Is the instability the result of a natural progression or are there forces in play that fomented these situations? Any thoughts?
Don't you think prices will rise as oil production falls off a cliff during this time?
Short term yes. But the world cannot afford expensive oil. Something will break somewhere before a prolonged spike is allowed to persist.
BSD:
No. You have that wrong. Everything will break everywhere when the prolonged price jump persists. What are you thinking? That someone somewhere "allows" prices to to persist?
You may be right that everything may break everywhere. Its not that someone allows a price to persist its the fact that interests can take action to prevent a price to persist. Look at how the price of gold is manipulated. What is different about the price of gold vs. the price of oil?
We use oil and hoarde gold.
Thanks NMEWN - I feel better. I try not to make stupid mistakes but they keep slipping through.
I oppose all forms of fascism...spelling/grammar nazis as well.
Usually they're present/former teachers/professors who have done such a splendid job of teaching they feel compelled to comment on the quality of their own work when they see it ;-)
By the way - $4 a gallon this year and $5 a gallon in 2012? Dream on. We'll all be paying $10 a gallon by year end 2011 if and when we can find it. Park those Humvees and RVs assholes - your days as road warriors are over.
+1000
The bigger the better and the more gas sucking my vehicles are the more CO2 nutrients are being spewed.
That's CO, not CO2, fucktard...and please do it in an airtight space.
Snowball, your the malthusian with one and only one kid, you may want to consider sparing the planet your presence as an example.. just sayin..
Less than one term for the Kenyan Marxist affirmative-action President.
The House should hold hearings and demand to see his Kenyan birth certificate (there isn't one in Hawaii), and then impeach the turd.
I'm still waiting for that patriot Bill Clinton's medical records. I think we are all chasing our tails again.
typical propaganda from oil bulls/speculators..
HERES THE FACTS
#2
hey ' Llewellyn King of OilPrice.com , stupid idiot
did you check USA import year over yaer,, ITS DOWN ON %BASIS..
yes virginia USA imported less in 2010 then in horrible 2009...
#2 hey asshole, do you know that USA imports oil same anout as in dustant
2000 year.. remember that eyar, remember what oil price was back then ?
so my point is 20% unempl + 43+ mln on food stamps dont drive much..
SO OIL MIST COST NO MORE 30-40$ PER BARREL NOW IN USA. .rest of
is specualtion...
alx
The U.S. is no longer driving world wide demand. Chindian demand has increased greater than the drop in U.S. demand. Quit looking at your own navel.
In addition, Export Land Model is a concept around the fringes of PO that most in the PO know don't bother getting to. It adds a whole new level of fright and is why I predicted world war within 10-15 back around 4 or 5 yrs ago.
The average time from peak to importer is roughly 6 years. Britain, Indonesia...Mexico may as well begin composing epitaphs.
Best to all! Freedom! See ya in the AM
is the turmoil in the middle east designed to kill the dollar?
http://nakedempire.wordpress.com/
US debt is actually 0 dollars do to a massive don't give a shit movement.
AS long as AIPAC supports theBamster, he cannot lose.
No matter what.
I spoke to a former Shell engineer a while ago. He's now with some non-oil related engineering company, namely developing silicon processing tools, so I assume no biased view. His thought was:
-Peak Oil is nothing but a big hoax
-there's plenty of oil in the ground, around 500 years of supply are easily available
-most market participants are happy about high prices (oil companies, their CEOs of course, western governments for the taxes beared on it, middle east countries for making their voices heard in the political sphere, etc.), so they even might encourage people to fall for the peak oil hoax
Quite "contrarian" in a way, but that was his earnest opinion.
I have to admit, what I like about his theories is that nobody can make me believe the high volatility in oil can be explained with supply/demand solely.
Phew!! thanks for the great news. I was getting worried for a while.
Just so I absolutely clear on this - He said oil and not soil.
I think that he was wise to make the Career change. In the meantime, I suggest that you avoid speaking to drunk strangers.
You're contradicting yourself here.
1)If high oil prices mean higher profit for the oil company, why should he change his career?
2)If high oil prices are unjustified because of plenty of supply and will in come with time, then his career change was right, before cuts to the payroll occur. But this would also mean peak oil is a hoax.
One way or the other - you are wrong in both ways.
Er! I don't think I am, misterc
I actually worked in the Oil Industry for over 30 years and have some understanding as to how Multi-national Oil Company's operate.
1) His change of employment might not have been 'Totally voluntary' if you know what I mean.
2) If you wish to google' Imminent Crash Of The Oil Supply by Nicholas Arguimbau' it might provide some useful info in your quest for the truth.
Happy reading....
Easy read, would prefer to remove political references and see more hard facts and details (they are out there in other papers)...
At the end of the day our society is going to be facing significant stresses from this issue...... change is very scary! And just for the hell of it throw a little climate change into the mix!!
WHAT oil company?
If there were abundant oil down there, SOMEBODY would form a new oil company and go fucking produce it!!!
So you mean to have me believe that the REASON Petrobras is drilling in 2 miles of water then 3 miles of rock under a subsurface salt formation at the Carioca find is because, what, they are fucking masochists?
You and your "friend" are both goddamned idiots. I, too, know an engineer in the business, a pipeline guy with 30 or so years of experience, a dude with an IQ near S-B ceiling. And he claims that the tarsands could satisfy US demand for 80 years! And I am forced to retort that NO reserve in the world and no COUNTRY full of reserves has ever even APPROACHED 18mbpd!
So if a guy that smart with that much experience can be THAT fuckin wrong, what am I to make of you and your "friend" other than the same conclusion?
Look, there different opinions on the subject (peak oil / no peak oil). I'm invested into oil stocks, but because of all the money printing in the world. I disagree with peak oil, though.
Swearing %%%%% and yelling!!!!! won't replace reason.
You guys seem to have either broken KEYBOARDS or suffer of CAPSLOCK.
You don't know any better than me, but you're opposed to differing opinion. You made up your mind before discussion started. Let's leave it with that.
Opinions are not reason...if and when you can bring the science, we'd love to hear it. Until then, keep your 'opinions' to yourself.
In essence, Peak Oil is about marginal cost... (for the sheeple and uneducated it is "the sky is falling we are running out of oil") bottom line it is about the cost to produce a barrel of oil!!! The oil reserves that are cheap and easy to produce are being depleting, and the reserves to replace them have significantly higher production cost!!! (think Alberta tar sands, deepwater horizon!!!) THIS HAS A DIRECT IMPACT ON THE COST OF FUEL!!!!! Energy cost are a huge component of the global economy..... considering your on ZH you should have a basic understanding for the economy/energy cost dynamics....
The Oil Drum, http://www.theoildrum.com/ is a very good site to educate yourself on these matters.
This is a typical post from today http://www.theoildrum.com/node/7363#more discussing OPEC quotas and crude oil production the data is referenced and the comments that follow are always very enlightening..... not as "down and dirty" as ZH but close...
"You don't know any better than me.." (now that's funny!!)pray tell how did you reach that conclusion??? <sarcasm> Your ignorance is appalling, and as "entertaining" as Trav's vulgar postings!! (lol, I don't mind TRAV postings, it always interesting to see who takes the bait).
I honestly don't give a shit if there are opinions that peak oil isn't real. There are opinions that Relativity is wrong and that Evolution is wrong. The thing is that these idiotic opinions shouldn't be taken seriously.
You are on the side of the idiots. I have explained what the oil peak means in a factual sense to you and you refused to listen, so we're left with swearing.
For you to claim I do not know better than you exposes you as a complete fool. Downing Effect writ large.
Peak oil is NOT subject to opinion or a matter of opinion. Peak oil HAPPENS to every well, every field, every geographic region of fields we call nations and to the geographic collection of nations we call the earth. To deduce this by simple inductive logic is elementary, but clearly beyond your grasp.
Only people who do not understand what Peak Oil IS can claim it is not already decided. Peak oil is when a well/field/nation/globe achieves its maximum rate of production and then production goes into decline.
ANYONE who claims that this doesn't exist should ask themselves why we need more than one oil well on the planet. Why didn't we just grow the original fields' production to 84mbpd? Why are any fields ever abandoned? Why are Brent and North Forties considered dead?
I already know that you cannot answer any of these questions and find it astonishing that, given that, you could actually still claim equivalent expertise and knowledge to mine. It's so utterly fucking absurd as to make me laugh aloud.
there are opinions that the earth is flat and Hillary is a nice person
This kind of remark show how much the expansionist mindset is ingrained and distorts possible outcomes.
If the supply side is falling, it means that the company will gather higher profit through the exploitation of less fields. Which also means that the company will need less people to operate. Which means sacking. So yes, the oil company will get more money, but with no certainty to the oil engineer who might have been in a shaky position, therefore facing a possible layoff.
People are so used to expansion, usually associated with more and more people put at work they fail to revise their conceptions for a declining inputs side.
So the cause why he should change his carreer is that more profits for his oil company on lesser supply volumes does not mean more money for him but a possible lay off.
Labour is a drain on resources. People fool themselves through the US expansionist model on this one.
Just to make sure that high prices for oil are part of the green meme, Chevron last time I checked was the biggest contributor to the Sierra club.
Got to fund those organizations that want to conserve oil to make it more valuable in the US. So the Chinese and Indians can buy more at a better price. It is only socially just.
A friend of mine from way back got a PhD in Geology and went on to work at Exxon for a few years. He was a prize: an "Oil Finder". And he was GOOD at finding oil as a Geologist.
I emailed him back in 2008 when Peak Oil was catching on as a concept. I asked him his take on Peak Oil. He told me: "There's plenty of oil." I did not think to ask him snarky questions like at what price because his tone (and his general perky personality) was clear. For him, there is plenty of oil.
Myself? I do not know enough to say.
"There's plenty of oil" is the company approved reply to all such questions. Regardless of company.
Peak oil is about oil production. It's not about how much of it there is.
Besides which, if it's a guy's job to find oil, and he tells his boss there's no more to be found, why would they pay him?
Just the lil ol' Bearing's contribution to a complex subject.
And they PAID him for FINDING oil... And he now (last time I chatted with him) is STILL out there finding oil, as an independent consultant. And making good $$$ if I read all of this correctly. "Find oil, make money." Does that not appear just?
Add value, get paid more. The American way.
You are smarter than this, man.
Oil demand was growing what, 3% YoY? With a nod to ole Al Bartlett, that means we have to DOUBLE our production base in the next 24 years. This is very simple, unexceptional mathematical fact.
"Plenty of oil" in the form of unproducible reserves is meaningless. I got news- there's TONS of hydrocarbons on Titan. Functionally infinite reserves, the whole muffuggin atmosphere of the planet is chock full of methane. What is our EXPECTED production rate on these reserves? this is an easy question to answer.
If anyone here is incapable of understanding growth compounding, then simply shut the fuck up about this topic. Please, do the world a favor and just watch Barlett's exponential growth lecture series, please. After watching that you should immediately realize how futily stupid the ignorance of real-world headroom is!
Oil production has peaked or will peak; this is INEVITABLE. Production CANNOT grow to INFINITY.
For Sale
1985 VW Jetta Diesel 5spd 200 000kms 2nd owner 50mpg New glass alternator lower ball joints rear struts. Body rusted.
offers
Schwinn 10-speed, new shifters. Make an offer.
Wishing for one cause solely is a sure pitfall.
Market participants for most of them are happy? Your list should be read more like an exclusive list of participants that are happy, under certain circumstances too.
Hard to say that market participants seeing their margin squeezed by a high oil priced are happy. Neither are drivers, unemployed people because of high oil price etc...
The various governments around the world will realize that if the banks and financial institutions are not refrained from speculation, their activities are likely to bankrupt countries causing hardship to a majority of the population. They are likely to become a major pain for the politicians and central bankers themselves, the very class of people who let the banks exist in their present form after repealing The Glass Steagall Act in 1999 and allowing them to thrive under their patronage.
The only thing driving up commodity prices worldwide are speculators armed with cheap money provided by central bankers and super fast computers. This is causing a havoc in the lives of rest of the population and pushing them towards poverty as they can no longer afford the basic necessities of life.
Regulators are either hand in glove with the banksters or are too slow to react and take ages to identify and take measures to solve the problems.
Total ban on speculation and the reinforcement of Glass Steagall Act is strictly required to bring relief to the man on the street.
http://www.marketoracle.co.uk/Article24581.html
Don't you see? They're running their own little economy, independent of what's going on with the rest of the country. The stimulus is nearly all going to them. Because in 08-09 they nearly had no business at all. And the mortgage securitization market is still shut down and not enough to live on. So now they have commissions and fees, underwriting and iBanking revenue, and yes, speculating and prop trading (with frontrunning and collecting spreads).
And the news coming out of the market itself drowns out the moans from Main Street.
There will never be an outright ban on speculation. In my opinion the chance of reinstating Glass Steagall or something similar is zilch. This is the only game in town and they're spreading some of the gravy around. The rest is barely on the radar
This assumes that we will continue to have true democratic elections. Soros is investing millions in leftist media/think tanks. There is a definite agenda and our individual freedoms are at risk.
Sorry temporal lobe reduction in progress. You guys and gals kick rear end! No matter which side of the isle you come from.
Don't worry princess, everything thing is going to be ok. After all, nothing bad can happen in the good ole US of A. Just curl up with your unicorn and drift off to dream land.
Hate to ruin your night but this "Fricken" thing is getting stronger.........................!
This a a CAT 5 and growing in strength as it approaches Australia..............
if anybody prays before the go to bed it might be a good time to include the people of Queensland !!!!!!!!!!!
Looks like it will be a direct hit on Mackay Queensland Australia
http://www.goes.noaa.gov/sohemi/sohemiloops/shirgmscol.html
Map of Mackay:
http://www.maplandia.com/australia/queensland/mackay/north-mackay/
Holy %uck !
When Rudolph Diesel designed his engine for the first few years it ran on bio diesel from hemp Read David Icke's blog On just 6% of US acreage you can produce 2x the gallons currently consumed 500 gals/acre yield and economic with $50 oil So why is hemp banned again?
it's about gd'd time it was unbanned...
seriously; there are things we can do to mitigate the oil peak. It does not have to be a spectacular collapse involving world wars.
But, if we steam ahead with SUV McMansion Exurbia culture, we surely will not see the necessity to do fuckall about it.
I'm not going to get into your cornucopian hemp numbers, but there certainly are things which can help.
For example, why the fuck don't we have a gasoline fuel cell yet? Why are cars not powered by constant-velocity diesel or microturbine powertrains with individual electric on the wheels? Fkin locomotives are. Ships do it. Why aren't engines doing photocombustion?
Oh, got it; these things are scientific initiatives and we can't do that because science is bad on account of too many white people and asians and not enough of the right diversity. All scientific organizations are in a "crisis" because of lack of blacks, therefore lower standards, cut funding, devote it to war and welfare.
Could we even go to the fuckin moon again? I mean, think about it, chartering an organization today to do that, all the EEOC shit you'd have to account for, the need for the right color balance, having to bend standards and empower the civil rights favored. How would such a thing be possible?
As a society, we labor in a suicidal delusion and I wonder when the hell we are ever gonna wake up.
"For example, why the fuck don't we have a gasoline fuel cell yet? Why are cars not powered by constant-velocity diesel or microturbine powertrains with individual electric on the wheels? Fkin locomotives are. Ships do it. Why aren't engines doing photocombustion?"
Every part is a cost input. Extremely complicated super efficient vehicles are wonderful until some 17 year old teenager gets in it and crams it up a bridge embankment while reading lulz from facebook.
*LOL*
Your post is a fucking crock of shit. Do you remember the day you lost your mind?
You're Ted Kaczynski with a new focus - civil rights. While Kaczynski thought the Industrial Revolution had poisoned society, you think it's the civil rights movement. He wanted to return mankind to nature, and you want to return mankind to the a superior race.
You're both highly educated, very opinionated, reclusive, disenchanted with modern society, and (this is key) you live on another planet mentally, completely preoccupied by societal ghosts that only exist in your delusional head. While he thought it was technology, you think it's diversity/civil rights that has robbed mankind of his potential. And you both conjure equally absurd visions of the future to "fix" your paranoid delusions; in a post earlier in the thread, you mentioned eugenics, race control, killing others because society can't indulge in the luxury of diversity. All of it - fucking bullshit.
And now, in this latest delightful post of yours, you say that we don't have science initiatives because of blacks. *LOL*
You guys are remarkably similar, just focused on different ghosts.
You preach the faith of the diversity cult, man. Rail on, dude.
Let's cripple every organization we have with diversity mandates. Fuck merit. Merit doesn't sit well with people like you because merit ends up looking the wrong way.
Diversity and civil rights built around them are a cancer. Every organization is forced to carry DEAD WEIGHT to satisfy the mandates of diversity; that is a fact. It is a parasitic drag by parasites. Then they are forced to promote dead weight so it can gangrene entire divisions.
Do you want links to the discussion of NASA's lack of black scientists framed as a "crisis"? The DWLs like you will run that organization to its death trying to remain wilfully oblivious of the reality of the world.
We couldn't have another Apollo program as idiots like you would shut it down for being obviously both sexist and racist or else cripple it with meritless rainbow coalition acolytes in positions of decisionmaking significance.
Diversity is a silly fucking fetish.
+1
I heard it was peanut oil.
Pot smokers have dreams of entire states covered in pot plants, pot plants growing everywhere as far as the eye can see. They'll lie about anything to get that dream. In the mean time they use each other for pot. The old I get by with a little help from my friends, I get high with a little help from my friends. And preach a lot about reading books and helping each other.
There's plenty of hemp that won't get people high. I remember a sign at one farm to discourage teenagers: "You'd have to smoke a telephone pole!"
Now that is a trillion dollar question, right there.
Thanks so much for bringing it into the debate. it needs it's own discussion.
Why was hemp banned? Magic Plant.
ORI
Obeyme should rejoice, then! High energy prices are good, according to Obeyme. Please run on "skyrocketing" energy prices. It's part of your plan for the "fundamental transformation" of America. Please, please, please for once have the courage of your convictions to defend your ideology, you Marxist scumbag.
http://www.youtube.com/watch?v=CNSZ62xiD4M
With the gas price rising, it's only a matter of time before it causes another recession, which will temporarily take down commodity prices. It won't go as high $5 in the very near future. Recession first... $5 in the next run up. 2014?
anybody still up ?
Found this live stream from a guy in Townsville Australia driving around streaming live video (with audio) "from his car live" where the center of the CAT 5 cyclone is to come a-shore.................insane !!!
Only a few live streams on the net right now everything else is down do to the 200 mile per hour winds expected.
http://www.ustream.tv/channel/townsville-skycam-mobile
also radar of this CAT 5 MONSTER !!!
http://www.goes.noaa.gov/sohemi/sohemiloops/shirgmscol.html
This guy is crazy !
failbama was doomed right out of the gate.
luckily for him, most knucklehead americans (and i mean the vast majority) aren't paying the fuck attention.
Peak Oil dooms us all. How fragile we are. Imagine what life will be like with gasoline and diesel at 15 bucks a gallon. All that's left is to wait for that time to come. If crap doesn't blow up in the ME, we are there within a few years. If it does blow up in the ME, then we could be there by end of summer. That's 15 bucks IF you can got it.
.