Oil *was* a bubble

[Arraya]

Dude, production has been stagnant for 4 years. Let me put it another way, they can’t pump at a higher flow rate. Wake up and smell the peak it’s all downhill for here.

http://www.aspo-usa.com/index.php?option=com_content&task=view&id=415&Itemid=91

I now believe that the hypothesis of a near or medium-term peak in the world’s oil supply is confirmed beyond any reasonable doubt.

snip

As I said at the top, this is my official forecast and I will not revise it in the future. I will note for the historical record that in July of 2008 few Americans have come to grips with the implications of a permanent peak in the world’s oil supply despite the strong price signal we’ve seen for several years now. I have done all I could over the last few years to warn everyone about what’s coming. My conscience is clear even as my concern remains high.

For me, the time has come to examine measures we might take in the post-peak world.

[rydazzle]

The point I am trying to make in a round-about and admittedly childish way is that I think the severity of the effects of the housing bubble were truly underestimated by all.

[rydazzle]

The point I am trying to make in a round-about and admittedly childish way is that I think the severity of the effects of the housing bubble were truly underestimated by all.

[rydazzle]

The point I am trying to make in a round-about and admittedly childish way is that I think the severity of the effects of the housing bubble were truly underestimated by all.

[rydazzle]

The point I am trying to make in a round-about and admittedly childish way is that I think the severity of the effects of the housing bubble were truly underestimated by all.

[rydazzle]

The point I am trying to make in a round-about and admittedly childish way is that I think the severity of the effects of the housing bubble were truly underestimated by all.

[Arraya]

I make it simple. In early 2005 world oil production stalled. China and emerging economies sucked up around 8 million barrels a day more in 2008 than 2005. More demand same supply prices go?

[Arraya]

I make it simple. In early 2005 world oil production stalled. China and emerging economies sucked up around 8 million barrels a day more in 2008 than 2005. More demand same supply prices go?

[Arraya]

I make it simple. In early 2005 world oil production stalled. China and emerging economies sucked up around 8 million barrels a day more in 2008 than 2005. More demand same supply prices go?

[Arraya]

I make it simple. In early 2005 world oil production stalled. China and emerging economies sucked up around 8 million barrels a day more in 2008 than 2005. More demand same supply prices go?

[Arraya]

I make it simple. In early 2005 world oil production stalled. China and emerging economies sucked up around 8 million barrels a day more in 2008 than 2005. More demand same supply prices go?

[DWCAP]

I just wanna say that 2 months does not a bubble pop make. Sure oil has fallen $60 since the peak, no dispute. But that peak was reached when people still thought that the USA would just sorta limp along till 09 then get back to growth, while the rest of the world would keep on going at breakneck pace.
Needless to say this is no longer the consensus viewpoint, and as such the perception of future demand is significantly lower. Lower demand is bringing us lower prices.

Couple this with the realization that the rest of the world isnt immune and the dollar is still the reserve currency of the world, not the Euro, and most of the drop can be explained without anything to do with bubble talk.

[DWCAP]

I just wanna say that 2 months does not a bubble pop make. Sure oil has fallen $60 since the peak, no dispute. But that peak was reached when people still thought that the USA would just sorta limp along till 09 then get back to growth, while the rest of the world would keep on going at breakneck pace.
Needless to say this is no longer the consensus viewpoint, and as such the perception of future demand is significantly lower. Lower demand is bringing us lower prices.

Couple this with the realization that the rest of the world isnt immune and the dollar is still the reserve currency of the world, not the Euro, and most of the drop can be explained without anything to do with bubble talk.

[DWCAP]

I just wanna say that 2 months does not a bubble pop make. Sure oil has fallen $60 since the peak, no dispute. But that peak was reached when people still thought that the USA would just sorta limp along till 09 then get back to growth, while the rest of the world would keep on going at breakneck pace.
Needless to say this is no longer the consensus viewpoint, and as such the perception of future demand is significantly lower. Lower demand is bringing us lower prices.

Couple this with the realization that the rest of the world isnt immune and the dollar is still the reserve currency of the world, not the Euro, and most of the drop can be explained without anything to do with bubble talk.

[DWCAP]

I just wanna say that 2 months does not a bubble pop make. Sure oil has fallen $60 since the peak, no dispute. But that peak was reached when people still thought that the USA would just sorta limp along till 09 then get back to growth, while the rest of the world would keep on going at breakneck pace.
Needless to say this is no longer the consensus viewpoint, and as such the perception of future demand is significantly lower. Lower demand is bringing us lower prices.

Couple this with the realization that the rest of the world isnt immune and the dollar is still the reserve currency of the world, not the Euro, and most of the drop can be explained without anything to do with bubble talk.

[Author]

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