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May 29, 2008 in News | 7 comments
Chip on May 29, 2008 at 3:32 pm
Well, I tried calling the peak
Failed before, maybe now
Isn’t it odd that this is a day after the Exxon shareholder’s meeting?
Just one of the calendar things
Mike Warot on May 29, 2008 at 5:28 pm
I agree it’s a calendar thing… there are a lot of options that expire this week, and some VERY large amounts of highly leveraged money would get lost if the trends had continued upward on commodities according to the natural supply/demand curve. So… the prices are being shoved down, hard by parties unknown for the next 3 days.
On Monday the artificial restraints will be gone, and all hell will break loose, I think.
The long term trend is towards a Greater Depression that will make the 1930s look like a cakewalk. The only hope is a radical shift in policy towards fiscal responsibility, but there currently aren’t any adults in charge of this country, so hope is slim.
Don Marti on May 29, 2008 at 7:05 pm
Why is it good news when something harmful becomes cheaper?
“Crack falls from $5 to $3 — more kids can afford it, and grownups can smoke more!”
Andrew Leyden on May 29, 2008 at 7:10 pm
What is interesting about this article and other more detailed articles on oil prices is how it shows the myriad of different factors that go into oil prices, and how kinks in certain parts can have knock-on effects to the chain. It’s not just ‘the Chinese’ or “OPEC’ or ‘Speculators’ but a huge number of factors that goes into the daily price of a barrel of oil.
Ole Eichhorn on May 30, 2008 at 2:53 pm
Whether you think lower oil prices are good news depends entirely on your point of view.
Higher oil prices will reduce consumption, reduce American dependence on foreign supply, and stimulate demand for alternative sources of entropy, which are all good things.
RBM on May 30, 2008 at 6:56 pm
As a regular reader of the theoildrum.com it’s gong to take more than a barrel of crude drop of $4 for me to call it ‘good news’ or even just news.
Geologic reality will be recognized eventually. Remember, Mother Nature bats last !
RBM on May 30, 2008 at 7:50 pm
Revisiting “The End of Cheap Oil” by Jean Laherrere
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