Comments on: Does another Great Depression mean oil will go to $500?

By: doc molloy

doc molloy — Wed, 30 Apr 2008 23:52:04 +0000

Back at the great oil crisis of 74-75 oil quintupled in a 12mth period. All talk was on recession/depression as OPEC had their way in a very destabilized uncertain world. Saigon collapsing, Yom Kippur war in Mid east and Soviets ready to pick up the Arab ball as they played footsie for better deals on arms and technology trade offs. Mass starvation in third world countries was around the corner. Saudi Arabia and others used their new found oil wealth to recreate the glory of Islam. The cycle is has come full circle. Or, what comes around goes around.

By: staghounds

staghounds — Wed, 30 Apr 2008 21:56:03 +0000

During the “Great Depression”, no one gave away free money as quickly as the banks cared to “lend” it to deadbeats.

By: gs

gs — Tue, 29 Apr 2008 20:25:06 +0000

Sorry about the HTML error in the previously submitted comment. (A preview capability at Dinocrat would be appreciated.) Hopefully the following is correct:

AP headline:

Oil drops as demand falls amid supply growth expectations

That’s encouraging, but there’s a long way to go.

The IEA speaks:

William Ramsay, deputy director of the International Energy Agency, which represents the world’s biggest oil consuming countries, agreed, warning: “Potential to expand production within Opec: there is none, except in Saudi Arabia. So we put on Saudi Arabia the sole responsibility.”

Sole responsibility? ANWR? Offshore California and Florida? Shale, tar, coal? Nonfood biofuels? Hellooo…?

Sounds like the powers that be are treating this as business as usual. (Btw, apparently Ramsay has never held a private-sector job.)

I hope they know what needs to be done when it isn’t business as usual, and I hope they’ll do it.

By: gs

gs — Tue, 29 Apr 2008 20:19:37 +0000

AP headline:

Oil drops as demand falls amid supply growth expectations

That’s encouraging, but there’s a long way to go.

The IEA speaks:

William Ramsay, deputy director of the International Energy Agency, which represents the world’s biggest oil consuming countries, agreed, warning: “Potential to expand production within Opec: there is none, except in Saudi Arabia. So we put on Saudi Arabia the sole responsibility.”

Sole responsibility? ANWR? Offshore California and Florida? Shale, tar, coal? Nonfood biofuels? Hellooo…?

Sounds like the powers that be are treating this as business as usual. (Btw, apparently Ramsay has never held a private-sector job.)

I hope they know what needs to be done when it isn’t business as usual, and I hope they’ll do it.