New Math 82.86 > 83.88 > 84.82

[underpants]

See TOTAL SUPPLY at the bottom.


Supply is UP

http://www.worldoil.com/INFOCENTER/STATISTICS_DETAIL.asp?Statfile=_worldoilproduction

[realFedUp]

1. can you say "MANipulated...".

I thought you could.

[underpants]

4. Looks in dictionary

it comes after MANdate

[realFedUp]

7. lol....

I wonder if G/G is the US's rep through Iraq
on OPEC now.

[TomInTib]

2. And our refining capability has not dropped at all.

All refineries are currently operative.

This is a manufactured situation.

[gordianot]

5. Take the profit now drop costs in October and November.

Remember they turned Rove loose, not that this isn't transparent.

[Nordmadr]

3. Looks to me like we trended in the downward direction from 2005 to now.

If it weren't tragic it might be funny.

Here is the graphic:



Seems to me as production declines and demand increases, prices go up. I'm certain I've heard that somewhere. While I don't disagree that the market may be being manipulated; I believe this is ultimately a declining supply issue.

Olafr

[Old and In the Way]

8. Looks like Iraq's contribution is working just fine.

the country with the #2 reserves is 17th in output. And it only cost us a Trillion dollars to keep it off the market...

[Jacobin]

9. Russia's number one

Guess that kinda explains how those commies ain't so bad after all...maybe we won't have to nuke em.....we think they're way cool now.

[Zynx]

6. In that same time demand is up a good deal more.

That's about a 2.5% increase in supply whereas demand, IIRC(I can't remember where I saw it), is up over 5%.

[Jack Rabbit]

10. I'm surprised it's only 5%

The increase in demand is the economies China and India passing from developing to developed status. That's half the world's population competing with Americans to buy petroleum.

True, China and India don't rely on private automobiles for mass transportation like we Yanks do. It's a good thing, too. I'd hate to see a traffic jam in Beijing or Mumbai, not to mention pollution caused by that many cars. Nevertheless, they still need the petro to fuel their industry and they get it from the same places we do. Demand is still outstripping supply.

That, not the Democrats presumed love affair with "environmental extremists" or even gouging by the oil companies we all love to hate, is why the price of gasoline is up. Don't expect to see $2 a gallon again.