Oh My!!!!!

AirlinePilot · Posted: Fri May 16, 2008 11:47 am Post subject: Oh My!!!!!

"the world is AWASH IN OIL. There is no supply problem. "

We have 1 billion barrels right here in the US which means if imports are cut off we have 7 MONTHS of oil"

I think he was reffering to the SPR!

This was just on CNBC, did not get the name of the dope analyst, but it just FLOORED me!

Costs not related to fundamentals, plenty of oil, nothing to warrant current prices but pure speculation.

To be fair the analyst with them, (there were two) nearly fell off her chair attempting to correct him. I'll try to find the video of this. With this kind of erroneous and totally irresponsible reporting or lies we are in a world of hurt far worse than I had even imagined.

UNBELIEVABLE! This guy has to be living under a farking ROCK!!!!!

AGGGGGHHHHH!!!!!

cipi604 · Posted: Fri May 16, 2008 11:55 am Post subject: Re: OMFG!!!!!!!!!!!!!!

He is doing politics , nothing else. 'Good news' for the sheeps.

Twilight · Expert Joined: Mar 02, 2007 Posts: 2971 Location: UK

Not only is that statement idiotic, it contradicts itself.

One billion barrels over 7 months (x30 days) is a flow rate of around 4.8mb/d.

US net oil imports are three times higher.

So what he is saying is losing 2/3 of US oil imports for 7 months would not constitute a supply problem.

Maybe he should call the DOE and ask them whether they would consider that a problem. I am pretty sure that sort of scenario has pride of place on the Ten Worst Nightmares corkboard in many a DC office.

By the way, the DOE page on the SPR states the maximum drawdown capability is 4.4mb/d.

What is this crap? Is it me, or is it getting easier? Calling bullshit these days requires nothing more than a pocket calculator.
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"The American people are watching the numbers climb higher and higher at the pump and they're waiting to see what the Congress will do." - George W Bush

Cashmere · Light Sweet Crude Joined: Mar 27, 2008 Posts: 1480

I was thinking about a guy up the street from me. When I told him 2 years ago that oil was on a downward production slope and would become more and more expensive over the years, he scoffed and gave me a look like, "oh boy, another nut."

I always figured that spiking oil prices would bring around many of the DSE.

I overestimated them.

Instead, what appears to be happening is - in the face of growing evidence - DSE heels are digging in, and they are grasping at whatever DS is put in front of them - speculators, Geopolitics, whatever - anything and everything except the obvious - supply.

I have now concluded that this baboon will actually maintain his position right up to the point where the gas stations start closing.

I picture him in 20 years coming down the road in his Donkey Cart to argue that we have the oil, but the remains of Big Oil have conspired to force us to use donkey carts because they make more money that way.

There really does not appear to be any hope to avoid a cataclysmic end to the age of oil.
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Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.

Eli · Posted: Fri May 16, 2008 12:15 pm Post subject: Re: OMFG!!!!!!!!!!!!!!

Sounds like one of those idiots over at the ticker forum. Did he then start complaining about environmentalists holding us back too?

These financial Fark are willfully blind when it comes to oil sometimes.

joeltrout · Posted: Fri May 16, 2008 12:21 pm Post subject: Re: OMFG!!!!!!!!!!!!!!

I saw the same interview and was looking for the video link.

The lady from API wanted to dispute how ridiculous that statement was but only got a few words in before the segment was up.

I literally laughed out loud in my office when I heard him say that. Then I realized how scary it is that some people actually believe that. Shocked

joeltrout
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ENERGY is the basis of our industrial civilization and sustains our standard of living. It is the foundation stone of our national wealth. A nation starved of energy.....will be a nation of starving people.

Cashmere · Light Sweet Crude Joined: Mar 27, 2008 Posts: 1480

Eli - I told you about this.

Karl and the gang are apple pie eating Americans. They allow themselves to see the banking collapse as it unfolds, but they will not allow themselves to think unAmerican thoughts.

"We are running out of oil" is unAmerican.

Why?

Because it means we are in Iraq to protect/steal the oil.

and
It means the "American way of life" is an unsustainable lie.

Eli - have you noticed how Karl and Kompany don't believe that the "dollar will be allowed to fail."?

It's because to think so would be unAmerican.

I'm sure none of them thinks that 9-11 was an inside job either. That's another unAmerican thought.

Pretty much the amount of flag waving any DSE does is directly proportional to their desire to swallow the biggest clods of DS without any thought.

In effect, they are the scariest people, because they won't allow themselves to see things like 911 until the door is kicked in and they are dragged away, a la the movie V.
_________________
Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.

joeltrout · Posted: Fri May 16, 2008 12:26 pm Post subject: Re: OMFG!!!!!!!!!!!!!!

Here is the CNBC video link.

joeltrout

Fast Forward to 4:10 in the video.

joeltrout
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ENERGY is the basis of our industrial civilization and sustains our standard of living. It is the foundation stone of our national wealth. A nation starved of energy.....will be a nation of starving people.

Jack · Dark Lord Joined: Aug 11, 2004 Posts: 4970

Good. I'm glad the masses don't accept peak oil. I'm glad they remain willfully blind.

Reflect a moment. What happens when their eyes open? What will they think, do, and say? Does anyone suppose everyone will start working together in a jolly community of mutually supportive people?

My guess? We will have an enraged mob. And the mob will find a demagogue, who will use it - and both direct and focus its insane rage.

Think carefully. Are you ready for that change in attitude?

If you think you are, then think again.

Cool

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Dieoff. Fun to watch. Better with hot buttered popcorn! new_popcornsmiley

Twilight · Expert Joined: Mar 02, 2007 Posts: 2971 Location: UK

Just watched it. Sure looks like no-one is on the bridge.
_________________
"The American people are watching the numbers climb higher and higher at the pump and they're waiting to see what the Congress will do." - George W Bush

Denny · Posted: Fri May 16, 2008 12:44 pm Post subject: Re: OMFG!!!!!!!!!!!!!!

Bill O'Reilly thinks there is one man in the oil market who decides what the crude price wil be, sort of like the Wizard of Oz I guess. He could not conceive how the auctioning proces works.

He has prevailed upon guests to offer up that man's name.

But, he's still on the air, and likely making more money in one day than I make in a year.

joeltrout · Posted: Fri May 16, 2008 12:48 pm Post subject: Re: OMFG!!!!!!!!!!!!!!

Gandalf_the_White · Intermediate Crude Joined: Nov 21, 2007 Posts: 511

He must be talking about the SPR. Dantes Peak where are you? The margin in the marketplace is a billion barrels? Then why divert anything from the SPR?

He was right in saying that the market is not transparent. I mean when you hear the King of SA saying there is no supply problem noone who wants oil is failing to get it, that is very subtle.

And then the flash saying SAS will raise output to 9.45 mbpd next month. What grade? And will they actually do it?

I think that interview was a double cross. She was advocating for the oil industry so only part of what she said was unbiased. I am not sure who he was advocating for but most of what he said was skewed.

On thing is for sure that price gouging legislation can only work if it triggers when a station goes over one standard deviation of the mean within the state or supply chain. If they try placing price controls across the board shortages are imminent.

I'll have to find DP's latest post to see if domestic stocks are in the 1 billion barrel range. I would think that would drive prices down since we would have a whole summer's worth of supply just sitting around somewhere.
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I return to you now at the turning of the tide.

AirlinePilot · Posted: Fri May 16, 2008 1:29 pm Post subject: Re: OMFG!!!!!!!!!!!!!!

Gandalf,

I just assumed he was talking about the SPR. Its getting close to bring filled at 1 billion barrels. I may have been wrong about that though. I just think its noteworthy to point this lunacy out when I see it.

Shows how far we have to go and how mightily screwed we just may be. With attitudes like this the fallout when they find out they were wrong will be disastrous.

AlCzervik · Posted: Fri May 16, 2008 1:33 pm Post subject: Re: OMFG!!!!!!!!!!!!!!