In the you have got to be kidding me on market manipulation department.
The world is closer to a peak in oil supply than International Energy Agency estimates admit, UK newspaper The Guardian reported in its Tuesday edition, citing an unidentified "whistleblower" at the IEA.
A “whistleblower” at the IEA who cannot be identified…
The whistleblower, who reportedly refused to be identified for fear of reprisals, told the newspaper that: "Many inside the organization believe that maintaining oil supplies at even 90 million to 95 million barrels a day would be impossible, but there are fears that panic could spread on the financial markets if the figures were brought down further."
We don’t want panic! Oh no, Chavez would not want this would he? Or how about Iran? They only have our best interests at heart. After all these people are sane people who only want to make sure that there is no panic…
Want to know what I see?
A new poll in Venezuela shows that President Hugo Chávez’s approval ratings have fallen from about 60 percent early this year to 46 percent now. Likewise his disapproval ratings have increased from about 30 percent earlier in the year to 46 percent now, and 59 percent of those polled view the country’s situation negatively.
Despite having received upwards of $800 billion in revenues during Chávez’s ten years in power, the government is doing a dismal job of carrying out its proper functions—such as controlling crime or corruption—and public administration in other areas is deteriorating. Chávez recently announced regular cuts in electricity and water provision.
How about those other leaders, or shall I call them dictators. Don’t you think they would prefer to have oil at 100+ USD? These regimes got used to expensive oil contracts and that rush is coming to an end. The reality is that the oil income from last year was a heroine rush that they are now coming off of. As we all know from heroine there are two things you can do once the rush is gone. Stop using it, or get more. I say this “informer” is trying to get a rush again.
After all is it not ironic on when the news comes out? Nary a hurricane, no conflict and it would seem that there is plenty of oil sloshing around the world. So why is oil at 80 USD per barrel? Not based on fundamentals and that is the big concern, because oil could just as easily slip right back to 40 or 50 dollars a barrel. And then those regimes would be looking very very poor.
And what about those new oil fields in Iraq? Brazil? Canada? Will this be peak oil? I rather doubt it. I actually don’t believe in peak oil because I believe the price and quantity of oil is like an exponential function. As it keeps going up people will use less, and thus the supply of oil will be stretched to another date in the future. Ok eventually we will run out, but not in my lifetime. Does that mean we will see 20 USD per barrel oil? That I rather doubt as well.