Surviving Peak Oil, Preparations, and Relocation: From The Oil Drum: Peak Oil in 2008
Dr. Wirth says:
"Within a year, it is likely that oil prices will skyrocket as supply falls below demand. OPEC cuts would exacerbate the gap between supply and demand and drive prices higher."
I am a little less convinced of anything regarding directions in oil prices given that the global economy has stagnated and commodity prices have collapsed. If anything happens, my guess is skyrocketing oil prices would be connected to hyperinflation of the dollar because of huge outlays by government and the federal reserve.
I don't think there will be a recovery of demand in the oil market in 2009, because so many parts of the economy that were expanding their consumption of oil have collapsed.
IMO, oil production my have hit its high water mark over the summer, but there is a lot of play in the market right now on the demand side of the equation that wasn't apparent 6-9 months ago.
we are still screwed though, no doubt about that.
-mike
the doom letter
Tuesday, December 23, 2008
Monday, December 15, 2008
Sunday, December 7, 2008
No more door busters
Check out The Black Friday Stampede in the latest post on thedoomletter.com. Here is a taste:
A real Black Friday would be a situation in which something that has not been readily available for some time temporarily becomes plentiful. You could be within reason and say it is anything from gas to bread. People will react differently when they begin to understand that the temporary condition is no longer shortage, but plenty.So, for the good of the American people, as a way to subconsciously prepare the masses for real scarcity, maybe we should have more stupid sale days. But for the love of poor temp workers across the country, don’t advertise “Door Busters” and expect a calm reaction from asshole New Yorkers.
check out thedoomletter.com
www.thedoomletter.com is my website. Take a look at it and leave me a comment about what you think.
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