It doesn't stop. I hear about less gasoline use. I hear about big alternatives to energy. I hear about mass transit. They are meaningless to oil. Far more important to oil is the Petrobras decision to try to glom onto 80% of the world's rigs. That's a killer. No one else can drill deep if they do that. Plus, the cost of drilling is monumental now. Meanwhile, in the political landscape, we worry about the Strategic Petroleum Reserve, not drilling offshore where there is lots of oil and gas. We worry about taxing oil companies' windfalls, not encouraging them to drill year-round. And the result? Look at your screen. There is still, even at these prices, no marginal oil available. As an aside, why don't all the pundits ask the speculators to sell us some? They are sure to replace it with drilling.LOL.
Friday, May 16, 2008
This Oil Move Is For Real
Jim Cramer: This Oil Move Is for Real