Tuesday, January 13, 2009

The Price of Oil

Rebecca Foster at DinochickBlogs has the headsup on the 60 Minutes segment on oil: The Price of Oil.

Watch CBS Videos Online


Raptor Lewis said...

I was about to say...ReBecca Foster posted this too.

Anaconda said...


As most readers of this website and anybody who was reading the financial commentary and particularly the comments section accompanying the commentary (Alpha and others) during the run up in oil prices knows that the oil bulls were beating the "Peak" oil drum incessantly.

"Peak" oil was the justification most often invoked below the radar of the mainstream media.

The 60 Minutes piece completely ignores this aspect of the run up.

(I agree with the 60 Minutes central contention that investment houses and hedge funds artificially ran up the price and I said so during the run up, as well as pointing out the drum beat of "Peak" oil coming form the oil bulls.)

"Peak" oil was one of the covers used to justify this run up among other justifications.

It seems a serious oversight by the 60 Minutes piece not to mention the falseto cry of "Peak" oil during the run up.

Another oversight of the piece seems to be the failure to explore the actual oil supplies in depth (time constraints may be responsible) and theories of oil formation.

I know it's self-serving, but the science of Abiotic Oil theory was explored to exhaustion during that period as well on this website.

Those knowledgable of the origins of oil and are objective about the scientific evidence know oil is abiotic.

This knowledge is seeping through oil industry geologists due to the cummulative evidence of Abiotic Oil theory and because pre-salt oil can't credibly be attributed to "fossil" theory as has been discussed on the Oil Is Mastery website ad nauseum.

Those that want oil prices to rise aren't interested in a theory that says oil is plentiful and will continue to be plentiful.

Those whose business is the discovery and exploitation of oil deposits also want oil prices to rise, but professional necessity requires they know the actual origins of oil, but tend to keep quiet.

Quantum_Flux said...

Hmmmm, 3 things that I suspect here:

(1) Buying into speculation is definantly not a Warren Buffet type move

(2) The speculation about supply being limited was driven by anticipation of John McCain and Sarah Palin making being elected, and then it all died down when Barrack Obama was elected, thereby driving prices down.

(3) Enron's dead carcass is certainly being used as a scapegoat.