RE: Rita and panic gas buying

["Richard M. Smith" <rms () computerbytesman com>]

If the peak oil folks are right, we are going to have cut back on oil
consumption, sooner rather than later:

http://www.peakoil.org/

We had a lot of cheap oil in the '90s because of the collapse of the Soviet
Union.  A good portion of their oil production moved onto the world market,
keeping prices low.

China of course is consuming more oil because they are rapidly becoming the
manufacturing center of the world.

Richard

 

-----Original Message-----
From: Gadi Evron [mailto:ge () linuxbox org] 
Sent: Thursday, September 22, 2005 2:44 PM
To: Richard M. Smith
Cc: funsec () linuxbox org
Subject: Re: [funsec] Rita and panic gas buying

Richard M. Smith wrote:
> We hit $3.60+ in Boston.  I'm sure we will break this record this 
> weekend or earlier next week with so much refining capacity in Texas going
offline.

Actually, some would say this is good for Global Economy. The US is fat on
oil with rather low prices (that you bitch about anyway). US and China are
the two biggest consumers of oil in the world and both should probably curve
their enthusiasm. At the US by getting gas prices higher.

This will get me flames, but it's what every analyst out there would agree
on. China is soon going to start draining half of the world's oil supply,
and even if oil doesn't run out quite yet this is bad news for world
economy.

        Gadi.
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