Comments | peak_oil: Oil Rises $7.27/bbl to $85/bbl

theheretic in peak_oil

Oil Rises $7.27/bbl to $85/bbl

Jun 29, 2012 13:40

DOW was also up 277 points to 12,880. Big day for trading, though the news that sparked it? An empty EU agreement based on Optimism. Oil going up makes sense thanks to a workmen's strike in Norway and the ban on Iranian oil (of which there are numerous exceptions). Any bets as to whether the DOW falls on Monday after some thoughts on rational ( Read more... )

Comments 6

merccom June 30 2012, 16:13:03 UTC

I saw that. what a joke

theheretic June 30 2012, 16:39:13 UTC

The sad depressing kind of joke. The punch line is that people are so desperate for a way out that they'll bankrupt themselves with mindless baseless Optimism. My most pessimistic outcome of this economic disaster is 20-30 years of Great Depression style living. We don't have cheap energy to bail us out this time, or sufficient resource and technology differential to justify invading another country to loot it, like the Nazis did to Europe. Even if we focussed on Resource Wars (which we have been doing for a century now), it won't make any difference. We'll get bogged down, the resource will get destroyed in the process and what little escapes will go to the black market in too small quantities to really matter. Invade Bolivia for its Lithium? Why bother. The Chinese will end up Peacekeepers for the UN mission and get it all for their own purposes. Its just a matter of time before the BRIC treaty kicks the USA out of Brazil in favor of India and China and Russia, the Second Worlders I suppose we should call them. They want the oil, ( ... )

20thlvl_rogue June 30 2012, 22:48:29 UTC

Oil rose $7 in a day? By "TheHeretic Logic" this must mean oil will increase seven dollars each day from now on and will be over $200 in less than a month from now.

theheretic June 30 2012, 23:08:11 UTC

Interesting conclusion you make there. I believe I have previously posted that OPEC is likely to cut production to get the price of oil back to $100/bbl because that's where OPEC members want the price. After all, its not like OPEC has a vested interest in the survival of Western Satanist Imperialist Pig-Dogs ( ... )

20thlvl_rogue July 1 2012, 00:13:31 UTC

I don't know.

I was just making a joke because you have made a few posts before that are like "oil went up this much today, by this rate it will be X dollars by such and such time."

theheretic July 1 2012, 00:17:07 UTC

That's true, several years ago. I've gotten a lot more cynical about the stupidity of markets since then. Friday was Optimism in action. Monday we'll either have production cuts to spite Iran, whom NOBODY likes, or the price crashes again because the Euro deal is utter BS and it takes them days to realize it.