[Pops]

I actually heard the words:
http://www-tc.pbs.org/newshour/rss/medi ... rude28.mp3

About fell off my barstool!

[DomusAlbion]

Hearing this is driving me to my local barstool. A couple shots of single malt should calm me down.

[Plantagenet]

Thanks, Pops. That was very interesting indeed. Peak Oil gets mentioned in a respectful way on PBS....a breakthrough!

(And did you notice the advertisement for Chevron at the start of the PBS piece?......).

[Gandalf_the_White]

That is a rare admission. Notice he immediately quoted the SA Oil Minister who is essentially blaming alot of the high prices on people like us (and Matt Simmons I guess too) who think that peak is near. OPEC is not going to come clean until it is as blatant as the sun in the sky. He also mentioned that oil went up 45% in euros and 64% in dollars over the last year. Hmm, doesn't that mean that only a smart part of the rise is actually due to the weak dollar?

As promising as the interview started off he gave us a heeping helping of spin at the end. I think given the situation the US is in you will here some pretty amazing stuff in the next few months as TPTB try to avoid the summer crunch. Also did you hear him talk about how 'someday' demand will outstrip supply. Demand is always slightly higher than supply. The upward price pressures have not happened simply in the last year, if you plot prices back to 1999 there is a very clear and well fit exponential curve that describes what we are seeing. In fact if you fit the 1999 to 2008, then the 2003 to 2008 then the 2005 to 2008 you will see that each has a larger coefficient. Meaning under the surface supply and demand are diverging. This last years small demand destruction is the first we have seen really. With the strong emergent demand in the third world it is harder and harder to see demand doing anyhting but lagging depletion since every person that cuts back will be replaced by a hungry mouth in Asia, at least for a while. $120 is when power-down will start to emerge.

That said, and on a related note did you know that a Rockefeller once bragged about the neocon plan to invade Afghanistan, Iraq and then Venezuela? Maybe it took a little help from our friends in Colombia, but are we seeing the stirrings now in South America of what could become a pretext for war with Venezuela?

Those conspiracy theories wear you out don't they. For Bush to fulfill his destiny we need a invasion of Iran, Venezuela and peace between the Palestinians and Israelis. Well,... that probably is not a job he really wants to campaign for, but he sure seems to like the shoes for a man who claims to be Christian.

[Pops]

I thought he had it about right, part weak US$, part capital looking for a home and part worries about the future of supply.

Still, a WSJ guy on the Newshour saying the words in a meaningful way.

Your connection to PO.com may be somewhat slow tomorrow...

[Gandalf_the_White]

I won't complain about that Pops. It is long since time for America to wake up to the foul taste of oil. Thanks for posting that BTW.