[idiom]

Also Oil is way to freaking cool. It is still seriously undervalued for what it allows.

[yesplease]

Oil's long term elasticity isn't anywhere near it's long term elasticity.

[yesplease]

$this->bbcode_second_pass_quote('Hogan', '?')??

[yesplease]

$this->bbcode_second_pass_quote('Hogan', '')$this->bbcode_second_pass_quote('yesplease', '')$this->bbcode_second_pass_quote('Hogan', '?')??

[yesplease]

Nope, that's not what I meant. The long-run and short-run elasticities of oil are different. For instance, if the short-run elasticity of oil results in a 3-5% drop in consumption after a doubling of price, the long run drop in consumption would be much larger, probably 4-6 times that. It isn't about economic collapse, or whatever doomcopian notion people wanna use , it's about people choosing to spend less on fuel and more on other things. Here's a good read. Check out table four to see the difference between short run and long run elasticities.

[mrobert]

Why don't they tax fuels differently? One tax for fuel used for public transport, trucks, ships, etc, and another tax for fuel used for "personal entertainment".

It's not a solution, but could make things slightly better.

[yesplease]

$this->bbcode_second_pass_quote('Hogan', 'I') hate to break it to you, but without cheap oil and gasoline, world economic growth cannot continue. And without growth, the system collapses. Modern societies were built upon and are heavily dependent on the availability of cheap and plentiful energy. I shouldn't even have to mention this, because you already know this. This argument has been done a million times on this board, and has now become a total waste of time and energy. I won't get into any more debates or arguments with cornucopians here over the basics of ecology and geology. All I have to say is anyone here who still has doubts is they should read 2 books: The Collapse of Complex Societies, and Overshoot: The Ecological Basis of Revolutionary Change. The argument and debate about these very basic and proven concepts is over as far as I'm concerned.

[thor]

Emerging markets are soon to be dissapearing markets. Their inflation rates are destructive by themselves.

[TonyPrep]

Unusually, the latest OMR highlights (PDF) from the IEA does not give a global production figure, though it estimates a 350 kbpd increase in OPEC production and a meagre stock build for the 2nd quarter.

The highlights invariably include an overall production figure, and change from last month. Probably an oversight. Does anyone subscribe to the full report, and can post those figures here?

[copious.abundance]

--> Marketwatch <--
$this->bbcode_second_pass_quote('', '[')...]Global oil demand for this year is expected to stand at 86.9 million barrels a day, unchanged from the previous month's forecasts, the IEA said in an August monthly report. Oil supplies, on the other hand, are expected to remain strong. The world produced 87.8 million barrels of oil in July, up 890,000 barrels from the previous month, the IEA said. [...]

[bkwillia]

The IEA is a bears squeaky toy. They make the noises the bears need for better shorting conditions, but their reporting is wildly out of sync with the EIA, and shipping data.

[Cashmere]

It's all about the crude oil.

Watch crude oil, not "total liquids".

When they are burning massive amounts of NG and Oil to extract tar sands and biofuels, the "total liquids" number becomes misleading.

So you suck 100 barrels out of the ground.
Then you burn all 100 barrels to produce 40 barrel equivalents of ethanol.

The "total liquids" reported is 140, but the actual net is 40.

Same deal here.

Watch crude. Crude is at 74. Same number as it was in 05.

When crude starts falling off, it's game over, regardless of the rest of the "liquid fuels" contingent.

[TWilliam]

$this->bbcode_second_pass_quote('OilFinder2', '-')->Marketwatch <--
$this->bbcode_second_pass_quote('', '[')...]Global oil demand for this year is expected to stand at 86.9 million barrels a day, unchanged from the previous month's forecasts, the IEA said in an August monthly report. Oil supplies, on the other hand, are expected to remain strong. The world produced 87.8 million barrels of oil in July, up 890,000 barrels from the previous month, the IEA said. [...]

[burtonridr]

$this->bbcode_second_pass_quote('Cashmere', 'I')t's all about the crude oil. Watch crude oil, not "total liquids".
When they are burning massive amounts of NG and Oil to extract tar sands and biofuels, the "total liquids" number becomes misleading.
So you suck 100 barrels out of the ground. Then you burn all 100 barrels to produce 40 barrel equivalents of ethanol.
The "total liquids" reported is 140, but the actual net is 40.
Same deal here. Watch crude. Crude is at 74. Same number as it was in 05.
When crude starts falling off, it's game over, regardless of the rest of the "liquid fuels" contingent.

[copious.abundance]

$this->bbcode_second_pass_quote('TWilliam', 'M')aybe just a coincidence (mmm hmm), but isn't that number for reported increase around the same that was reported as the amount of 'demand decrease' in the U.S. last month?