by 3aidlillahi » Sun 16 Nov 2008, 08:13:46
$this->bbcode_second_pass_quote('', 'H')ow many "coincidences" does it take before you start "believing?!?!"
A lot of people here have been predicting stuff like this. It's not that difficult to understand how the markets and geopolitics work to some degree to get several predictions correct.
But this guy is saying for a fact that there is enough oil under ANWR to supply the US for 200 years. We use 7 billion barrels a year which means he's saying there are 1.4 trillion barrels under there while most estimates say there is a 95% chance of it being less than 20 billion barrels. I can't even fathom the odds of 1.4 trillion being there, not to mention the shear idiocy that goes into believing that it could geologically be there.
$this->bbcode_second_pass_quote('', 'W')hat happened to the "demand" that drove it up to well over $100/bbl just a few months ago?
If you followed politics, then you'd realize that Bush was giving away $600-$1200 checks from the beginning of Jan. through the beginning of summer. This mostly went into gasoline. That drove up demand pushing up prices. Then when the checks stopped going out in June, the price bubble burst since less were buying and we went back to $100 oil. Since then, nearly the entire economy has collapsed. It's really a testament to how bad the oil situation is that oil is still over $50 when the economy's in as bad a recession we've had since the GD.