Peak Oil Passnotes: Obasanjo’s Oily Wand

It’s a crazy market. Last week we were looking forward to a week of normality. Then President Obasanjo of Nigeria called a meeting. That was all it took and we were off once again.

The 600,000 barrel per day shut-in from the Nigerian Delta is not helping the tight supply lines we are so used to. But as you have seen, the world has not collapsed as a result.

We were thinking we would see prices remain relatively stable but then the president decided to do something about the problem of ‘militants’ (damn those pesky locals). This caused the market to freak. When Nigerian presidents’ try to do something about something, it usually means people get killed.

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