[quote=xbarretx;4631360]
Quote:
Originally Posted by Stewie
Why would $175/bbl matter? $111 oil hasn't stopped anyone from buying.
QUOTE]
it hasn't?
http://money.cnn.com/2008/03/12/mark..._eia/index.htm
quote "Since September, gasoline stockpiles have increased from a 16 million barrel deficit to a 22 million barrel surplus, which Schork believes is due primarily to the continuing low demand for gasoline. "
i agree with everything but that initial statement. The only thing blowing this bubble up is spec-u-lay-tors global demand and forecasts are on the decline my friend. OPEC and or the speculators need to reexamine a supply and demand graph. they are no where near equilibrium. |
You're confusing gasoline with crude. Gasoline stockpiles have to do with refinery capacity and can fluctuate wildly. I would question Mr. Schork's opinion that it's due to low demand. And the real reason oil is at $111/bbl is because the dollar has dropped like a stone. Crude is much cheaper if you're buying in Euros or other currencies.