Recent content by joewp

I think the markets will ignore oil until gasoline starts going up at the pump. That's what the average guy thinks of when he thinks of oil prices, they don't think about how everything around them is made from, with or moved by oil, so for now they're continuing to spend more than they make.

The OPEC basket of crude is a bunch of junk, very little light sweet crude in there. It sells for around $57 and produces less gasoline and lighter products than the benchmark WTI on quoted the NYMEX when refined. http://www.opec.org/home/basket.aspx Some Chinese guy yapping about falling...

Yep, it sure is. That's because supply is constrained, and the increased prices haven't destroyed any demand (yet). That means "the economy" will chug along with higher and higher energy prices for quite a while. My guess for the hurricane that drives prices over $80/bbl - Hurricane Kirk...

Some people should read the weekly petroleum status report before they short. "Total products supplied over the last four-week period has averaged over 21.6 million barrels per day, or 1.8 percent more than averaged over the same period last year. Over the last four weeks, motor...

Don't you guys know about natural resource depletion and Hubbert's Peak of oil production? Why did you think oil prices have risen at 30-40% annual rates for the last three years? Oil's been ratcheting up for years. For the first time ever, oil production can't keep up with demand. The next...