Blowing Bubbles From Their Blowholes
I had to pick my jaw up from the floor today when I read this story on MSNBC today.
“We were only trading at $86 about three months ago and not a whole lot has changed to move us to where we are now,” said Addison Armstrong, Director of Market Research for Tradition Energy. “There’s no doubt in my mind — and most other people I speak to — we are in a bubble. And it’s going to deflate at some point.”
For example, witness the contradictions of such claims:
“For one thing, there’s no shortage of oil“.
Then they go on to report “There is so little excess production capacity today that the loss of a major supplier could create a shortage of oil.” According to the consensus forecast tracked by Thomson Reuters, oil prices are expected to end this year around $91 a barrel, falling to $90 by the end of next year and $82 by the end of 2010.
Black is white. Up is down. There is plenty of oil – go back to sleep, children! Meanwhile, the smarter humans are growing food gardens at home, setting up community gardens, getting to know their neighbors, and learning about making their own fuel.
Are you a smarter human?