Thursday, July 31, 2008

Oil Jumps $4, but maybe if we hold thumbs it will go down again...

China is eating up the slack from the US.

The Long Emergency is about a succession of crisis, each one worse than the last, with people hoping for a reprieve only to find the next economic phase worse than the former. We continue on this path of wishful thinking at our own peril. The oil price is trending PERMANENTLY upward which means our lifestyle/habit changes need to be permanent also. Anyone think that's gonna happen?
clipped from

U.S. gasoline stocks fell by 3.5 million barrels last week,
according to the U.S. Energy Information Administration,
countering analyst calls for a 200,000 barrel build.

Strong growth from emerging economies like China has
stretched poor supply growth over the past six years, launching
a rally that sent crude up sevenfold at its peak.

Further support has come from investors buying commodities
as a hedge against inflation and the weak dollar, tensions
between Iran and the West and supply disruptions.

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