Thursday, February 23, 2012

Oil Prices

Oil prices, even WTI, set a record for any January - EVER. Unless something drastic happens, average Oil prices for February, even in the pipeline screwed up WTI, will set a new record. While WTI is $108, Brent is over $124 per barrel... in Euro's, the price of Oil has never been higher.

It would appear, given Oil and Gold, that the world's central banks have been able to overwhelm deflation in credit... though the bond market has not confirmed that.

Peak Oil is about to be back in the media spotlight... after all, if 2008 was just a bubble.... bubbles do not reflate that fast.


tweell said...

This should be interesting given the drop in the US demand. Obviously we're not driving the price any more.

Anonymous said...

Agreed tweell, we aren't driving demand anymore.

But what's funny is so many people in the US haven't figured that out yet. Just yesterday some guy was irate because the price of gasoline keeps going up, and he knows that folks in the US have dropped demand somewhat along with knowing that US oil production actually has picked up a wee little bit in the last few years.

He is completely perplexed.

The problem is he still thinks the rest of the backwards part of this world are still all using donkeys and rickshaws.

Americans (US ones anyhow) are in for a heaping helping of more oil-induced frustration as it S L O W L Y dawns on us that we actually have to share the world's remaining oil endowment with the rest of the world.

Stephen B.

(I'm staying signed out of Google and hence Blogger, for now.)