| Back to Home > Bulletin Board > Current Events > Topic: Oil price doubles but not supply |
Topic: Oil price doubles but not supply
| Author | Message |
| UGoGirl | Posted – 12/27/2007 10:46:24 PM | show profile Since May 2005, the price of oil has essentially doubled. Yet, global oil production today is less than it was in May 2005. The economic fundamentals aren't working (as they won't for a finite product that is extremely hard to replace in the short-term, at least in the quantities we're accustomed to). We may have a near-term major global recession or worse to fend off the day of reckoning, but unfortunately the day will come very likely under a Democratically controlled white house, senate, and congress. See this amazing graph of real data on global oil production (crude oil plus either condensates or natural gas liquids). http://www.theoildrum.com/files/PU200712_Fig1c_0.png |
