Quote:
Originally posted by RawAlex@Oct 14 2004, 12:11 PM
Buff, in case you haven't done the math, oil is running out. With the increased uses in China amoungst others, the demand on the oil supply is finally starting to outstrip supply. At some point, the proven reserves will start to dry out and the ramp-up will really start.
The current prices reflect supply shortage, shortage of refinery space, increased demand, and RISK (was in Iraq, strikes in Nigeria, etc).
We are a few large bombs in Iraq away from a true oil panic.
Alex
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Alex, it's only in the low $50s per barrel. If it were running out, it would be in the thousands of $$ per barrel.
You could buy 100 barrels of oil for the same price as a .7 carat diamond (
http://search.shopping.yahoo.com/sea...0&carat_to=100).
Oil is not running out.