Replies to post #34771 on The Black Box

[dieselfuel]

I cannot see what possible technical or fundamental item you are seeing that would let you come to a conclusion of $40 oil.

Technicaly, Elliot Wave 5 waves up completed. Fundamentaly, the supply is HUGE.

There's a production problem, but not a supply problem.

Unlike water, that there is a finite supply, the amount of oil is infinite. As long as you don't suck it out of the ground all at once, more will be produced.

Don't believe what you learned in school. Oil wasn't produced from dead dinosaurs. It's a by-product produced by enzymes deep within the earth.

Don't believe T. Boone Pickens, either. He's a LIAR! T. Boone's invested HEAVYLY into alt energy. He has to say "we can't drill our way out of this".

The lower the price of crude, the more T. Boone will loose.

Also, I knew oil reached it's peak when GM and F capitulated. The decided to stop making SUV's and pick-up trucks and to start producing more small cars and hybrids.

I'm on record here, as well as other places on the internet as having called $154/bl as the high, in a perfect world.

We reached $147. That could get taken out on a nasty spike because of a news driven event. But, I think the high's in.

JMHO,
df