So much for the doom and gloomers
- From: ausound <ausound@xxxxxxxxxxxxx>
- Date: Sun, 15 May 2005 22:22:08 -0400
Spehro Pefhany
wrote in
news:haqn715sctp4cdcf53vrkdacfvfsuhhjll@xxxxxxx:
>>The administration's has been buying crude and replenishing the
>>strategic oil reserves all during crude's historic price rise. This
>>volume has been part of the overall American "demand" for crude. At
>>this price peak we have a supply buildup. Our oil men leaders need
>>not pump out any strtegic reserves to affect supply and prices, merely
>>curtail the rate of crude being dumped into the strategic supply
>
> Okay, let's look at the numbers:
>
> Amount of oil consumption worldwide: 56 million barrels per day
> Amount of China's oil consumtion: 6 million barrels per day
> ANNUAL Rate of growth of China's oil : +0.5 million bpd
> Amount flowing into strategic reserve: 0.1 million bpd
>
> Anyone who thinks that is going to make a lick of difference is
> dreaming in Technicolor®. If prices are going up, it will just put off
> the increases for a matter of weeks or months. If they are going down,
> it won't make much difference either.
>
quite the celebratory week of posting, triggered by Tony Ross's robot
reporter glitch in failure to post last week.
funny how on paper a 0.1 Mbpd strategic reserve flow looks so minisule, yet
wall street would rally big time if a curtailment announcement were made.
thanks for the data Spehro
how's a 'bout if China un-pegs the renminbi from the dollar and floats
their currency?
I would reckon the dominos would end up falling as well as the price of
oil? No?
.
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