Wednesday, May 28, 2008

Latest Oil Update

Much is being made of the rapid rise, decline, and rise again of crude prices. Regardless of the why the increases are having an impact and most politicians are running for cover and band-aids, including our Presidential candidates.

Debbie Cook, the Mayor of Huntington Beach, Ca., and a Congressional candidate, is able to articulate the impact on her community, and the resistance to dealing with it.

From the Be Careful What You Wish For, You Might Get It file we get this story about the increase in transit ridership in DC. Should be a "good news" story, except that the Metro is not necessarily ready to take all that on. I haven't checked, but I wouldn't be the least bit surprised if CTA found itself in a similar state, despite all the recent repairs.

The International Energy Agency (IEA)is scaling back its oil production forecast. These guys are among the optimitists.

ASPO-USA offers up some juicy morsels. Roger Blanchard speaks to the illusion of vast undeveloped US oil resources. Steve Andrews and Randy Udall remind us that it's not just the size of the tank, it's the size of the tap. Dave Cohen explains why the price runup is as much about fundamentals as it is speculators.

Time is not on our side and Mother Nature always gets to bat last.

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