Breaking news -- Oil on the rise again

I'm telling you, oil will continue to rise until the Beijing Olympics are over.

China been stockpiling.

 

Oh Ron! First it was the speculators, now it's the Chinese; what are you gonna dream up next?...

Oil will continue to rise for the rest of our lifetimes- this is just the beginning, my friend.

+If God was not a Liberal (Liberals forgive, Right-wingers won't) how do you suppose this world full of sinners has survived this long?
rx

 

whatn a shame, why do we even post this stuff anymore, we dont wanna do nothing about it so why even talk about it

 

Rex, I am not dreaming anything up. Perhaps if you were as well read on the subject as you think you are, you might know these things.

Runaway oil prices were also partly fueled by "stockpiling in China to prevent shortages ahead of the Olympics," said Lehman Brothers analyst Edward Morse.Asian economic powerhouse China, the world's second most voracious energy consumer after the United States, stages the Summer Olympics from August 8-24.
Industry experts reckon that China, which enjoys record-breaking economic growth, will need even more crude oil to provide the facilities, transportation and energy supplies that are required to power a successful Olympic Games.
"In the lead-up to the Games you are going to see pretty heavy spending in infrastructure -- building roads, residential property, hotels -- and this is typically energy intensive," said BNP Paribas analyst Harry Tchilinguirian.
Demand for kerosene, or jet fuel, was also expected to rocket as spectators and athletes fly in and out of the Chinese capital city along with untold numbers of tourists.
"The other aspect is increased demand for transport fuel -- jet fuel for getting people there (to Beijing), not just from the outside but also from within China," Tchilinguirian said.

http://afp.google.com/article/ALeqM5igXJNHgYyDgCBL_PslCR4M1_HSJQ

And as far as oil continuing to rise for the rest of lifetimes.

Whenever you begin to hear market gurus decree that "this time it's different," as we did during the dot-com bubble and the housing bubble, that's a sure sign of danger in the market. Naturally, proponents of the peak oil theory claim that the recent run up in prices is evidence that the end is nigh. Evans responds, "Fears of peak oil are what this market has in common with the 1980s, not what is different." Recall that during the "oil crisis" of the 1970s when oil prices were as high as they are today, U.S. oil consumption declined by 13 percent between 1973 and 1983. The higher prices of the 1970s led eventually to an oil glut and prices fell to about $10 a barrel by 1986.

http://www.reason.com/news/show/125414.html

 

Gosh Professor, has any other Olympics ever caused this sort of run up of crude oil prices?
Where are the Chinese storing this massive stockpile? Why haven't we heard anything about all of the supertankers being diverted to China? Is there some sort of mothballed fleet of tankers that's been stored somewhere in the world just waiting for the Chinese to need them?
rx

 

China depends upon coal to generate 80 percent of its electricity, and it has 500 new coal-fired plants on the books. So, plans are being made to shut down the massive city as much as possible during the games to assure that performance of the athletes will not be compromised.

China has at least 250 oil tankers of 1,000 long tons of dead weight or greater. And I am sure you know how to work Google, try searching for China Crude Storage.

Rex, don't argue with me.

 

I agree. As long as we're willing to pay for it, they will keep raising the prices on it. Too bad there isn't anything the United States public could do to run these big oil companies out of business.

 

Yes there is.