You can call me picky if you like, pendant even, but if you’re going to try to comment upon oil you really do have to know the difference between oil reserves, strategic reserves and inventories.
Myself I predict a boom in US oil production. Takes a few months, at most, to bring new fracking online. So, that’s what will happen with these higher prices.
Spud is desperate, DESPERATE for there to be a crisis/recession/depression.
He can’t stand the fact that there are people doing well, nor that whatever gets thrown at the current economic system, it seems to survive.
Worst of all, the market keeps fixing problems without his omniscient guidance.
I do wish that we’d do a bit of drilling in Oz.
But of course Albo and his mob are strong advocates of Net Zero.
The eeeevil capitalists must be required to obey “Net Zero”, but the largest emitter of CO2 (and probably the largest emitter of other “greenhouse gases”) is exempt because it is ruled by the Communist party.
And now Sainsbury’s says it will no longer sell brown-shelled eggs in order to help it achieve net zero… .Crazy virtue-signalling to a largely female clientele.
Honestly – If I were a major shareholder I would call for the entire board to resign – that is absolutely F££$ing idiotic on every level.
Brown shells are usually a feature of particular sub-species of hen, but can also be related to a healthy outdoor existence rather than being battery hens. I agree with your description – I cannot see how it will help achieve net zero.
And are these inventories crude oil, diesel, kerosene or other refined products?
Spud sees stats like 20% of the world’s energy came through the Strait of H in Nov/Dec/Jan. Believable enough. So closing the Strait means a 20% reduction in supply his view, also that we bought it because we needed it and that’s two of many big mistakes he makes.
So much comes through the Strait because it’s the right quality at agreeable prices. It’s not all need, some of is ‘nice to have’. Some other unseen people are not supplying oil at $60-$70 as then was.
But if this crisis has added under 1% to inflation, could we trial a 20% cut in government. It can’t go that badly can it.