"PEAK OIL" IS BS, JUST LIKE AGW AND "WE LOST IRAQ"

DINOCRAT:

Bloomberg had reported that Iran is again storing its heavy crude on tankers in the Persian Gulf because the country has run out of onshore storage tanks while awaiting buyers.

Further, Saudi Arabia has extended discounts on its sour crudes to $7.45 for Arabian Heavy.

Doesn’t sound like there’s any real supply problem with that grade of crude, does it?

It is an understatement to say that over the last five years the media have rained reports predicting an impending energy Armageddon.

But those reports have tended not to disclose their sources—which often were individuals heavily invested in the oil futures market.

TODAY:

... on May 10, the kingdom had increased oil output by 300,000 barrels on the request of "about 50 customers worldwide".

The rise will bring Saudi's production in June to 9.45m barrels a day, and does not appear to have been granted in direct response to President Bush's visit. "In the future, if the need appears, Saudi Arabia has no objection to producing more," Mr Al-Naimi said.

• THERE IS NO SHORTAGE OF OIL.
• THEREFORE, THIS BUBBLE WILL BURST SOONER THAN YOU THINK.
• AND I HOPE NOBODY CRIES "BAILOUT!" WHEN IT HAPPENS.