theoilprice.com I'm afraid you come to the conclusion t
-sorry it's theoildrum.com
(Reuters) - Germany and Italy are expected to oppose any second release of emergency oil reserves by the International Energy Agency, which needs the backing of all 28 members if it is to pour more oil on a volatile crude market.http://www.reuters.com/article/2011/07/ ... V020110715
"Politics aside, the main reason we can see for the precise timing of the IEA stock release was that it coincided with clear indications from tanker traffic data that OPEC output would fall short of prior pledges," the bank said in a report on Thursday. "As such, it is difficult to conclude anything except that there is little or no spare capacity in the oil market."http://www.reuters.com/article/2011/07/ ... LE20110708
Yes guys, we have hit peak oil and O is doing nothing about it. If anybody tells me he is doing something about it by pushing electric cars and solar panels I'll scream.
In other words O wasted our reserves and oil supply does not look to be getting any better. As Lisa said it's like "Watching a slow motion train wreck". We need to be on a war footing to increase our domestic oil output but appear to be more concerned with political posturing on the debt ceiling (both sides to blame). I just dunno..... I have a bad feeling about this one. Our two party system, as it has evolved, makes America ungovernable.