Hi TAXMASTER,
I think the excuse behind the price drop is not important here. We shouldn't confuse ourselves with the whys of a certain action.
The general public who are interested in the subject now know, because of this guy, that the oil prices are driven by the go betweens and not by the oil producing countries, nor the huge petrochemical companies.
The justification of the price hike or collapse is neither here nor there. For example, after one of the hurricanes hit the US coast, the price of oil fell. The justification? Because the drilling platforms were not damaged that much.
If the drilling platforms were damaged at all, doubled with the fact that the oil supply was halted for almost a week, would surely make the price of oil go up if anything, as there is more expense to repair the platforms to get the oil supply going and the hiccup of not having oil for a certain period.
As for oil reserves being fouind in Russia and Indonesia... the fact that you nor I have heard that they exist doesn't mean to say that they aren't there.
There is a lot of oil to be found in the south east of Brazil, off the Northeastern coast also. Those have not yet been aired in the mainstream international news yet. But they're there and Petrobras is making a fortune because of this, not by drilling for the oil, but the investors wanting a stake in the company. Did these investors hae inside information? Relatively speaking yes, as the information was released here in Brazil so most of the 'first off the mark' investors were Brazilian, keeping Petrobras in Brazilian controlled hands.
Best regards,
Steve
Just to update this post. Check out this link:
http://www.iht.com/articles/2008/10/...ess/rusoil.php It explains about a massive new oil field.... in Russia.
This link:
http://news.xinhuanet.com/english/20...t_10208979.htm explains about Indonesian oilfields!
Quote:
Originally Posted by TAXMASTER
The part everyone seems to miss is that lindsey said the price would be $50 because indonesia and russia would bring out new reserves larger than the reserves now in existance. there has been no such news so while lindseys price was right, more importantly his reasons were wrong. that makes him a good candidate for mis information.
Namaste'
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