Oil at 92.35 a barrel.

[Tahunatics]

This morning oil is over $96 and the Dow Jones dropped over 200 in the first 20 minutes of trading. It's simply supply vs demand. Oil supplies and production numbers are dropping while demand is growing fast, largely because of the huge growing demand from China and India which represents over 2 billion people. The ex Saudi Oil Minister has recently come out saying they overstated their reserves by 300 billion barrels!

http://ap.google.com/article/ALeqM5i5Tta...AD8SKT14O5

http://www.moneyandmarkets.com/Issues.as...tryId=1148

http://www.theoildrum.com/node/3064

http://www.voanews.com/english/2007-10-31-voa81.cfm

http://www.ft.com/cms/s/0/b0d83bfa-87df-...ck_check=1

http://www.energybulletin.net/36566.html

http://www.energybulletin.net/36510.html

http://tinyurl.com/23gojh

We apparently have reached the Peak in global oil production slightly sooner than many expected. If so this decline in supply will be permanent.

Oil prices are already effecting tourism in Hawaii.

http://www.bizjournals.com/pacific/stori...ily26.html

The Bush/Cheney oil administration has been fully aware of this for many years according to Matt Simmons, president of Cheney's secretive energy task force. This is the real reason we are in Iraq and beating the drums of war for Iran. What's ironic is wars for oil will only use up the oil faster. Think about how much energy our miltary is using to conduct a war, when we need the remaining fossil fuels to transition to alternative energy sources.

Edited by - Tahunatics on 11/01/2007 03:57:17