International Energy Agency (IEA) report published yesterday, the forecast of global oil demand will rebound next year, with the global economy to recover gradually from the recession, oil demand experienced since the early 1980s after the biggest drop since the future will be pick-up. IEA, in its the first time in 2010 to predict the demand for the monthly report that global oil consumption next year will increase 1.4 million barrels per day... http://internationalenergyindustry.blogspot.com/2009/07/iea-oil-demand-rebound-next-year.html
My melancholy and depressive state has been somewhat relieved by the commonsense reality coming form Thunder, Lsu, phoenix, etc., and that is good. The insouciant manner in which our elected officials and corporate leaders address this DESTRUCTIVE reality plunges me back into the cold damp fog of disgust and disenchantment. Thunder stated 20% unemployment by next year, imo yes, maybe before than.
The Bureau of Labor Statistics reported that the unemployment rate NOW is 16.5%, by a measure called U6. Oil prices and a lot of other things, not the least of which is equities, will be affected by the linchpin which is JOBS, JOBS, JOBS.
I can not be sanguine or have a level of levity regarding the following statistics:
"---Seven million people are collecting unemployment benefits, and another eight million are unemployed and collecting nothing! There are 38 million part-time or self employed workers, and 2.4 million people in jail (1 in 100 adults). 51 million are collecting Social Security benefits, 12 million are on Social Security Disability, and 34 million are on food stamps.---" Richard Benson
Whoa Rich!!! Anyone working?
7+8+38+2.4+51+12+34 (millions)= 152.4million over half the American population--way over half the adults in this nation.
Hey Lsu and phoenix is this the mother of all Ponzi schemes?
I never give advice except to my dog, and he never listens, so this advice is to tsuare(ME)---STAY AWAY FROM THE MARKET/caveat emptor, and no chasing dividends or distributions! Listen carefully tsuare, due to the esoteric maneuvering of the PPT and their partners( as phoenix would say the "boyz" )the game is capricious and arbitrary, has instantly changing rules, no transparency, no effective cops, all of which will lead to, imho, a staggering level of penury to millions.
Carl Jung, one of the fathers of psychology, stated that "people can not stand to much reality." To night I am one of those people.
I needed this catharsis, and I apologize for the lack of brevity in this digital drivel.
mabe maybe not. Economy is still in shambles. On bbc news web site today in asia news, an article: "Idling ships clog singapore shores", so we are not out of the slump yet. Oil could get weaker yet but is a buy at this point and below imo. Peak oil is still coming and there are no real good alternatives to oil.
something to consider no doubt, but one must remember that they can revise this at anytime and it does not necessarily mean it will happen. I tend to think 2009 will be the bottom for oil use and might have already happened, but perhaps not bottomed yet. short term weak hold, mid term hold, long term hold(1yr), longer term >1 year buy