Saturday, March 7, 2020

Flashback: By 2015 There Could Be A Huge Crude Oil Shortage -- DOE -- March 7, 2020

This is so incredibly cool. I first posted the note in the screenshot below on October 27, 2011, and then posted it again, with a tag to follow-up in December, 2020. It's a bit early, but with WTI dropping below $50/bbl, I thought this was as good a time as ever to post it again.

Link here. The tag, follow-up in December, 2020, will remain.


"... as soon as 2012, total world oil production [would] begin to decline, and .... there could be a 10-million-bbl/day shortage by 2015."

What a bunch of idiots. And to think they were the smartest and the brightest.

Interestingly, the second link in that screenshot takes you to the Russian Times and the story is still "up."

Just think, if Bernie is elected president, the Russian Times will likely be the new "government" newspaper. LOL.
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2 comments:

  1. AnonymousMarch 8, 2020 at 7:42 AM

    First of all, there's no such thing as a "shortage" (or a "glut") in a free market. Price slides up/down until buyers equal sellers. And it's like that with tomatoes, corn, oil, bicycles, illegal drugs, etc. This is econ 101. Then again, the average peak oiler can't do the math that Sophia does (OK, not fair, there are those tough dominoes and stuff on the floor).

    Second, ASPO is tits up in the ditch. Dead, dead, dead.

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    1. Bruce OksolMarch 8, 2020 at 1:28 PM

      I talked to someone yesterday who was at Costco earlier in the week. He said there was no toilet paper left on the shelves. But, yes, your point is well taken.

      It's hard to believe that wiki actually seems to suggest APSO was a legitimate entity. LOL.

      Delete

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