It pains me to make this post. I know that oil is a renewable resource. A mineral that bubbles up from the deep. It is not in sedimentary layers, and it does not come from dinosaurs. If they leave the oil well alone for a few years when it runs dry, the oil pressure comes back. Oil seeps out of the rocks in southern California. So, we know oil is widely available, but the constraint on the price is not production, but delivery - who controls the shipping lanes.
I've said many times that you can always short oil, because there never was going to be any "peak oil", and they will always find a way to pump the price of oil then then make $ shorting it, but in this case, I think we've moved into a new paradigm where you can no longer short oil, until at least after it has tested $500USD/barel
I've said many times that you can always short oil, because there never was going to be any "peak oil", and they will always find a way to pump the price of oil then then make $ shorting it, but in this case, I think we've moved into a new paradigm where you can no longer short oil, until at least after it has tested $500USD/barel
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