OK, Who Stole All The Oil? Come On, Put It Back.
Written by A Forex View From Afar on Wednesday, January 09, 2008Back to www.thelfb.com
Where have all the Barrels gone? The US is refining Crude at a faster rate than new supplies can get into inventory. The twelve week total now runs at Negative 39 Million Barrels of crude. That is nearly twice the daily GLOBAL production of Oil; how easily do you make that negative number go away?
Maybe the same way that you make the Jobless Rate, Trade Balance, Current Account, and Housing Inventory go away; print more money, flood the Market with liquidity, entice consumers to borrow more at Teaser Rates, make them forget about Energy Inflation, and deal with the consequences later. Maybe? Are there any other more palatable answers in an Election year in the US?
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