China Gets Oil
For those who are watching such things, China announced today that it had discovered what a third-party analyst called a “world-class field.” This comes at a time when China is in desperate need of future fuel supplies, although the rest of the world likely hopes it will move from hydrocarbons to other sources. It also would seem to put the lie to the “peak oil” theorists, who can now go away, lick their wounds, and start trying to understand the real reasons oil jumped to $68 today.
I think we’ll see oil at $80 within the next six months.
My apologies for not posting for awhile; I’ve been traveling.