Wednesday, March 16, 2005

It gets interesting.

1.) OPEC manages to cough up a little extra, but:

``What will happen after the OPEC meeting is that they will all be producing at capacity,'' said Kenneth Deffeyes, professor emeritus of petroleum geology at Princeton University and author of the book Hubbert's Peak: The Impending World Oil Shortage.

``OPEC is irrelevant,'' Deffeyes said in an interview in New York. Saudi Arabia has little or no production capacity beyond what it has been using in recent months, and pumping fields faster may damage them, said Deffeyes, who predicts that global oil output has peaked and will begin to decline.

(quote from Bloomberg story above)

2.) A Congressman makes a presentation on Peak Oil in front of the House.

3.) Stephen Leeb has a target of $250 a barrel in 6 - 9 years.

4.) The folks who brought you the head of Enron on a pike, now bring you the heads of the major oil companies on a pike.

5.) Lehman Brothers joins the party.

6.) Hubbert comes home.