Wednesday, August 09, 2006

To the rescue?

Now we're really in trouble:

U.S. crude oil futures stood little changed above $76 a barrel on Wednesday with data forecast to show another fall in U.S. gasoline supplies and BP's shutdown of half of its biggest U.S. oil field offset by pledges from Saudi Arabia and Mexico to help cover any shortfall in supply.

This is what's going to keep supply stable? When production at the world's largest oil field might be less than 60% of what "the experts" think it is [scroll way down] and production at the second-largest is falling farther and farther behind expectations?

Who needs a blowup in the Persian Gulf to send oil to $100/barrel? All we need is for reality to set in over the next few weeks.

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