I find it interesting that whenever there is a major operation overseas, there seems to be a major ‘operation’ on domestic soil. Libya is about to torch its own oil fields, we will go into the country to ‘secure’ them, getting another foothold in the mideast. The Wisconsin distraction and labor revolts organized by the ‘tea party’ is doing a great job keeping the middle east from the headlines.
USA needs to keep these headlines quiet if there is any chance of consumer confidence increasing in the near future. These sorts of stories are a buzzkill.
”Any production losses out of Libya could be quickly absorbed by other countries like Saudi Arabia, which can ramp up production as much as another five million barrels per day” from the article, what complete nonsense, Saudis have already overestimated their peak flow by 60%… they pull these numbers out of thin air to keep things positive. Just like they reported January home sales were up… sure, if you figure in foreclosure sales / cash deals… otherwise, maybe January’s numbers weren’t so rosy.