Aired on the Doomstead Diner on November 29, 2014
So Much for Levitation…
How LOW can we GO here?
Bad Times for Frackers…not a good time to stop sniffing glue…
Halliburton gets HAMMERED
EOG Resources Heads South of the Border
Discuss this RANT at the Podcast Table inside the Diner
…It’s Turkey Day, and I just finished consuming my Steak & Gumbo dinner, which substituted for the traditional Turkey this year. You can read more about that in my last article, A Homeless Thanksiving.
While the individual problems of each person immersed in collapsing industrial civilization are really the most important ones as time progresses here,the grand problems of the Economy and how it downspins remains important to try and understand.
Going back to my years on Peak Oil, pundits there predicted prices of $200 and more for oil as the supply diminished. This was not a scenario I ever bought into, it makes no sense. To be able to SELL Oil at $200/Barrel, you need somebody who can afford to BUY it at $200/barrel. With credit being constrained and fewer people all the time able to BUY at this price, in my view and the view of a VERY few other people in the Peak Oil community including Nicole Foss from The Automatic Earth and my good friend Steve Ludlum from Economic Undertow, really the price of Oil had nowhere to go but DOWN as time progressed…
For the rest, LISTEN TO THE RANT!!!