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Born at the Crest of the Empire

Tuesday, November 10, 2009

An IEA "whistleblower" says the current oil reserve estimates and future production estimates have been cooked due to pressure "from the Americans."

I don't know, but if you're a peak oil person, this is a must read. (It could just be market manipulation.)

Well if there really is plenty of oil one would expect the price to come down. It seems fairly stable at $80 barrel. Of course production/ security costs have gone up too. I think an attack on Iran is probably the biggest factor in futures pricing.

By Anonymous, at 9:50 AM
I tend to believe in peak oil, but because I didn't want to have that argument today, I couched it cautiously.

And, I really don't see an attack on Iran unless the Israelis go against American counsel. I don't see an equation from the American position where that makes sense.

By mikevotes, at 9:58 AM
The futures market is easily spooked. I don't see an attack on Iran either but it isn't hard to talk one up.

By Anonymous, at 10:10 AM
Right.

Although alleging a secret conspiracy within the IEA estimates coordinated by the Americans probably has that effect, too.

By mikevotes, at 10:55 AM
Indeed. Better minds than mine are at work in the futures market.

By Anonymous, at 11:08 AM
Secrets are kept : except there were securities traded for oil recovery in what used to be a National Park reserve in the Dakotas, supposedly for vast deposits.
Scuttlebutt around the patch - I live in Alberta in oil country : there's a well on this section ! -was more interesting : that reserves at the Beaufort Sea were being understated all to hell and kept secret. Of more interest was the lack of construction of oil refineries..for something like 20 years now. They are wearing out.

By opit, at 10:10 PM