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Almost a $100 drop in four months. No more wind farms, no more NPG, no more Boone Pickens, no more off-shore drilling, no more refineries.

We are drugged with getting all we want of something cheaply. That's why they came up with fast food burgers, beer and free sex. Makes everyone fatuous.
 

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Maybe they (Middle East countries with oil) are letting it fall so we will quit thinking about solar, wind farms, electric cars and all the rest.
Excuse me, I have to go adjust my tin foil hat now....
 

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demand destruction. USA uses about 25% of world oil consumption, primarily for transportation. vehicle miles driven dropped about 5% year over year a couple months ago, and is probably an even bigger drop now.

also, i suspect that trucking has slowed a great deal too. I don't know for trucking, but an index of sea container shipping costs (baltic dry index) has fallen from $12,000 to about $1,000 in the last 3-4 months, the largest fall they've ever seen, all because shipping traffic has ground to a halt in many places.

saw a news report that a company in LA that until a few months ago had been shipping 25 containers per day of scrap paper to china to be turned into cardboard boxes. Recently, they had not shipped a single contain in 2 weeks. Demand destruction.

--sgl
 
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