This post is fascinating. I had no idea we were scaling back our futures and contracts with Saudi oil producers. This has all been done very quietly and it started in 1991. The trend continued unabated during both of Clinton's terms and, I suspect, will continue even further now that Iraq is producing oil for US consumption. The author does not point to any other market forces that may account for the decrease in US consumption of oil. I know China has been consuming massive amounts of oil (along with everything else) for the past 5 years. A trend that will doubtless continue for the forseeable future. What I don't know is where they get most of their oil. I imagine most of it is from the Former Soviet Union. They are also ramping up production of pebble bed reactors in hopes of reducing oil consumption in favor of domestic energy production. If they do, it's a boon for the US because the world price will drop accordingly. If, however, pebble bed reactors do prove to be the small, stable, safe powerplants they are hyped to be, it may well be the next step forward for energy and a great leap away from fossil fuels.
This is very strange...
I'm an average guy with an average life. I have a few more kids than most but for the most part I'm just an anonymous lumpenprole toiling away in obscurity both professionally and on this blog. To say my life follows a certain routine is like saying " The Hindenburg caught fire." That is to say, technically accurate but wildly understates the truth. In any event, I just received a call from The Wife. To wit: "Did you order something?" "No, why?" "There's something here for you." "Uh, box, bag, envelope, singing telegram?" "It's a box" "Who's is from?" "It's from [Name redacted pending confession or further investigation]" "Who?" "(repeats name)" "No idea. Never heard of him." A quick google search later I find that the sender's return address is in the wilds of northern Pennsylvania. A place I have never visited. "Open it." "W...
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