Revisiting the DSCC

Image @ Hal-Pc
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MSNBC/AP: Saudi Arabia rebuffs Bush on oil production

For the thoroughly blind, deaf, and dumb, a short review of the reason for the "rebuff": supply is sufficient to meet demand. So why are oil prices skyrocketing? A short list follows:

- Hugo Chavez is a "known unknown" who *might* wake up one morning and shut off the pumps for shits and giggles;
- Nigerian pipelines controlling 1/1000th of one percent of Seattle's oil supply were blown up by a coupla guys with a dozer trying to punch a hole to steal the oil;
- a serious malfunction occurred in the Sudan when valves supposedly controlling a 48-inch pipeline were mistakenly connected to the waste lines in the Presidential Palace, shutting down the system every time the Premier flushed the terlet;
- a commodities trader in Singapore left his software running overnight, automatically bidding up the price of crude on the spot market by a penny every five minutes; and
- Congress threatened to "do something", thereby instilling fear throughout the world that - based on past experience - any legislation would wreak havoc in the oil and gas industries.

WTF, pick your own reason. Supply and demand have nothing to do with the price of oil.