Business

Jul 7, 2006

Markets and media mistake drilling mud for oil

It's a sign of over-heated and highly speculative markets when any half-truth or rumour is treated as excuse for a price spike. The nonsense that's all over the place this morning abo

It’s a sign of over-heated and highly
speculative markets when any half-truth or rumour is treated as excuse for a
price spike. The nonsense that’s all over the place this morning about North Korean
skyrockets pushing up local petrol prices is such a sign. Those rockets aren’t
much chop, but they’re not oil-fired either.

Oil prices have long since departed from
fundamentals, to the concern of oil producers and consumers alike, but it’s
extremely tenuous to try to put President Kimmy Look At Moi on
the same footing as the concerns over Iran. Iran has
the world’s second biggest supply of oil. North Korea has SFA.

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