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Reply #4: How About NonExistant Demand? [View All]

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ThomWV Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-05 07:13 AM
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4. How About NonExistant Demand?
Go back and look at the reason for record setting oil prices in the first quarter of this year. You will find that the reason given was increased demand from China. However about 3 weeks ago actual consumption figures were provided by DOE and others and it turns out that the increased demand from China was never a reality - they did not buy as much as predicted by the futures market. In other words the demand that drove up prices was quite litterly a figure in someone's immagination - and we all paid for it. That was the basis for the prices we pay now. Oh, did anyone mention that Exxon made 7 Billion dollars profit in the first quarter of this year?
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