From: Don Bowen KI6DIU <don.bowen AT earthlink.net>
To: homestead AT lists.ibiblio.org
Subject: Re: [Homestead] Oil prices
Date: Thu, 18 Oct 2007 20:16:26 -0700
At 10/18/2007, you wrote:
Seems to me that OPEC will move to restrain accelerating prices to
dissuade accelerated research into alternative energy sources.
They do not have the capacity to control prices as they once did. Peak
production was May 2005 at 85 BBD while current demand is 88 BBD. As the
US economy slows demand will slow but we are no longer the driving force,
that has passed to China and India. The Chinese currency is pegged to the
dollar which is now making their produce really cheap in Europe. There are
significant pressures for china to revaluate but more than likely there
will not be much movement until after the Olympics.