Key oil figures were distorted by US pressure-whistleblower

[eXpat]

It makes sense, the sytem has to be keep running no matter the cost. I guess we will find out soon enough.

[mos6507]

Get ready for another round of denialist spin by Lynch and the boys.

wow mos, you're not one to normally buy right into a conspiracy theory.

The first thing I do when I read these denialist things is research the person giving them to look for conflict of interest, and there almost always is. Call it what you like.

[cipi604]

[mos6507]

Brace yourself, guys. This is already running up the flagpole again. Let's see how far it gets before the whack-a-mole happens.

[eXpat]

Nice graphs cipi604, now it comes the funny part!!!

[kpeavey]

Pandora's Box is open. Not only are the IEA figures bogus, the US has used the IEA as a pawn to lie to the rest of the world in order to prevent a panic in the markets. Now that the box is open, I would expect an oil price spike over the next few days as speculators assimilate this news.

The US would not be trying to conceal the figures if there was no serious problem. Hence it is plausible that a serious problem does indeed exist. Around here, we knew this all along, but have been cast as the lunatic fringe. A lot of people out there need to make some room in their fridge for a big, fat, buttery, I Told You So Sandwich. It is barely a small hop in logic to conclude that many of the things we have been discussing over the past few years is right on the nose.
We may be lunatics, but that does not mean we have been wrong.

As long as the truth is coming out, the troops in the middle east are not there for terrorists, they are there to establish a military presence in an oil rich region. And the economy is crapping out because of energy quality, price and availability. And all the stimulus and health care spending is to placate the public. As for nationwide blackouts, FEMA camps and the Northcom troops...we'll see how crazy our ideas were soon enough.

[Jotapay]

What's the old adage here? He who panics first gets out alive....

Anyone who trusts the government to tell the truth is a damned fool.

[pstarr]

Get ready for another round of denialist spin by Lynch and the boys.

wow mos, you're not one to normally buy right into a conspiracy theory.

Conspiracy theory? Are you a complete low-grade moron? Can you dribble and shake yourself at the same time? Do you not read?

Several, nay many, IEA whistlerblowers just told us their organization was forced to lie by the world's most powerful nation. Does any of this make sense to you? Why they gave you a keyboard is quite a mystery.

[Revi]

This is like the mortgage bond crisis in oil.

Letting us all know this means that there isn't long before the whole thing falls apart.

They will have to come clean on how much is left, and everyone will freak when they find out that the party's almost out of beer.

[Dr. Ofellati]

Brace yourself, guys. This is already running up the flagpole again. Let's see how far it gets before the whack-a-mole happens.

Excellent find Mos. Reuters picking this up takes it from HUGE to GINORMOUS (I like to whisper too). With regard to whack-a-mole, I don't know. I think the big oil players, including the pure investors, already know the game. The tripe they serve up on the 6 O'Clock news with Mr. Soothing is known to them and us as deceit.

[Dr. Ofellati]

This is like the mortgage bond crisis in oil.

Letting us all know this means that there isn't long before the whole thing falls apart.

They will have to come clean on how much is left, and everyone will freak when they find out that the party's almost out of beer.

Yes. Well put.

I remember when the Fed took aggressive action back at the beginning of the credit crisis. I can't recall the exact action, but it was something dramatic, like pumping an unusually large sum into the banks and opening a credit window. I remember that several of us pointed out that this was the start of the great credit unwinding that we all knew must happen (nod to TF.com). That is, all of us except Mr. Bill, who steadfastly argued, for about a month or two, that this was business as usual.

I call them points of inflection. That's a point in time at which the direction of a thing changes. In our case, the attitude of the intelligentsia to the oil situation.

We'll see what this stirs up. It's huge in the abstract, to be sure, but it may succumb to the brute force submission lock of the corporate media and TPTB who don't want panic.

[pstarr]

We'll see what this stirs up.

Cheney.

Cheney will kill the whistlerblowers (personally garroting them with his own cello strings). He will retrieve GW from his Paraguay hideaway and install him as Oil Commissar (that is CZAR for short) and declare it an Oil Holiday, ie a petroleum Jug Jerkoff with GW as the Swiller-in-Charge. We will promptly invade everybody in order to stabilize the markets. Can't have confusion in the markets. Must stabilize.

[kpeavey]

The original article references 2 IEA sources: 1 senior official, 1 senior official who has left the IEA. If there is only 1 voice of dissent, the Whack-a-Mole guys can discredited or silence the guy. Two sources is hard to spin and implies significant discord within the Agency.

[pstarr]

The original article references 2 IEA sources: 1 senior official, 1 senior official who has left the IEA. If there is only 1 voice of dissent, the Whack-a-Mole guys can discredited or silence the guy. Two sources is hard to spin and implies significant discord within the Agency.

Hence Cheney's cello-string garrote (misspelled above)

[pstarr]

The meme infects an otherwise orderly dinnertime conversation: The Poison Spreads!

The corpulent Germans succumb Financiall illness undermines free world

[frankthetank]

Don't know what to believe anymore. I just know that in the event of drastically reduced oil output, the US is screwed ... Europe at least has trains and bicycles...we've got diabetes and obesity... No one wants to walk

[Dr. Ofellati]

Don't know what to believe anymore. I just know that in the event of drastically reduced oil output, the US is screwed ... Europe at least has trains and bicycles...we've got diabetes and obesity... No one wants to walk

Look at the bright side - Europe is a forced mix of religiously, culturally, and historically disparate people who are always a few breaths away from all out war, and the U.S. is not.

Oh wait. That's not really a bright side.

Nevermind.

[hardtootell-2]

and then there is this:

http://www.businessinsider.com/henry-bl ... 00-2009-11

oil futures at $100.

Ready or not!

[pstarr]

and then there is this:

http://www.businessinsider.com/henry-bl ... 00-2009-11

oil futures at $100.

Ready or not!

The article hinted at "supply problems" but then added this:

Some say the rise reflects long-term oil supply worries, in spite of the impact of recession on global demand. Others say that with supply outpacing anaemic consumption, traders need the incentive of higher forward prices to store petroleum the world does not need.

Am we supposed to believe this nonsence? I am sorry, I must not have been trained adequately.

[Maddog78]

We'll see what this stirs up.

Cheney.

Cheney will kill the whistlerblowers (personally garroting them with his own cello strings). He will retrieve GW from his Paraguay hideaway and install him as Oil Commissar (that is CZAR for short) and declare it an Oil Holiday, ie a petroleum Jug Jerkoff with GW as the Swiller-in-Charge. We will promptly invade everybody in order to stabilize the markets. Can't have confusion in the markets. Must stabilize.

Credit where it's due. This made me LOL.