Monday, Apr 21, 2008
It begins
The Oil Drum: Europe: Grangemouth: Calm urged over potential refinery shutdown
Friends are amused at my collection of retro clothing and joke that I should be transported to the 1970's. I say that I'm just anticipating the inevitable and that we are already here. This could send us to a three day working week if it cascades down and Unions start doing their job, standing up for workers in the face of rising prices and rampant money printing to protect wealthy b(w)ankers at the expense of the working man. Prices will finally be allowed to go through the roof and the Unions will be blamed. The refinery produces about 10% of our fuel, and we only have about 70days of stored fuel, particularly after the explosion at Bouncefield rendered one of England's largest fuel stores inoperable. Is that part of the plan?
Posted by planning4acrash @ 09:01 AM (240 views) Add Comment
2 Comments
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1. also sold to rent said...
No no no. This is not the big oil news of today. That honour must go to the Saudis, who say they are putting their supply expansion plans on hold for a number of years because of 'weak' demand. Of course, near 120 dollar oil is an obvious sign of weak demand. The craziest thing they said was that demand was softening compared to what was previously expected, down from 130mbpd in 2030 to 106. Er, yeah, that's what happens if you don't increase supply and prices go through the roof. The Saudis are now obviously stock piling their own oil as they know they have little left, so why flog it to the rest of the world at a low price? Also they know that there are no other suppliers to undercut them not that Russia is in decline.
As a hedge I not only own oil futures but I've just bought some large 40 litre jerry cans to begin my doomer's stock piling.
2. Planning4acrash said...
No, no no no no!! This is not an oil story, I didn't make it clear, but this is about a strike led by unions at the refinery, protesting about pay and pensions.
Oil is actually getting cheaper relative to the true measure of wealth, gold, so, its a bit like nazi germany where germans believed that there was a shortage of goods causing inflation, even when foreigners were buying goods in germany with their own currencies and with gold, at prices lower than they could get at home. The more I think about it, the more I feel that the Saudi's are correct in saying that oil prices are a result of speculation (too many printed dollars and oil being used as a store of wealth) and that there is no significant supply issue.