Well, some of this stuff is worth noting because it’s really something to watch. Other parts of it is worth noting because of the unfathomable stupidity displayed.
As I’ve often asked in the past, there’s a question as to whether or not leftards really are that stupid, or are they simply evil ……. It’s been established that either state isn’t mutually exclusive, so the answer is both.
Today, we get to see the leftards demonstrate their idiocy. From MSNBC, last month …..
U.S. oil prices tumbled about 3 percent to a nearly 6-1/2-year low on Thursday as data showing a big rise in key U.S. stockpiles intensified worries over a growing global glut. …….
… A rise in the dollar, after higher U.S. retail sales in July and strengthening employment data, added to the weight on oil. …..
Yes, a rise in the USD would pressure the prices of oil downward, in US Dollars. However, if the “higher U.S. retail sales in July and strengthening employment data” were taken seriously by the oil merchants, then, oil would have raised in its price because of the expected increase in demand.
Let’s continue …..
Global oil prices fell around 60 percent earlier this year, from around $114 a barrel last June, on the back of a glut in supply and lack of demand amid an uncertain global growth outlook. On Friday, benchmark Brent crude was trading at $59.44 a battle and U.S. light crude was around $53.62.
On the back of this volatility, the IEA forecast that global oil demand growth would slow to 1.2 million barrels a day (mb/d) in 2016, from around 1.4 mb/d this year.
It isn’t uncertainty which causes the price of oil to drop, it is the certainty that use isn’t keeping up with production which causes oil prices to drop.
When the IEA forecasts the decrease in demand for oil, it is because it’s forecasting a slower global economy!!!
People, let me tell you, the IEA is a lunatic globalist organization. They too frequently forecast rainbows, sunshine, and unicorns for the global economic outlook. If they say things aren’t really looking that good, …… things really aren’t looking that good!
The IEA noted, however, that two “curveballs” were contained within its demand forecast: Greece’s ongoing financial crisis, to the downside, and Iran – and a potential nuclear deal that could see sanctions on the country lifted — to the upside.
“A possible Greek exit from European Monetary Union (euro zone) could dampen not only Greek oil product demand, but also potentially curb deliveries across the continent if macro-economic activity were to weaken,” the IEA said.
“The upside Iranian risk surrounds the possible removal of sanctions and the additional economic growth and oil product demand that could follow.”
Are they stupid? The country of Greece has a near zero impact on the global demand for oil. Whether they stay in the EU, exit the EU, or collapse, the global demand for oil will not be effected. Greece’ entire economy is 2% of the Eurozone’s, which is a slightly smaller economy than the US’. It’s like saying if Rhode Island went bankrupt, the world’s oil prices would significantly change. It’s insanely absurd. If Rhode Island went bankrupt, the US gasoline prices wouldn’t change! Much less the oil prices!
But, then, there’s the massive stupidity of the Iranian sanctions removal.
Now, it’s long been known that Iran sells their oil on the side, but, there’s only so much Turkey can buy! The lifting of sanctions against Iran will only increase global supply of oil. They are a despotic nation. They won’t allow their people to increase much activity. But, even if they did, it would have zero impact on the price of oil …… they export oil! They consume very little in relation to the globe.
And, then, lastly, there’s this ….
Indeed, the IEA said that although global oil demand has not picked up, global supply has actually increased. OPEC crude supply, for instance, rose in June to 31.7 mb/d — a three-year high led by record output from Iraq, Saudi Arabia and the United Arab Emirates (UAE).
People, consider the implications. Oil is cheaper than it’s been for years. And, yet, no one is buying more of it. We’ve nothing to do? …… We’ve nothing to do.