Oil And MSNBC …. Those Poor Idiot Economic Cupcakes

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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 …..

Global oil demand to slow in 2016: IEA

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. …..

What?!?!?!?! 

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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.

What?!?!??!?!?!?

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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!

More ……

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.”

What?!?!?!?!?!?!?!?

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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. 

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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. 

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15 Responses to Oil And MSNBC …. Those Poor Idiot Economic Cupcakes

  1. Bruce of Newcastle says:

    Nice graphics, especially the koala. They have even more STD problems than homo sapiens sapiens btw. That is irrelevant to the post but fun nonetheless.

    The reason why oil has been smashed is because both the US and EU are in effective recessions. Which is why China is in the dumps because China sells stuff to the US and EU. Lately they have been selling less stuff. The US is in recession because of Bambi and his minions (yes, that is a frisson on your graphics 🙂 ), and the EU because all the businesscritters fear Greece will blow up the euro and the EU, with knock on effects to Portugal, Spain and Italy. Scared people don’t buy stuff. And on that subject Putin isn’t helping, doing his best as he is to needle the Euros since they have been supporting Ukraine.

    I really think your Fed is going to get the ice bucket treatment. Rate increases will be disastrous since USD appreciation has tightened the economy so much that your industry is popping its jocks.

  2. kelly says:

    If anyone thinks they can predict the price of oil or any other largely traded commodity let me know who you are as you would be a billionaire by now ( unless you are a teenager )and I would like to be your friend.

  3. DirkH says:

    A big Thank You to the pilot of the US F16 that just crashed near Bayreuth. The 27 year old pilot managed to navigate his plane over uninhabited terrain, dropped tanks and smoke grenades and ejected successfully; and was found unharmed with his parachute in a tree, 20 m from the crash site.
    Right before the crash he was going over the village Engelmannsreuth. So, great reaction!
    Article from a local paper
    http://www.oberpfalznetz.de/zeitung/4690278-454-ein-knall—und-die-welt-steht-still,1,0.html
    Coordinates
    https://www.google.de/maps/place/Prebitz/@49.8232799,11.6754563,11z/data=!4m2!3m1!1s0x47a1b9eb798d3c3b:0x41db728f061dc40

  4. DirkH says:

    “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.”

    Well, what they mean is, if Greece exits, the Euro banking system will implode and the EU economy will have a multiple cardiac arrest, followed by hyperinflation and the return to subsistence agriculture across the continent. Something like that.

    They didn’t spell it all out though to not frighten anyone.

    Such is the confidence in the stability of the Central Banking system these days. Expecting it to implode any day over a minor accident like Greece now has become mainstream. And that should tell you something.

    And… I can’t wait!

  5. Latitude says:

    Anyone else notice that Bush invaded Iraq for their oil…
    ..but Turkey sided with Iran and bombed the Kurds, not for oil

  6. Latitude says:

    …but if we build a wall, we will keep out the fuzzy little Easter bunnies

    Illegal Immigrant Allegedly Slaughters Three People and Unborn Child, Leaving Behind ‘Almost Unimaginable’ Crime Scene

    http://www.theblaze.com/stories/2015/08/14/illegal-immigrant-allegedly-slaughters-three-people-and-unborn-child-leaving-behind-almost-unimaginable-crime-scene/

  7. DirkH says:

    Turkey celebrates Sousse terror attack on tourists with comedic re-enactment in a hotel; added twist, they didn’t tell their guests that it was a re-enactment.
    http://www.thesun.co.uk/sol/homepage/news/6586788/Hotel-staff-in-sick-mock-IS-attack-stunt.html

  8. DirkH says:

    “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. ”

    Another remark on Iran: Turkey was only the intermediary. Erdogans son organized the Gold for Oil trade. The oil was sold, probably to ordinary customers the world over.

    Iran bunkers oil in tanker ships, about 200 of them. Large ones. When they’re free to trade as they like, an enormous glut will hit the market.

  9. sth_txs says:

    I have to laugh at you sentence ‘Iran is a despotic nation.’ I guess at least over here in the land of the free, home of the brave, we get to vote for more despotism with the IRS, BATF, EPA, and too many other agencies to list.

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