Worthwhile discussion on Bloomberg TV in regard to oil prices, their effects, and the geopolitics behind the current turmoil.
Experts opining are Jeremy Greenstock, Chairman of Lambert Energy Advisory, and Ian Bremmer, of Eurasia Group.
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The “market prices accurately” after OPEC manipulates the supply of the demand-supply curve.
Manipulation indeed. The “market prices accurately” on occasion for short periods. If that were not so, capitalism would never have worked and wouldn’t be so firmly established. Unfortunately, on the time scale that matters for the planet, the greedy and unscrupulous SOB’s have been turning “the market” into a gambling casino and never learning from their mistakes.
History is marked by by boom and bust—-tulips, Florida land, railroads, dot-com, Beanie Babies, the South Seas, silver-gold-platinum-uranium-rhodium, and most recently, houses. Just as coal passed its peak, oil is dying, and we will move on to the next “focus of greed” and manipulation.
If the human race survives, that is. But wait! There will be a thriving “market” on Mars that the greedy SOB’s can play on—Elon Musk is going to be the first one to get rich from it by taking us all there.
“Experts opining are Jeremy Greenstock…”
… who makes the statement “… we’re a long way from peak…”.
Clearly, as an ‘expert’, he must be saying that (2015 minus 2006* equals) nine years is ‘a long way’.
* 2006: the year when global crude oil extraction peaked.