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blue bits. red rocks.
Monday 30 July 2007

What reinforces my feeling that we are at the vanishing point is the additional simple fact that on Friday, West Texas crude oil closed one-cent short of its previous record high of $77.03 reached on July 14 last year (thanks to John William’s Shadowstats.com for the date). Apart from turmoil in the financial markets, there is nothing especially traumatic going on out there for the moment — no hurricanes, no terror bombings in Europe or America, no guerilla action against Nigerian oil platforms and pipelines. Of course, any of those problems could spring up tomorrow, but right now things are kind of quiet, by current standards. And yet there was oil closing at $77.02 on Friday. Jim Kunstler

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