Death comes to us all. Life's but a walking shadow | First of all, give it a couple of days. Second, those drilling rigs in North Dakota haven't had the chance to get even a little bit rusty and it's likely the cost of punching a hole has come down quite a bit in the past months. I would guess that the breakeven on shale is considerably less than last year. Furthermore, the tar sands projects are still fully functional.
Meanwhile how many tankers full of oil are waiting in line to unload or sailing at half speed? Is it any different than of corn. The corn endusers don't begin to pay until their bins get a little bit empty. Why should the refineries? Didn't we just see Eddyville pay 22 cents to get an extra day's worth of corn.
Besides, nothings really happened yet. When either the Iranians or the Saudi's actually sink a tanker then the reality will be different.
It wouldn't surprise me if the Iranians are using the Saudi executions as a pretext to push the price of oil. |
Who would have thought
