Tuesday, October 03, 2006


From the "But I thought!" Department

Oil prices fell below $59. Why? Because we have ample supply. "But I thought the world is running out of oil!" The fact is, there never was an oil shortage. We have not reached peak oil. The futures market was driven mostly by emotion and egged on by the press who were so anxious to report $100/barrel prices.

It looks like there are going to be no major hurricanes this season. "But I thought global warming meant more frequent and violent hurricanes!" Well, I think we can all agree that last summer was pretty hot. Here in Dallas, we had several weeks over 100 degrees. All of this is supposedly caused by human activity. This leads to warmer ocean waters, and that leads to terrible hurricane seasons. Well, I guess the predictions are wrong again. As I've said before, I'll believe the climatologists the day the weatherman can accurately predict the weather. In the Dallas area, that will be quite a challenge.

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