{"id":1025,"date":"2014-11-03T06:12:08","date_gmt":"2014-11-03T11:12:08","guid":{"rendered":"http:\/\/olduvai.ca\/?p=1025"},"modified":"2014-11-03T06:12:08","modified_gmt":"2014-11-03T11:12:08","slug":"resource-insights-is-there-really-an-oil-glut","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=1025","title":{"rendered":"Resource Insights: Is there really an oil glut?"},"content":{"rendered":"<p><a href=\"http:\/\/www.resourceinsights.blogspot.ca\/2014\/11\/is-there-really-oil-glut.html\">Resource Insights: Is there really an oil glut?<\/a>.<\/p>\n<p style=\"line-height: 1.6em; margin: 0px 0px 0.75em 0px;\">Back in March 1999 &#8220;The Economist&#8221; magazine carried a\u00a0<a style=\"color: #cc6600; text-decoration: none;\" href=\"http:\/\/www.economist.com\/printedition\/1999-03-06\">cover photo<\/a>\u00a0of two men drenched in oil as they attempted to close a faulty valve that was spraying a huge stream of crude skyward. Over the photo was the headline: &#8220;Drowning in oil.&#8221; At the time it really did seem as if the world were drowning in oil.<\/p>\n<p style=\"line-height: 1.6em; margin: 0px 0px 0.75em 0px;\">The previous December\u00a0<a style=\"color: #cc6600; text-decoration: none;\" href=\"http:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=PET&amp;s=RCLC1&amp;f=D\">crude oil on the New York Mercantile Exchange touched $10.72 per barrel<\/a>. That month\u00a0<a style=\"color: #cc6600; text-decoration: none;\" href=\"http:\/\/www.eia.gov\/forecasts\/steo\/realprices\/\">U.S. gasoline prices averaged 95 cents per gallon<\/a>. &#8220;The Economist&#8221; opined that\u00a0<a style=\"color: #cc6600; text-decoration: none;\" href=\"http:\/\/www.economist.com\/node\/188131\">oil might go down to $5 per barrel<\/a>.<\/p>\n<p style=\"line-height: 1.6em; margin: 0px 0px 0.75em 0px;\">But, of course, in retrospect the magazine&#8217;s cover proved to be the perfect contrarian indicator, for oil had already begun its historic ascent toward $147 per barrel. The 2008 price spike was the culmination of a 10-year bull market that had begun in December 1998.<\/p>\n<p style=\"line-height: 1.6em; margin: 0px 0px 0.75em 0px;\">After dipping briefly to around $35 per barrel at the end of 2008 in the wake of the financial crisis, the new oil bull market sent\u00a0<a style=\"color: #cc6600; text-decoration: none;\" href=\"http:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=PET&amp;s=RBRTE&amp;f=D\">world benchmark Brent Crude to a daily average of more than $100 per barrel for all of 2011, 2012 and 2013<\/a>. Through October 27 the average daily price for this year has been $104.86, not all that different from the last three years.<\/p>\n<p style=\"line-height: 1.6em; margin: 0px 0px 0.75em 0px;\">&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Resource Insights: Is there really an oil glut?. Back in March 1999 &#8220;The Economist&#8221; magazine carried a\u00a0cover photo\u00a0of two men drenched in oil as they attempted to close a faulty valve that was spraying a huge stream of crude skyward. Over the photo was the headline: &#8220;Drowning in oil.&#8221; At the time it really did [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[589,594,596,617],"class_list":["post-1025","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil-demand","tag-oil-prices","tag-oil-supply","tag-peak-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1025"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1025\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}