{"id":1094,"date":"2014-11-04T12:40:57","date_gmt":"2014-11-04T17:40:57","guid":{"rendered":"http:\/\/olduvai.ca\/?p=1094"},"modified":"2014-11-04T12:40:57","modified_gmt":"2014-11-04T17:40:57","slug":"oil-its-the-economy-stupid-zero-hedge","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=1094","title":{"rendered":"Oil: &#8220;It&#8217;s The Economy, Stupid&#8221; | Zero Hedge"},"content":{"rendered":"<p><a href=\"http:\/\/www.zerohedge.com\/news\/2014-11-04\/oil-its-economy-stupid\">Oil: &#8220;It&#8217;s The Economy, Stupid&#8221; | Zero Hedge<\/a>.<\/p>\n<p style=\"margin-top: 0.25em; margin-bottom: 0.75em; display: block;\">The cacophony of various talking heads proclaiming this morning that oil price weakness is\u00a0<em><strong>not\u00a0<\/strong><\/em>due to weak demand but to over-supply (which are obviously merely different sides to the same coin) was deafening. While he hate to steal the jam from their aggregate donuts, the following chart may just provide a hint at\u00a0<strong>what is really driving oil prices<\/strong>&#8230; &#8220;it&#8217;s the economy, stupid!&#8221;<\/p>\n<p style=\"margin-top: 0.25em; margin-bottom: 0.75em; display: block;\">Correlation is not causation but.. well in this case, it is!<\/p>\n<p style=\"margin-top: 0.25em; margin-bottom: 0.75em; display: block;\"><a style=\"text-decoration: none; color: #1e439a;\" href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2014\/11\/20141104_crude.jpg\"><img loading=\"lazy\" decoding=\"async\" style=\"max-width: 100%; height: auto; border: 0px initial initial;\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2014\/11\/20141104_crude_0.jpg\" alt=\"\" width=\"600\" height=\"318\" \/><\/a><\/p>\n<p style=\"margin-top: 0.25em; margin-bottom: 0.75em; display: block;\">*\u00a0 *\u00a0 *<\/p>\n<p style=\"margin-top: 0.25em; margin-bottom: 0.75em; display: block;\">But while this chart is an inconvenient truth, we are sure the meme of US growth saving the world will continue to be spewed as gospel\u00a0<em>(oh wait a minute&#8230; isn&#8217;t the entire sell-side now taking a chainsaw to their Q3\/Q4 GDP growth estimates after construction spending and<a style=\"text-decoration: none; color: #1e439a;\" href=\"http:\/\/www.zerohedge.com\/news\/2014-11-04\/q3-gdp-alert-us-trade-deficit-worse-expected-exports-goods-imports-drop\">\u00a0trade deficit data?<\/a>)<\/em><\/p>\n<p style=\"margin-top: 0.25em; margin-bottom: 0.75em; display: block;\">\n<p style=\"margin-top: 0.25em; margin-bottom: 0.75em; display: block;\"><em>Chart: Bloomberg<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil: &#8220;It&#8217;s The Economy, Stupid&#8221; | Zero Hedge. The cacophony of various talking heads proclaiming this morning that oil price weakness is\u00a0not\u00a0due to weak demand but to over-supply (which are obviously merely different sides to the same coin) was deafening. While he hate to steal the jam from their aggregate donuts, the following chart may [&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":[2,3],"tags":[246,367,592],"class_list":["post-1094","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-economy","tag-global-gdp","tag-oil-price"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1094","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=1094"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1094\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}