{"id":3829,"date":"2015-01-01T10:03:34","date_gmt":"2015-01-01T15:03:34","guid":{"rendered":"http:\/\/olduvai.ca\/?p=3829"},"modified":"2015-01-01T10:03:34","modified_gmt":"2015-01-01T15:03:34","slug":"occams-oil-razor-oil-is-falling-hard-because-world-demand-is-falling-hard-david-stockmans-contra-corner","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=3829","title":{"rendered":"Occam\u2019s Oil Razor: Oil Is Falling Hard Because World Demand Is Falling Hard | David Stockman’s Contra Corner"},"content":{"rendered":"

Occam\u2019s Oil Razor: Oil Is Falling Hard Because World Demand Is Falling Hard | David Stockman’s Contra Corner<\/a>.<\/p>\n

As my colleague Joe Calhoun continually reminds us, everything that happens has happened before. The ongoing \u201cstruggle\u201d to define what is driving crude oil prices lower is perhaps another instance of a past \u201ccycle\u201d being reborn. With oil prices now heading much closer to the $40\u2019s than the $60\u2019s,\u00a0consistent commentary<\/a>\u00a0is increasingly swept aside.<\/p>\n

The move in crude these past six months is now nothing short of astounding. At about $52 current prices (which will probably move in either direction significantly by the time this is posted) the collapse from the recent peak now equals\u00a0only<\/em>\u00a0past, significant global recessions under the oil regime that began in the mid-1980\u2019s.<\/p>\n

\"ABOOK<\/a><\/p>\n

That comparison includes the 1997-98 Asian \u201cflu\u201d episode where the mainstream convention was also totally convinced of only massive oversupply defining price action. This was incorporated even into the International Energy Agency\u2019s (IEA) estimates of oil inventories, as described shortly thereafter by\u00a0certain incredulous oil observers<\/a>:<\/p>\n

<\/p>\n

<\/a><\/a>…click on the above link to read the rest of the article…<\/span><\/span><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Occam\u2019s Oil Razor: Oil Is Falling Hard Because World Demand Is Falling Hard | David Stockman’s Contra Corner. As my colleague Joe Calhoun continually reminds us, everything that happens has happened before. The ongoing \u201cstruggle\u201d to define what is driving crude oil prices lower is perhaps another instance of a past \u201ccycle\u201d being reborn. With […]<\/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":[1752,589,1775],"class_list":["post-3829","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-economic-contraction","tag-oil-demand","tag-oil-price-collapse"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3829","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=3829"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3829\/revisions"}],"predecessor-version":[{"id":3830,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3829\/revisions\/3830"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}