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To: dirtboy

If Iran goes totally stupid, we will see an extended spike.

For now there is a shorter, smaller run up as refineries and storage terminals may decide to top off the tanks as an insurance.

But you can not look at the price/demand of US gasoline alone without considering the global oil market.

It would be the same as considering the price/demand of US jewelry while ignoring the global price of gold.


33 posted on 02/15/2012 11:34:31 AM PST by thackney (life is fragile, handle with prayer)
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To: thackney
The US is the 700 pound gorilla for gasoline demand, even today.

It may be down from an 800 pound gorilla, but the size of the drop in US demand is considerable.

And I heard the same stuff all through 2008 about how Asian demand and uncertainty were driving the oil price spike, when it turns out speculators held massive positions that we were not told about until after the fact. There are good reasons why those who do not produce oil or consume it for manufacture should be subject to position limits.

34 posted on 02/15/2012 11:38:22 AM PST by dirtboy
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