Tuesday, May 11, 2004

Globe and Mail.  Oil closes above $40.  Instructions:  start with a fresh slice of Hubbert's peak.  Add a dash of terrorism and voila:  a recipe for global recession.   One significant attack on Saudi pipelines and this price goes through the roof. "This is a historic day," said Phil Flynn, an energy trader with Alaron Trading in Chicago. "We are in new uncharted territory." "This has been a demand-driven rally. Worldwide demand continues to rise, which is indicative of a strong global economy," Mr. Flynn said. "Right now, the world is pumping as much oil as it can." He believes oil will test $44 a barrel before demand and supply are more balanced. "There is no doubt that if we have a terrorist attack, then all the cards are off the table and we could see oil at $50." 6:04:50 PM    Comment_ Trackback []

Robert Paterson and Haiko Hebig like Boyd too. 10:51:32 AM    Comment_ Trackback []

Interesting factoid:  25% of the world's prisoners are in the US.   This is a sign of systemic breakage. 10:48:44 AM    Comment_ Trackback []

BG.  Boston is about the only city in the US where the security precautions planned for the Democratic National Convention wouldn't throw the city to the Republicans. 10:44:31 AM    Comment_ Trackback []

Reuters.  Guerrillas attack KBR convoy.  People missing.  Vehicles destroyed.  9:21:38 AM    Comment_ Trackback []

AT.  American "moral exceptionalism" in the wake of Abu Ghraib.   America made (recently and historically) the argument to the world (and itself) that it was morally superior to every other country.  This superiority and exceptionalism was the basis for unilateral action in Iraq.  Now that exceptionalism, in the wake of Abu Ghraib, has been shown to be hollow.   Don't underestimate the impact of this incident.  7:08:13 AM    Comment_ Trackback []