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March 04, 2009

We're Swimmmmmmmming In The Oil

A-Just swimmmmmmming in the oil!
What a glorious feeling!

NEW YORK (AP) - Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.

As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.

It's been less than a year since oil prices hit record highs. But now producers and traders are struggling with the new reality: The world wants less oil, not more. And turning off the spigot is about as easy as turning around one of those tankers.

I hope those producing countries in the Middle East choke and drown on this excess capacity. They have made uncounted trillions over the past two decades...and have what to show for it? Rampant corruption, beheadings and car bombs.

Posted by Mr. Bingley at March 4, 2009 06:28 AM

Comments

"Meanwhile, oil-producing countries such as Iran have pumped millions of barrels of their own crude into idle tankers, effectively taking crude off the market to halt declining prices that are devastating their economies."

Awwwwwwwwww. Poor little pooh bears.

Posted by: Gunslinger at March 4, 2009 06:43 AM

Indeed, Guns. My heart bleeds for them. Boo hoo hoo hoo.

Posted by: JeffS at March 4, 2009 09:27 AM

Hopefully they'll all go broke before we do.

Posted by: nightfly at March 4, 2009 10:19 AM