Barrel FeverDoes anyone know how much oil there is in the world?


	Barrel FeverDoes anyone know how much oil there is in the world?

A53GG4

7-8-2008 9:56 AM

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/a728d5f8-7043-47df-a215-c3d3c1cb3b84/F2373FF3-516E-4FB2-89A9-11B87E53D313/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.slate.com/id/2193825/" href="http://www.slate.com/id/2193825/" style="font-size: 11px;">www.slate.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.slate.com/id/2193825/"><H1>Barrel Fever<SPAN class="h1_subhead">Does anyone know how much oil there is in the world?</SPAN></H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.slate.com/id/2193825/"><SPAN class="byline">By Yves Smith</SPAN></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.slate.com/id/2193825/"><div align="center"><img src="http://content6.clipmarks.com/blog_cache/www.slate.com/img/EE991036-9C4E-4181-B931-4A472CDFE169" alt="Barrels filled with fuel in Jakarta. Click image to expand." /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.slate.com/id/2193825/">What is the "right" price for a barrel of oil? Japan's oil minister said, based on fundamentals, the price of crude should be <A target="_blank" href="http://www.nakedcapitalism.com/2008/06/japan-fundamentals-warrant-oil-only-at.html" linkindex="53" set="yes">$60 a barrel</A>, not the $130 to $140 we see today. During congressional testimony, five oil-industry CEOs each <A target="_blank" href="http://www.timesargus.com/apps/pbcs.dll/article?AID=/20080525/BUSINESS/805250343/1006/BUSINESS" linkindex="54" set="yes">gave estimates</A> of where oil "ought" to be, with results ranging from $35 to $65 a barrel to $90. Even the implacable Saudis are <A target="_blank" href="http://www.nytimes.com/2008/06/14/business/14oil.html" linkindex="55">reportedly</A> about to increase production by half a million barrels a day, a sign that they are concerned that the current price is too high. Yet BP's chief recently said <A target="_blank" href="http://www.ft.com/cms/s/0/1384647e-3751-11dd-bc1c-0000779fd2ac.html" linkindex="56">current price levels are warranted</A>, and the oil bulls at Goldman forecast a "<A target="_blank" href="http://online.barrons.com/article/SB121279317214553377.html?mod=article-outset-box" linkindex="57">super spike</A>" to $150 to $200 a barrel.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.slate.com/id/2193825/"><P>How can presumed experts be so divided? Because the data on oil stink.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/F2373FF3-516E-4FB2-89A9-11B87E53D313/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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