Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
It's only been a couple of weeks and people are still getting used to the idea. It's going to take months before informal demand reduction starts making a difference years before it sinks in that the party is over and some advanced planning would be a wise and sensible thing.
Oil breached $100 just before the new year, and it was below $50 just two years ago. People would have had a couple of year to get used to oil prices rising, had it not been for the Very Serious People™ constantly reminding everyone that this was just a speculative spike due to geopolitical risk and evil scheming Arabs. our politicians are still blaming the producers when it's been clear for about 2 years that they just don't have the spare capacity.

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
by Migeru (migeru at eurotrib dot com) on Tue May 27th, 2008 at 07:30:06 AM EST
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