It is constantly amazing to me that “educated” people can be so stupid. On a recent news items they were interviewing people about why the price of oil is so high. A common statement is “Those big oil companies are doing it on purpose”. Damn that has been around for 30 years. Well maybe they are, but the inference was that the Exxon’s, Chevrons, BP’s, etc. were all to blame for the run up in prices. The last time it happened about the time the slide below was made (2008) it was both the big oil companies and traders some where that did it. Some simple facts about oil production – Consumption:
World OIL Production from EIA vs.. World Oil Consumption from EIA vs. Excess
“And Now the Rest of the Story – “Stupid People say Stupid Things!