Before the Invasion of Iraq all the talk was about the Oil Glut.

[norml]

Historic Houston: Oil Glut and the Economic Downturn
... As production rose from new sources such as Mexico and the North Sea, an oil
glut replaced the perceived shortage of 1979 and 1980. ...
www.houstonhistory.com/legacy/history6t.htm - 23k - Cached - Similar pages

The Ongoing Oil Glut
... The Ongoing Oil Glut. By Brian Carnell. Monday, February 2, 1998. Lately the
nation’s media seem overflowing with news on the worldwide glut of oil. ...
www.overpopulation.com/articles/1998/000006.html - 11k - Cached - Similar pages

The Oil Glut
... The Oil Glut. By Brian Carnell. Monday, July 14, 1997. Of course the world is
running out of oil and the entire fossil fuel economy is on borrowed time, ...
www.overpopulation.com/articles/1997/000002.html - 9k - Cached - Similar pages
< More results from www.overpopulation.com >

Oil slides on glut fears as Iraq oil wells burn
... now that there is oil glut; and crude prices are falling, will Ram Naik roll
back the recent hike? Posted by rajiv ...
www.rediff.com/money/2003/mar/21war5.htm - 33k - Cached - Similar pages

US plans for Iraq spark oil glut fears 041003a
US plan for Iraq sparks glut fears Arab analysts suspicious over oil sales to
fund rebuilding WorldNetDaily, April 10, 2003 - 8:15 PM (ET) ...
www.drumbeat.mlaterz.net/April%202003/ US%20plans%20for%20Iraq%20spark%20oil%20glut%20fears%20041003a.htm - 6k - Cached - Similar pages

Foreign Affairs - The Shocks of a World of Cheap Oil - Amy Myers ...
... the far more likely prospect: a sustained oil glut and long-term low oil prices,
... The political reverberations of a sustained oil glut should not be ...
www.foreignaffairs.org/.../amy-myers-jaffe-robert-a-manning/ the-shocks-of-a-world-of-cheap-oil.html - 41k - Cached - Similar pages

Expect world oil glut to continue into next year - 9/15/1998 ...
Expect world oil glut to continue into next year, especially if Asian export
markets stay weak.
www.purchasing.com/article/CA117646.html - Similar pages

Edible oil glut pulls down Vanaspati prices
... Edible oil glut pulls down Vanaspati prices. Amiti Sen. New Delhi: Vanaspati
prices have dipped by 6 per cent in the month of `Raksha Bandhan' and ...
www.financialexpress.com/ fe/daily/20000828/fco28001.html - 16k - Cached - Similar pages

Alexander's Gas & Oil Connections - Oil glut seems imminent
... 29-04-03 Oil glut seems imminent as prices of the product fell to their lowest
level this year when dealers voted bearishly on OPEC's convoluted output ...
www.gasandoil.com/goc/features/fex32092.htm - 4k - Cached - Similar pages

Asian flu and oil glut weaken outlook for Houston
Downloadable ! Author(s): Robert W. Gilmer. 1998 Abstract: No abstract is available
for this item.
ideas.repec.org/a/fip/feddhb/y1998imar.html - 7k - Apr 7, 2005 - Cached - Similar pages


http://www.google.com/search?hl=en&q=%22oil+glut%22&btnG=Google+Search

[stray cat]

1. Who says Bush isn't good at problem solving - No more oil glut!

[norml]

4. You got that right!

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=104&topic_id=3435560&mesg_id=3435560

[whistle]

2. Well that's the basis of bullshit isn't it........

[Spider Jerusalem]

3. Your point?

Glut = production greater than demand, has nothing to do with supply potential. The MOST RECENT article there is two years old. In those two years, China's demand for oil has risen 40%, and India's 18%. Conwsidering the volatility of the market, and the production constraints which are JUST NOW really starting to make themselves felt, news of an oil glut from two years ago is evidence of less than nothing.

[norml]

5. It's naked market manipulation, and many here help it along, with their

Peak Oil Hysteria

[Spider Jerusalem]

6. You seem to be having a hard time with the basic mechanics...

of supply and demand. Asian demand for oil significantly lower 2 years ago + soft US economy = oil glut; 2 years later Asian demand has wiped out any margin in oil production, US economy superficially stronger (supposedly) = OPEC producing flat-out, no excess oil to be had, no glut. Simple.

And information that's two to eight years old doesn't really illustrate ANYTHING AT ALL except for conditions 2-8 years ago. Get some recent data to support your thesis.

[norml]

8. Inside industry publications seem to tell another story, fear oil glut.

African oil export cartel in the offing?
By Cyril Widdershoven

As the last OPEC meeting, December 4, has not really shaken international markets, traders and financial analysts, the latter are still keeping an eye on developments within and especially around the international oil cartel. The possible rift between leading members of OPEC, especially Saudi Arabia, Iran and Kuwait on one side and Nigeria, Algeria, Libya and possibly Venezuela on the other, seems to be widening. Still no real threats are looming on the horizon in the coming weeks, but it has become clear that the internal powers of OPEC are waning.

Most analysts agree that the next meeting could be the first step to a possible oil glut in the years to come, largely due to the unwill of non-OPEC producers to control their production and export increase and the growing pressure inside of OPEC to renegotiate their respective export quota. Nigeria, Algeria en Libya could become the powerbrokers in a new OPEC scheme, to be devised after December 2003. The exponential growth of their crude oil production in the coming years cannot be sustained within the current export quota of OPEC. To counter this internal dissent, Saudi Arabia and Venezuela, the leading member countries that have set the latest quota system and price-band of the cartel, are at present trying to find external support for their control of the international crude oil markets.

To compensate for possible internal dissent, both leading members are setting up meetings with countries such as Russia, Norway and Mexico. With the latter a meeting is scheduled in the coming days, just after the end of Ramadan (after November 28/29), to discuss the stability of the global market. Additionally, international politics will be discussed, such as the attacks in Turkey and Iraq, which are both having a direct influence on international oil price levels as we have seen. The same negotiations have been conducted officially, and unofficially with other major producers. The success story of OPEC since 1999 has partly been built upon the support of leading non-OPEC members for the price-band tactics and export quota scheme of the cartel. Time will show if this can be repeated indefinitely.

Most factors that are currently forming international energy markets are not anymore purely related to the price of crude oil or the overall export levels of producing countries. External factors have taken over the primacy of supply and demand factors in the oil market. Diversification of energy sources and supply routes have caused a decrease in the importance of the oil factor, not only in the economy but also in the financial and political- strategic sectors. The emergence of natural gas, and the widespread production and usage worldwide of the this commodity is changing the market place forever. OPEC’s (perceived) stranglehold on American and European consumers is decreasing rapidly. In stark contrast to the fact that more 60% of the world’s crude oil reserves are in the Arab (Persian Gulf) countries, natural gas has been more evenly spread, with most reserves being found in the Former Soviet Union (FSU) countries, such as Russia or in the Caspian, or in Iran, Norway, Canada and Egypt. West Africa will play a major role in the new natural gas markets worldwide.



snip



http://www.meprc.com/publications/gesa1356.shtm

[damntexdem]

7. Well, see -- Dubya's been able to solve one problem:

the oil glut and low oil prices.

And, hey, he's working on bringing down the high prices of stocks, bonds, and economic futures.