[Marxism] More questions on Oil and Bouzhie Publications

Prem K Govindaswamy govi0006 at umn.edu
Thu Nov 10 20:29:46 MST 2005


      Here is another thing which seems curious. In the Economist, under
the article "Recycling the petrodollars", dated Nov. 10, the article reads:
      
      "The rise in oil prices represents a big redistribution of income
from those who buy oil to those who produce it. Past periods of high prices
have not lasted long, but this time oil producers' extra revenues might
prove to be more durable. The futures market expects oil to stay expensive,
even though the price of a barrel of West Texas Intermediate, an industry
benchmark, recently slipped back to around $60."
(http://www.economist.com/finance/displaystory.cfm?story_id=5136281)

In the WSJ article on the same day, it is written:

      Light, sweet crude fell $1.13 to $57.80 a barrel on the New York
Mercantile Exchange, oil's lowest settlement since July 21, after the
International Energy Agency trimmed its world oil demand view by 60,000
barrels in 2005 and 140,000 barrels a day in 2006.

(http://online.wsj.com/article/SB113162446514793459.html?mod=home_whats_new
s_us)

Can anyone this part, as the "futures market" says oil will stay
"expensive", while the price per barrell seems to be falling?






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