Comment 28148

By jason (registered) | Posted January 12, 2009 at 10:57:46

60 Minutes last night had a 30 minute segment dedicated to oil prices and their recent rise, then fall. They didn't mention peak oil and kept speaking with 'experts' who said that supply and demand wasn't the problem because US demand gradually decreased even while the price was increasing (I guess it's too much to ask for the US to ever pretend that there is a whole planet full of people besides them). They also interviewed some guy who delivers fuel in Kansas and he said their storage tanks were always full, proving that supply and demand wasn't the issue. LOL. Apparently Kansas is now the benchmark of world supply/demand.

Basically they concluded that Goldman Sachs and other Wall St firms were 100% responsible due to their oil trading. Obviously there is some truth to that, but it was the first US 'news' show I've watched in a few years and it was remarkable to see the same old narrow-minded, US-centric focus that I remember from their 'news' stations. Not a word about peak oil, world supply/demand, slower returns from the worlds largest fields, increasing costs to refine a tougher product and absolutely ZERO mention of the interconnectedness of oil and the economy.

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