oil futures up again, page-10

re: oil not topping out The oil crisis is very real.

Are we close to panic? Consider this:

News just to hand is that the US Congress, urged by Bush, has narrowly voted approval to tap into the pristine Arctic wilderness of Alaska in the search for additional oil. This area has been protected from such development for over 25 years. Now it seems that ecological concerns will be put on the back burner as Americans are forced to pay more and more at the pump.

The irony is that the oil extracted from this wildreness area is estimated to supply only one twentieth of America's daily needs.

OPEC's intent to pump more oil has been stated but its capacity to do so in a way that meaningfully meets rising global demand is very, very doubtful.

Chinese demand shows no sign of abating and many analysts have missed the mark when assessing the long term impact of "The China Factor".

Saudia Arabia has all but admitted that it is running out of sufficient quantities of light sweet crude (the stuff need to run the internal combustion engine) to keep up with world demand.

The oil crisis is real, make no mistake. Wishful thinking will not make it go away. Those "ostrich heads in the sand" will have to come up for air sometime soon - and they will not like what they see.

Oil topping??? Not any time soon, imo.