Paying attention this time

From PeakOil: Mr Pickens was just on CNBC's closing bell segment and basically said the words out loud. Peak world production. Demand outstriping supply by the 4th quarter, maybe sooner. No excess production coming on line anywhere. He predicted 60$/bbl by the end of the summer and 3+/gallon here in the states this year. This guy is not usually wrong when it comes to this stuff. It doesn't get any more mainstream than this. Maria Bartiromo didn't quite get what he was saying I think. She asked even though there has been a good run amongst energy stocks as of late when will there be a pullback? T. Boone didnt even miss a beat, he said he didnt think there will be one! I tend to agree with the view that Wall Street reporters tend to miss out on explaining the underlying mechanisms of stock market shifts. During the 1999-2001 slide, for example, apparently very few reporters mentioned Enron unfavorably until it really tanked. Frequently, the typical reporter will explain most actions by "profit taking" and leave it at that. This time around, we as consumers have the inside knowledge of oil depletion issues -- a position leading to a 180o perspective shift from the cloaked shenanigans which occurred during the last tech bubble boom and bust. This time around, we can all see the house of cards in plain sight.

What's happening on Wall Street What's happening at the Stock Exchange I want to know What's happening on Small Caps What's happening on Nasdaqs I want to know I watch you on the TV every single day Those eyes make everything okay I watch you every day I watch you every night She's a really out-a-site Maria Bartiromo Maria Bartiromo Maria Bartiromo What's happening with Yahoo! What's happening with AOL I want to know What's happening with Intel What's happening with Amazon I want to know I watch you on the TV every single day Those eyes make everything okay I watch you every day I watch you every night She's a really out-a-site Maria Bartiromo Maria Bartiromo Maria Bartiromo Maria Bartiromo Maria Bartiromo -- Joey Ramone

Update: Another analysis of the CNBC segment at LOBG2