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“Oil is in a bear market. Put less melodramatically, prices have dropped more than 20 percent from their recent high early last month. Not only that, West Texas Intermediate crude futures have managed to fall for 10 straight, which is a historically impressive losing streak.
Why is this happening? The best explanation appears to be that producers ramped up supplies to fill an expected gap that would be left by the U.S. pending sanctions on Iranian crude exports. But what producers didn’t seem to anticipate was the U.S. granting a number of countries waivers to buy oil from Iran, meaning that the effect on global supplies won’t be as great as expected. So, there’s now a glut of crude sloshing around the world.
Stepping back a bit, there is a bigger picture theory that’s in vogue to fit what is happening. As oil prices spiked 10 years ago, the notion of “Peak Oil” got a lot of attention. This idea basically proposed that supply had peaked, reserves would steadily start to run out and oil prices would rise. Now, the notion is of Peak Demand. New services-oriented economies are not as dependent on oil as economies built on manufacturing. Demand may, indeed, have peaked.”
JJ Editor's Daily Picks
"The biggest topic in British political circles on Monday wasn’t the country’s impending departure from the European Union. It was milkshakes..."
"I often disagree with Rep. Justin Amash, R-Mich., but I've been disturbed by the idea that he should be run out of the Republican Party just because he believes President Trump committed impeachable offenses."
"The Icelandic band Hatari, whose members are quite vocal in their animosity towards Israel, held up Palestinian flags... Madonna, likewise, had two of her performers wear Israeli and Palestinian flags on their costumes."
"To celebrate the 10-year anniversary of Quentin Tarantino's "Inglourious Basterds" premiering at the Cannes Film Festival, I turn to movie critic Roger Ebert's old review of "Raiders of the Lost Ark." (Trust me on this one.)"
"The money is already here—and has been for years. In the midst of a housing crisis, an injection of cash into the superheated real-estate market seems likely to cause an uptick in evictions and displacement."
"Parents concerned about YouTube debate whether to let their children have their own channels; some forbid it, others send them to summer camp..."
"‘I Had Completely Lost the Knack for Staying Alive..." Warmer weather brings daffodils, rhubarb at the farmer’s market — and, for some, despair."
"With his new book, Howard Stern proves that his rightful place is among the prophets and moral visionaries, not the ‘shock jocks’"
"I’m terrified of parenting in the anti-vaxxer age: Anti-vaccine propaganda isn’t just harmful to children. It threatens to erode our entire sense of community."
"...doctors are starting to think more about specific nutrients that feed tumor cells. That is, how what we eat affects how cancers grow..."
"...it represents an impressive achievement: a victory of humankind against the chaos that pervades the universe."
"If trends continue, in 20 years the majority of the world’s Jews will be living in Israel. The United States will see a continuing decline in overall numbers, with a growing observant Jewish population..."