Even now oil prices are breaking fast, as Obama reminds the world that he is a presidential candidate first and a president second.
Basically, Obama did the math and realized something very important, where P equals price of oil and s equals people’s savings, over a period of time after Obama fucked with Iran in an election year, from before:
(P-s)/(t_2-t_1 ) = Δ
I don’t really buy that the Iranian oil embargo would have done much to the supply situation of oil anyway, as the world is more than happy to go behind our backs to do what they need to do to secure cheap energy. If anything, I think the embargo would have given powerful leverage to other countries in their efforts to force pricing lower.
It would have created local markets for Iran with very few buyers. And big countries that can satisfy their thirst cheap with Iran don’t need to meddle in European markets.
And European markets that don’t have China budging in would have prices that make coming to U.S. markets unattractive.
And a U.S. without European interference has more than enough oil.
But I don’t disagree that the market didn’t see eye to eye with me and was more than too happy to bid oil up anyway. So Obama and company just caved. Pretty hilarious, actually, since now those of you pushing oil as the single greatest investment of 2012 now need to come up with an excuse to hold prices here…and how quickly too.
Don’t look now, but I bet Nigerian oil worker strikes will be the number one Twitter feed any minute…
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I wonder if Geithner was really begging the Chinese not to start WW3 if we bombed Iran? Those talks went about as well as to lead to this sort of announcement.
The talk of a housing market bottom has begun.
In four more months, the people calling for this bottom will become conveniently deaf whenever the subject is brought up…
BRAVO!