"It was Paul Thornton of Northern Sec"

What a dud that guy is! Not much to write home about there... If I take his logic... offshore oil is too expensive to explore, drill, and produce... and the US demand is the only driver in the global environment.

The commodities are all going to go into decline....Bull s%4T!

I guess this means that 2 billion + chinese and Indians will just have to wait to climb up the ladder untill the US fixes the self induced housing colapse, and American manufaturers lacking the vision to produce the right vechicals for todays market.

Fact is oil is the world currency... It's price in US dollars reflects the weakness in that currency.... oil is about 75 euros representing about a 50% increase from 8 years ago in Euros.... and 300% increase in us dollar terms over the same time frame.

If you take Thornton's point of view, Fred Flintston will be happy ... Back to the stone age.

He compared commodities/ metals etc to the tech bubble.... The difference is that commodities are tangible assets that are consumed..... Intelectual property dirivatives etc are illusions that have perception of value to those willing to accept them and trade for hard erned money.

Personally I am heavily into the exploration, development and production of commodities reguired to build wealth in a global context.

The overall well being of humanity has a long way to go before equality is achieved... and that will take a huge buildout in infrastructure within a diminishing petroleum environment. So do 3 billion people stay in their present situation waiting for the 300 million Americans get their crap together..... Or do they ignore the problems in the US and sieze the oportunity the US weakness is presenting to advance their lifestyle by securing commodities for their expanding development.

I'm betting on the later.

JMHO