Lawrence Summers, America's treasury secretary, attracted attention recently when he likened the new-technology boom to a positive supply-side shock, the converse of the oil-price shocks of the 1970s.
It is concerned about the impact of the oil-price shock on the supply side of the economy.
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In 2012, the growth of U.S. oil supply saved the market from significant supply-side tightness given the scale of non-OPEC supply disappointments elsewhere, like in Brazil.
But now, as the head of PDVSA, the state-owned oil company, he is on the other side.
In the Valdez incident, the company responsible was a giant multinational with deep pockets and an interest in keeping on the right side of the American government and the oil-rich state of Alaska.
The crude oil bears still have some downside near-term technical momentum on their side.
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However, crude oil bulls still have some upside near-term technical momentum on their side.
U.S. Defense Secretary Donald Rumsfeld said "as many as three or four" oil wells may be burning on the Iraqi side of the Iraq-Kuwait border.
The crude oil bulls have some fresh upside near-term technical momentum on their side, which also should be a bullish underlying factor for the precious metals.
While iron ore, metallurgical coal, copper, and crude oil faced temporary supply side disruptions that boosted prices excessively, the longer-term, commodity super cycle remains intact.
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The crude oil bulls now have some fresh upside near-term technical momentum on their side, which should also be a bullish underlying factor for the precious metals.
The crude oil bulls still have some fresh upside near-term technical momentum on their side, which also should be a bullish underlying factor for the precious metals.
Oil bulls still have a bit of upside near-term technical momentum on their side.
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Now oil is again outside the oil-gold price ratio band, slightly, and this time to the other side.
When cooking the fish skin-side down, be sure to coat the pan completely with oil, and to watch the fillet closely.
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Oil companies thought they had science--and the law--on their side.
On that occasion, the win was supposed to be the first taste of success for the new incarnation of the team, a talented side that would only get better as it splashed around its oil-rich owners' money.
First, it reduces the chance that our families, our businesses, and our economy will be held hostage to the whims of the oil market -- will be held hostage to something that happens on the other side of the world.
On the negative side, coal lost more than 19 percent, followed by crude oil (-14.1 percent), nickel (-13.6 percent) and lead (-12.3 percent).
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