LeatherPenguin @ BlogSpot


Wednesday, April 23, 2003

Telegraph | News | Galloway was in Saddam's pay, say secret Iraqi documents
I wish some Yanks could get caught up in this crap all these Euros are caught at. It would give the anti-war crowd some fresh ammo to keep the show rolling toward implosion.

I still have to fisk the quote running under the photo:
"I have never in my life seen a barrel of oil, let alone owned, bought or sold one."
IF THIS IS TRUE, YOU MUST have been removed from the 20th century UNTIL this moment or two in time before you uttered this statement.

You CANNOT have been alive during the OPEC hissy-fit, or had any kind of cognitive existence concerning fossil fuels since the declaration of Earth Day in 1970, to have not encountered the visual representation of an oil barrel in any visual manifestation.

You CANNOT have ever owned, leased or squatted at a domicle since you left your parents' grace if you have never bought a barrel of oil.

The prima facie case is obvious: Unless you can prove every domicile you have ever been the resident of when you were in charge of funding the operation of said residence was bereft of all oil-induced manner of energy generation, you are a schmuck. And, if a semantical game is at play, you are a worse schmuck. I worked in commodities trading, including oil, for over a decade. I never "owned, bought or sold one" either.

Investors, operating in the abstract while suppliers are under the delivery gun, deal in "futures"...the beasts gamble on where the market will move. No beast has any intention of accepting delivery of any contract they currently have in hand. They are just playing odds.

As a newly ensconced resident of a privately owned domicle, the single biggest advice I could ever give anyone looking to delve into this realm is to learn how the oil price comes flowing from the ether into your basement.

The moment I said, "you're selling spot and buying after-Iraq market months," while discussing pricing plans with a local oil company rep, he shifted back in the kitchen chair and said, "We base are prices--"
ME: "On the Merc."
REP: "Well, our cap prices reflect--"
ME: "Shit. Look, I can but the fucking oil just as easy as you. I can buy a four month contract and sit on it until October. The only problem with that is delivery and storage."


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