Well, somebody has to support hydrogen (and it isn't me). Wired Magazine isn't enamoured of it anymore either.
"Hydrogen Cars Won't Make a Difference for 40 Years" http://www.wired.com/cars/energy/news/2008/05/hydrogen Regarding the Lehman Bros. article. I can see a slow down in the U.S. economy reducing the demand for gasoline and diesel (and therefore oil), but I don't see how bringing on more refinery capacity will reduce the demand for oil. If refinery capacity was a real bottleneck, the price of oil should be going down while the price of gasoline rises considerably faster than diesel (less fractional distillation required for diesel). Personally, I think the growing economies in China, India and elsewhere will more than take up that slack in supplies fairly quickly. To my mind, there are other factors at play than simple supply and demand, or perhaps I should say other players are driving the visible facts. Darryl McMahon Robin&Leigh Termath wrote: > But we still like hydrogen... > Robin > > > --- Keith Addison <[EMAIL PROTECTED]> wrote: > >> <http://moneynews.newsmax.com/money/archives/st/2008/4/25/175710.cfm?s=sp&promo_code=6235-1> >> >> Thanks Kirk. Let's put it in the archives. We were >> way ahead with >> this - there is no oil shortage, there's no food >> shortage either. >> >> I thought you meant this Lehman's: >> http://www.lehmans.com/ >> >> :-) >> >> Best >> >> Keith >> >> >> Lehman Bros. Report: Oil Bust in the Cards >> >> Friday, April 25, 2008 5:56 p.m. EDT >> >> Is $120 oil even real? Not if you ask the Saudis, or >> even Lehman Bros. >> >> The investment bank's oil expert said this week that >> the oil boom is >> due to bust. Economic growth across the globe will >> slow just as new >> refineries kick in, raising supply. >> >> Recession or not, a U.S. slowdown will slacken >> demand sharply, right >> as new oil hits the market. "Supply is outpacing >> demand growth," said >> Michael Waldron, Lehman's oil strategist. >> >> "Inventories have been building since the beginning >> of the year. We >> have pretty significant projects starting soon in >> Saudi Arabia, and >> large off-shore fields in Nigeria," he said. >> >> Lehman is now predicting prices at $83 a barrel in >> 2009 and as low as >> $70 in 2010. >> >> Although some years off, Brazil too has found as >> much as 8 billion >> barrels of light oil and gas offshore. The South >> American giant's >> president says his country might well join OPEC when >> the Tupi field >> begins to pump, in 2011. >> >> In addition, Middle Eastern sovereign wealth funds >> have pushed up the >> oil price by investing billions of their oil gains, >> ironically, in >> commodities index funds. >> >> Now they could be looking to get out, warns Waldron. >> He figures the >> money effect has driven anywhere from $20 to $30 >> into the barrel >> price. >> >> In addition, a weak dollar is holding oil prices >> high, according to a >> series of statements from OPEC leaders over the past >> week. >> >> If you buy the views of OPEC's various leaders, >> that's at least >> another $20 of oil price that is not supported by >> the actual supply >> and demand situation. >> >> In addition, Europe's central bank seems bent on >> containing inflation >> there. A rate increase in Europe is sure to contain >> the euro's rise >> against the dollar - if serious steps are taken >> soon. >> >> Couple that with a lower-than-expected rate cut in >> the U.S. next >> week, or perhaps no cut, and the oil price drops as >> the dollar gains >> ground. >> >> All this is having little immediate impact now, of >> course. U.S. gas >> prices at the pump hit $3.58 a gallon just as the >> summer driving >> season kicks off. >> >> If nothing changes, analysts now expect gas to rise >> to as high as $4 >> a gallon in as little as a month. >> -- Darryl McMahon Are high energy costs getting you down? The hydrogen economy is not going to save us. Want to know what will? The Emperor's New Hydrogen Economy (in trade paperback and eBook) http://www.econogics.com/TENHE/ _______________________________________________ Biofuel mailing list Biofuel@sustainablelists.org http://sustainablelists.org/mailman/listinfo/sustainablelorgbiofuel Biofuel at Journey to Forever: http://journeytoforever.org/biofuel.html Search the combined Biofuel and Biofuels-biz list archives (70,000 messages): http://www.mail-archive.com/biofuel@sustainablelists.org/
