Saturday, March 05, 2005
Are We Journalists? and Oil
A California judge said in a preliminary ruling that bloggers should not have the same protection afforded to journalists under US law.Bloggers have had some things to celebrate lately, but it will all be for naught if we don't get journalist status.
In TrendMacrolytics Don Luskin writes, are you scared about Oil at $50 per barrel? Don't be worried! Doomsters are only projecting the latest trend into the future. He says "they" did it with Nasdaq when it was 5000 saying it would be 10,000 soon. I remember in 1974, the stock market made a low at about 525,(yes, for you newbies 525!) and many missed that historic low, which climbed for the next 20 years, because they thought the Dow would drop back to the high set in 1929 of just under 300.
Luskin writes about a new book out called The Bottomless Well, by Peter W. Huber and Mark P. Mills.
The thrust of the book is that we're not running out of oil, and that we never will. Or, to put it more precisely, even if we do, there is an inexhaustible supply of energy to replace it.As I said in October, 2004, the lack of energy is not the problem, but what price will it take to unlock that energy. Since the price of Oil is inelastic, I pointed to a study by Bridgewater Observations that $100-120 per barrel would be the key to unlock all that energy. Now are you scared?