Sunday, August 02, 2009

Crude Oil Alert!

CL Daily Chart

Hmm....possible breakout from a triangle formation. Next resistance will be around USD79.00. If USD continues to slide down, expect oil to go up.

Anyhow, have you all heard of the peak oil theory? Go to the OilDrum to get information about peak oil. It seems that Malaysia's oil production peaked in 1997. That is why Petronas need to go out further to the sea to look for oil. Since Malaysia's public transport is in total chaos, I see many hardship for the people. Weak currency, corrupted and authoritarian government, low tech industry or industry that relies extensively on cheap energy and inefficient use of natural resource are all ingredients for a painful suffering to the society when the price of oil goes up.

I really believe that one should now prepare for the peak oil than rely on the government because the current government is too busy in power grapping or to enrich itself that it has any time to plan for the future of our generation.

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