07 Jan '12, 3pm

Drumbeat: January 7, 2012

Posted by Leanan on January 7, 2012 - 11:09am Pumping Up TAPS: Four years of stability The economic, political and technological forces that have always driven oil prices will continue to do so in the future, but with a difference, longtime oil industry analyst Roger A. Herrera told Petroleum News Nov. 28. “In 2008 the first recent economic recession, I could argue, was triggered by the high price of oil. It was affecting everything we were doing,” Herrera said. “However, today oil is a follower, not a leader. That was forcefully demonstrated during the battle in Libya a few months ago when 1 billion barrels per day of oil production effectively dried up and there was virtually no effect on world oil prices.”

Full article: http://www.theoildrum.com/node/8821

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