258. U.S. CRUDE INVENTORIES HIGHEST IN 7 YEARS
SINGAPORE, March 9 (Reuters) - Oil prices slipped under $60 a barrel on Thursday taking losses for the week to 6 percent after OPEC decided to keep pumping at near full rates and U.S. crude inventories built to the highest level in nearly seven years.SourceI'm not sure how the peak oilers explain this one. After all, Professor Kenneth Deffeyes of Princeton University (one of the best-paid, most widely respected geologists in the world) claims we already peaked months ago. And as recently as Aug. 6, 2005, Matthew R. Simmons (one of the best-paid, most widely respected investment bankers in the world) was claiming that by now we'd be seeing a global oil shortage of 2 to 5 million barrels per day.
-- by JD