Distillates

The evidence is mounting that the US might just encounter the first real crisis of the oil depletion age before the year is out. The crisis at first will be one of spiraling prices for diesel and heating oil that will cause considerable economic havoc, and then there may be actual shortages right here in the United States.

Supply side follies

Lower oil production, exploding production costs and capturing a shrinking fraction of oil profits has not prevented oil companies from enjoying record high profits. These profits are so large that they have masked the fact that US corporate profits are otherwise in the doldrums