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  1. Current propaganda around oil and especially US capacity is truly atrocious.

    Behind this there is a myth that is really time to debunk : that the first oil shock was due to the “arab embargo”, when it was a direct consequence of US production peak in 1970.
    The embargo was a quasi non event in terms of barrels taken out of the market.
    And looking at below graph should be sufficient to clear up things :
    http://s3.amazonaws.com/greenwala-attachments/production/attachments/22115/large/residential-heating-oil-production-import.jpg?1317752678

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