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From: ramaji

(Rep: 365) reply to bucyrus

Date: 02/19/2012 20:20

Forum: Wall Street Pit - Msg #2239732 - List OIL msgs

Thread #673362887 (Rec: 0)

Re: Oil is fungible... how far for peak oil in your opinion? seems plenty of it!!!

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Reply to bucyrus - Msg #2239724 - 02/19/2012 19:24

Oil is fungible... PLEASE look that up.. you'll stop believing media BS ... yes, oil may go up but that's because most traders don't understand what fungible means

example wheat is fungible... it's all the same... it doesn't matter if it's USA or Argentina or Russia.. it's still wheat and there's only so much bread is going to get baked worldwide so if Russia decides not to sell to France, France will get it from USA and Russia will sell to whoever the USA customer was but

the NET amount of wheat used worldwide remains unchanged

almost any commodity is fungible..

so if Iran stops selling to UK, big woop... UK buys from Nigeria instead and Iran sells to China who now doesn't need to buy from Nigeria any more

the NET amount of oil consumption and supply worldwide remains unchanged

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