During an argument on the merits of drilling in the US, the guy starts with…

“We are such elitists.”

I assume he’s talking about Americans, and then he spills (emphasis mine)…

I’ve got a beach house right on the beach in Ocean Grove. I want a well right next to me.

Elitist, eh?

What a buffoon.

Linkfest Link Barrage Tidbits on real estate and oil, since this last weekend was about sun and fun (at least around here).

• After reporting homes sales were up 4% in New Jersey for the first quarter, the NAR decided that was a tad too optimistic. Revised first quarter…down 30%. As it turns out, a member agent pointed out the error of the NJ faction’s ways. I told you agents were getting pissed.
• The Washington Post is running a three-part series on the housing meltdown, just in case real estate agents, homeowners, investors, etc. still believe the NAR propaganda (i.e. it’s all the press’s fault).
• Countrywide’s Congressional Mortgage Discount Club does not exist. Any thinking to the contrary is “outrageous.”
• David Merkel hands out a few notes on crude oil. Up front, and of particular interest, is the rail against government action to discouraging speculation. Mentioned previously.
• The whole oil mess might be a non-issue anyway - scientists have discovered bacteria that eat garbage and “poop” oil. Will the debate over abiotic oil heat up from here?
• Peak oil or no peak oil, Donald Rumsfeld isn’t waiting around to find out. He bought a Vespa.

Adieu.

Gotta be a market nerd first

• T. Boone Pickens says speculators are scapegoats for recent oil price increases. Good because I noted it first.
• Governor Brian Schweitzer says there is 10X the USGS survey of oil reserves in the Bakken, and he wants to drill for it. Better, because it’s a plus for the US and Montana economies, and Schweitzer owns a collie breed dog (making it hard not to believe and respect the man).
• A black swan formation has appeared in the S&P. I’m reading The Black Swan right now, and was hoping I could relate. But this is just plain funny.

At $127 per barrel, 700 million barrels is enough (according to the Senate). Note that existing reserves represent a little over a month’s supply for the US, and less than 10 days worth on the world scale.

If Canada is the largest exporter of oil to the US, is priming to double it’s output capacity, and of course is not a part of the lovable cadre called OPEC, then I have an extemporaneous question…

Why are we kissing the Middle East’s ass, instead of our friendly northern neighbors’?