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June 26, 2013

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I know it's a one off liner, but it begs the question that's not answered in the post. What *were* Chavez' reasons?

Who knows? I'm serious ... I gave up trying to figure him out several years before he passed away.

Oh! Albert O. Hirshman would have loved this. The unintended consequences of bad planning/failure is the kind of things he explained in his essay "The Principle of the Hiding Hand".

Question: Why are tanker rates depressed, and why do you expect a (near-term?) rebound?

Bernard --- I'm doing blog maintenance and keep finding things that have just sat around. So the below is two years late. But here's what I wrote back then:

Dropping North American imports have depressed the tanker market. That will likely end, since there are alternative markets. Should that assessment turn out to be wrong, then tankers are useful for storing unsold oil. Either way, the market should recover.

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