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POPSEnergy crisis is postponed as new gas rescues the world
"The common wisdom was that unconventional gas was too difficult, too expensive and too demanding," he said, according to Petroleum Economist. "This has changed. If we ever doubted that gas was the fuel of the future – in many ways there's the answer." The breakthrough has been to combine 3-D seismic imaging with new technologies to free "tight gas" by smashing rocks, known as hydro-fracturing or "fracking" in the trade. The US is leading the charge. Operations in Pennsylvania and Texas have already been sufficient to cut US imports of liquefied natural gas (LGN) from Trinidad and Qatar to almost nil, with knock-on effects for the global gas market – and crude oil. It is one reason why spot prices for some LNG deliveries have dropped to 50pc of pipeline contracts. We may soon be looking at an era when gas, wind and solar power, combined with a smarter grid and a switch to electric cars returns the country to near energy self-sufficiency.
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POPSKissinger Admits Iran Attack Is About Oil As blogger Robert Weissman points out, the "legitimate aspirations" that Kissinger affords Iran later in the piece "do not include control over the oil that the United States and other industrial countries need." According to the CIA's world factbook, Iran has the world's second largest reserves of conventional crude oil at 133 gigabarrels. Adding non-conventional oil, Iran holds 10% of the global oil supply. Kissinger's admission that U.S. control of Iranian oil supplies is the real agenda behind hostility towards Iran would raise eyebrows and bring condemnation from many, but there are a hard core of Neo-Con cheerleaders who would support such an agenda even if it is openly accepted that nuclear proliferation is just a smokescreen for looting more middle east oil.
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POPSAmerica: Don't Wait For Pelosi, Seize Our Energy Future Now!
Only today, they have energy as a weapon. One premise of the new Putin Doctrine is that oil prices will stay high and that Russia, with its plentiful reserves, can use oil profits to fund its global ambitions. This is where Congress comes in. Since President Clinton refused to allow drilling in the Arctic National Wildlife Refuge in 1995, Democrats have stood in the way of any rational energy plan. Today, we pump just 25% of our oil; 40 years ago, it was 60%. We send about $900 billion a year overseas to buy oil, money that helps fund Russian and radical Islamic mischief. This is a problem. Now for the good news: The U.S. is the world's largest potential oil supplier — with as much oil, the Institute for Energy Research says, as has been used by the entire world over the last 150 years. Just offshore, we have 86 billion barrels of crude. The U.S. Arctic region, including Alaska, holds 30 billion barrels. In the Far West, we have more than 800 billion barrels of shale oil.
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POPSWhy it pays to be a Moderate Republican. Collins fights oil speculators. Collins was also one of only three Republicans voting in favor of Obama's economic stimulus bill, and that only after getting a promise of spending cuts and more school construction. Obama may need a handful of Republicans to revamp of financial regulation, including the oil markets. Will Collins demand something again from the president in exchange for crossing party lines? Offering a coy smile, Collins answered, "I do think the president has been receptive when I make suggestions."
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POPSSaudi Arabian Oil Minister Naimi Says Oil To Reach $75 A Barrel The July contract increased 8.2 percent this past week. Oil is up 38 percent this year. Naimi said oil should keep at about $75 a barrel “because that is what is desired for the world economy.” Saudi Arabia produced less than its quota of 8 million barrels a day last month, according to a May 13 OPEC report. The Saudis produced 7.9 million barrels of OPEC’s 25.3 million- barrel daily output. Naimi said last month that helping to keep oil prices at $50 a barrel was his country’s contribution to the world economy, which is fighting the worst recession in six decades. Since he made those comments in Tokyo on April 25, crude prices have climbed more than 20 percent to above $60 a barrel. OPEC cut its 2009 forecast on May 13 and now estimates daily oil demand will fall by 1.57 million barrels, or 1.8 percent, to 84.03 million barrels of oil a day this year.
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POPSAIPAC Bill to Cut-off Oil Products from Iran, Jeapordizes US Economy More
Iran imports 40% of its petroleum products, which AIPAC is leaning on Congress and Obama to cut-off under pretext of "nuclear threat" (hogwash, no evidence of that). See the video and details from the 2009 AIPAC Conference just concluded. Let's imagine the consequences of cutting of oil products from Iran: 1. Iran could reduce supply of crude petroleum to US and others, and get OPEC to agree. Iran controls a large percentage of world supply of crude. 2. Gas prices in the U.S. would skyrocket (again), in this economic war on Iran, in the midst of a severe recession and high unemployment (still growing)! 3. In consequence of #2, all consumer products (that require transportation and fuel) would also skyrocket , causing inflation of prices during recession and unemployment! AIPAC does not care about the U.S. , only the radical Zionist agenda of a "new middle east", and only them with nuclear weapons. Tell Congress NOT to support this legislation!
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POPS Chairman Zero’s Gift to OPEC that would increase electricity costs by up to 400% and cost 4,000,000 jobs. (I guess fewer people working means fewer people “polluting.”) Environmental extremists have to be pleased with Chairman Zero’s actions. Hugo Chavez, Mahmoud Ahmadinejihad, and the bin Ladens must be thrilled. For the rest of us, who don’t get to use government provided cars, helicopters, and jets for transportation … and for the tens of thousands of workers who won’t be getting jobs in the oil fields… we should not be happy about this. Chairman Zero's environmental policy: Environmental groups are fellated while consumers take it in the rear.
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POPSOil Speculation: It's Back: And This Time, It Really Is Making Oil More Expensive ($12 a barrel higher, to be precise) than the spot price - a scenario futures traders call a "contango" market. (The opposite scenario - spot prices higher than futures prices - is known as "backwardation.") "The steepening of the contango has opened up carry-trade arbitrage opportunities that are slow to be closed due to constrained credit conditions," Goldman Sachs wrote in a recent research report. Translation: this is a great time for investors to be hoarding oil. Today's market is giving Goldman clients and other well-heeled investors an opportunity to buy oil in the spot market for $50 a barrel, sell it forward in the futures market for $62, and then pocket the $12-a-barrel difference, less storage costs.
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POPSWindfall Losses - Government Assitance To Come? No screaming from spittle-flecked leftists about the conspiracy to drive down the price of oil and cause oil companies to lose money. Don't they deserve a bailout too? Don't be so hard-hearted. What's a couple of billion more when you are already throwing away a trillion.
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POPSOil jumps $25! I don't think this has hit the market yet, some of my tickers are still reporting the old price. Once today's market gets wind of a major jump in oil on worries about the dollar because of this bailout, we're in for some trouble. How can we bail out banks to the tune of $700b+ from federal money without devaluing the dollar?
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POPSHigher Gas Prices Likely On The Horizon more than $4 per gallon for gas on average - helped slash demand for oil. From November 2007 to October 2008, Americans drove 100 billion fewer miles than the year before, according to government figures. The nation's biggest automakers lurched toward bankruptcy as sales of sport utility vehicles and trucks plummeted. "We wouldn't be bailing out the automobile industry today ... had we not had this crazy situation with oil prices," said Daniel Yergin, chairman of Cambridge Energy Research Associates. Oil giants like Exxon Mobil, Chevron and ConocoPhillips have yet to announce their 2009 capital spending plans, but analysts say most companies are likely to shelve some projects. Already, Royal Dutch Shell has postponed a near-doubling of production in Canada. Marathon Oil says it expects to cut capital spending by 15 percent in 2009.
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POPSDrillers eye oil reserves off California coast Californians have generally opposed drilling since a platform blowout in 1969 splashed 3 million gallons of black, gooey crude oil on 35 miles of beaches around Santa Barbara, killing otters and seabirds. The destruction of shoreline and wildlife sparked activism and led to the creation of the Coastal Commission. But when gas prices peaked a few months ago amid cries of "drill, baby, drill" at rallies for GOP presidential candidate John McCain and running mate Sarah Palin, 51 percent of Californians said they favored more offshore drilling, according to a survey by the Public Policy Institute of California.
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POPS Down To A $Buck? . . . . Really? It’s “almost” a story … but I admit to being sucked into contemplating the possibilities. I mean, come on … A buck a gallon? Honestly, if I had to bet the deed to the house, my guess is it’ll never happen. Still, if this, too, is part of some master plan by George W. Bush to continue to manipulate gas prices (as he has been doing since the invasion of Afghanistan), I admit to being baffled by this one. He probably already knows that, though, seeing as he is also tapping my phone.
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POPS Oil Prices Drop Around The Globe Fewer jobs, fewer factory orders and slowing construction have added up to a severe drop-off in energy use, sending crude prices plunging. "People are waking up to the fact that there may not be much demand," said Phil Flynn, an analyst at Alaron Trading Corp. Prices at the pump continued to decline, falling 1.4 cents overnight to $1.79, according to auto club AAA, the Oil Price Information Service and Wright Express. That price is down 60 cents from just last month. The average price in Alaska, $2.74 a gallon, remained the nation's highest. Alaska is one of only three states remaining where the average is above $2. The Alaska average has fallen 73 cents in the past month. The average price in Anchorage was $2.58 a gallon Thursday, down 61 cents in the past month. "We have entered a new era of lower gasoline prices and oil prices," he said.
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POPSPirates Capture Saudi Oil Tanker Pirates have seized a giant Saudi-owned oil tanker in the Indian Ocean off the Kenyan coast and are steering it towards Somalia, the US Navy reports. The US-bound tanker was captured on Saturday some 450 nautical miles (830km) south-east of Mombasa, and is now approaching the Somali port of Eyl. The Sirius Star is carrying its full load of 2m barrels - more than one-quarter of Saudi Arabia's daily output. Its international crew of 25, including two Britons, is said to be safe. Lt Nathan Christensen, a spokesman for the US Navy's 5th Fleet, said the attack was "unprecedented". The route around the Cape of Good Hope is a main thoroughfare for fully-laden supertankers from the Gulf, the world's biggest oil-exporting region. With a capacity of 318,000 dead weight tonnes, the ship is 330m (1,080ft) long and is classed as a Very Large Crude Carrier. "Vela response teams have been mobilised and are working to ensure the safe release of crew members and the vessel," it a
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POPS Oil Falls Below $64 As Economy Outweighs OPEC News that Japan's Nippon Oil plans a 15 percent cut in November crude oil refining, from a year earlier and data showing China's September oil demand growth was its slowest in 10 months also weighed on oil prices. Despite OPEC's Friday decision to cut back on production, oil prices have continued to slide. Kuwait's oil minister said OPEC was concerned about an oil price fall after it cut output but it would take time to decide if the cut was sufficient, while Venezuelan President Hugo Chavez said OPEC should create a crude price band between $70 and $90 per barrel. Separately, crude oil speculators on the New York Mercantile Exchange shifted to a net long position while open interest dropped in the week to October 21, the U.S. Commodity Futures Trading Commission reported on Friday.
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POPSOil Demand and Price Falls--No Need to Drill More Supply of crude oil is way up. Gas demand dropped over 4 percent during last month. Just ask the automakers who have large inventories of trucks and SUVs unsold. That consumers have changed both their habits and vehicles is now registering in demand at the pumps. With this being the situation Big Oil will not be doing any new drilling soon, no matter what politicians say. (Not against new drilling, just showing that supply was never the problem causing high prices).
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POPSOPEC Cuts Oil Production: NATO Not Happy. NATO, i.e. the EU and the United States. "Scandalous." says British Prime Minister Gordon Brown. IMO, The best thing I think we could do is make it our highest priority to produce alternative energies (and cut energy use-conserve) We should make this a WAR. The WAR to fund and find ALTERNATIVE ENERGIES. This is the Obama Plan --and, of course, it was and is the thinking of many in Europe and around the world. McCain wants to: "Drill, baby drill!" But Obama is right, we can't drill ourselves out of this problem. If we spent as much money as we now spend on the war in Iraq (12-14 billions a month?) I seriously think we could do it...not just on the science we know now but the science we could discover as we move forward (like we discovered the A-bomb at end of WWII...we could discover the "A-Bomb of Alternative Energy." Worst idea? > Using the lie of spreading Freedom and Democracy to invade and occupy more oil rich countries.
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POPSOil price plunge hurting mullahs: Ahmadinejad suspends tax hike Iranian merchants are revolting. Very funny. I don't mean their offensive odor. I mean they are protesting the harsh economic times with oil prices slashed by 50% and hurting the economy which is geared to producing nukes. Now how about a full blockade on their ports? No more an act of war than Iran providing explosively formed penetrators to their Iraqi stooges that have been killing our boys in harm's way.
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POPSGas Prices Down, Still Higher Than Last Year This data is thru Oct. 6. Gas prices today are down even more, almost to 3.00 per gallon, but still higher than a year ago. The price average last year at this time was 2.77. Prices were 1.29 pre-Iraq war in 2002. Note the crude stock chart shows that while monthly prices are falling monthly crude supply has remained about the same , busting the "supply is the problem" propaganda.
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POPSOil & Gas Prices Plunge; Supply Unchanged High gas prices were driven by speculators in oil futures, low valuation of dollar, and war fears--NOT BECAUSE OF LIMITED SUPPLY. Making this point again since GOP propagandists were blaming high gas prices on lack of drilling and our "enemies at OPEC". Baloney! This should bring an end to that pack of lies. 1. This is investor driven, (read the analyst in the clip above). 2. The dollar is now regaining strength , which is used in international oil trade. (But the record $10.2 trillion national debt is made of fake printed money, which is inflationary, and still a huge problem). 3. War fears, which drive speculation also, have subsided as the prospect and drumbeat of war with Iran has diminished (for now). Until Israel foments war again. These are the three principle causes of high gas prices, now being reversed. Let the "drill" propagandists for supply as the cause now shut their mouths.
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POPSOil Posts Biggest Gain as Traders Caught in End-Month Squeeze Oil has risen 33 percent since Sept. 16 as lawmakers pledged fast consideration of the Treasury's plan to buy devalued mortgage-related securities. We are back to the cycle that pushed prices to records earlier this year.'' Gasoline for October delivery increased 10.41 cents, or 4 percent, to settle at $2.7038 a gallon in New York. Heating oil rose 14.52 cents, or 5 percent, to settle at $3.043, the biggest single-session gain since June 6. Regular gasoline, averaged nationwide, declined 1.8 cents to $3.739 a gallon, AAA, the nation's largest motorist organization, said today on its Web site. Pump prices reached a record $4.114 a gallon on July 17. Crude oil prices are ``too high'' because the global economic slowdown may spread and cut consumption, the International Energy Agency's deputy executive director said. ``Gold, silver, oil, copper, just about any hard asset, is looking good at this point,'' said Michael Fitzpatrick, VP at MF Global Ltd. in New York.
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POPSGot Gas? continued......What's the problem then? Why aren't oil companies jumping to pump the black gold? Contrary to what some conspiracy theorists would have you believe, there is no cabal of oil companies and foreign governments blocking the way, bottling up U.S. oil production. The reality is much more mundane. Those untapped reserves are located in places that either Uncle Sam has put off-limits for environmental reasons or are too costly to get -- or a combination of both. Given current sky-high prices for crude oil and the likelihood that oil prices will remain high -- at or above $100 a barrel -- for the foreseeable future, it is now economically viable to tap some of those reserves. But environmental concerns -- ranging from preservation of pristine lands to worries about increasing the use of fossil fuels and accelerating global climate change -- remain a hurdle. http://www.kiplinger.com/businessresource/forecast/archive/The_U.S._s_Untapped_Bounty_080630.html
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POPSSham Drilling Bill Sends Crude Oil Up $12 A Barrel The ruse began late Monday night, when Speaker Nancy Pelosi released a 290-page bill and then waved it through less than 24 hours later, 236-189. "Closed" rules prohibited the GOP from offering alternatives. The real game was to give vulnerable Democrats political cover by letting them vote for more offshore drilling -- while also making more drilling all but impossible, thus appeasing the party's green wing. ... The bill would allow exploration on the Outer Continental Shelf, but only in waters 100 or more miles out in the Atlantic and Pacific. The farthest reaches of the OCS contain resources, but undersea geography and deep water make development very -- if not prohibitively -- expensive. Areas closer to land are far richer and easier to access. Conveniently, Mrs. Pelosi's bill imposes a 50-mile "buffer zone" around the country.
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POPSRussia Halts Trading After 17% Share Price Fall The liquidity crisis is being caused by a crisis of confidence in which people are frightened to borrow and frightened to lend.” Shares in Russia’s biggest state-controlled banks led the slide with Sberbank, the state-controlled savings bank, closing 21.72 per cent down and VTB losing 29.26 per cent. The bank was suffered on investor fears about its securities portfolio, which makes up about 10 per cent of its assets. Crude sinks as traders await Opec decision September 10 2008 Ahead of yesterday's meeting in Vienna, Opec members remained divided over whether to reduce production, with Iran supporting a cut while Kuwait expressed opposition to any move. Ali Naimi, Saudi Arabia's oil minister, said the oil market was "fairly well balanced", which some traders interpreted as a signal that a formal production cut was unlikely. http://www.ft.com/cms/s/0/12983a2e-7ed0-11dd-b1af-000077b07658.html?nclick_check=1
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POPSThe Death Of OPEC September 11, 2008 “We will see what the market requires and we will not leave a customer without oil." “Saudi Arabia will meet the market’s demand,” a senior OPEC delegate said. OPEC will still have lavish meetings and a nifty headquarters in Vienna, Austria, but the Saudis have made certain the the organization has lost its teeth. Even though the cartel argued that the sudden drop in crude as due to "over-supply", OPEC's most powerful member knows that the drop may only be temporary. The downward pressure on oil got a second hand. Brazil has confirmed another huge oil deposit to add to one it discovered off-shore earlier this year. The first field uncovered by Petrobras has the promise of being one of the largest in the world. That breadth of that deposit has now expanded.
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