The following are headlines from the past 17 hours:
“OIL FUTURES: Crude Near Flat Ahead of Weekly Oil Data”-Fox Business
“Oil Fluctuates Before Report Projected to Show Crude Inventory Increase”-Bloomberg
“Oil Rises above $105 in Europe amid optimism US economy, demand will improve.”-Washington Post
“Oil Falls on Iran talks, economy worries”-Reuters
“Oil Slides to $106 on Global Growth Concerns”-NPR
According to the World Economic Forum (WEF), the Oil Industry created few new U.S. jobs in 2011. Of course that’s not how the main stream media is reporting it.
In 2011 the cash obese oil industry created only 9% of new jobs in the United States! In actual numbers that’s 37,000 jobs. The WEF claims that those 37,000 oil industry jobs resulted in another 111,000 “indirect” jobs being created. That’s a drop in the bucket compared to the millions still looking for work!
Now realize that the U.S. oil industry is considered to be “…in the midst of its biggest boom in a generation…” Wow, and they created only 148,000 direct and indirect jobs in 2011?
March 7, 2012, British Ministry of Defense officials say six of their troops were killed in Helmand Province. The Red Coats were patrolling in their vehicle when they were hit by an explosion.
In Kandahar Province, Afghan border police were hit by a suicide bomber: “There was a motorbike bomb blast against border police in Spin Boldak. Four civilians, one of them a woman, were killed and 10 others were injured.”-local police statement
As is usual in suicide attacks against Afghans, no one is claiming responsibility. One reason could be that it is not “Taliban” insurgents who’re carrying out these attacks, because they are usually quick to claim responsibility in other attacks.
Also, Afghan government officials reported a major operation involving U.S./NATO/ISAF forces: “The Afghan National Police, Afghan army and International Coalition Forces launched 11 joint operations in Nangarhar, Kunduz, Kandahar, Helmand, Wardak, Khost, Ghazni, and Logar provinces over the past 24 hours. As a result of these operations, four armed militants were killed and 31 others were arrested.”-Interior Ministry statement
The overwhelming number of people arrested, were detained simply for being “suspected” of being a militant, or being a “facilitator” for militants (something that can now be done here in the U.S. under NDAA 2012).
After the 2004 Indian Ocean tsunami, the Japanese government concluded that their tsunami shelter guidelines were insufficient. Only now are they issuing the new guidelines!
The government study of tsunami shelter construction in Japan, revealed that such shelters would not hold up to a tsunami similar to the one that occurred in the Indian Ocean. On March 11, 2011, Japan was hit with such a tsunami.
The new guidelines (developed before the 2011 tsunami) recommend the use of stronger building foundations, among other things.
After five years of research, a team of scientist, some from the University of Tokyo, have concluded that Tokyo Bay is set to experience a Mega Quake.
The research caused the geologists to realize the fault line, running under the Kanto area of Japan, is actually 10 km (6 miles) closer to the land’s surface, than first thought. They have upped the expected earthquake on the fault from a Japanese magnitude 6 to magnitude 7. Magnitude 7 is the maximum on the Japanese quake intensity scale!
But wait, there’s more! The research does not include any data for the March 11, 2011, Mega Quake. The researchers say they are now updating their five year study with that data.
JAPAN MODERN DAY ATLANTIS ROUND 9: MARCH 11, 2011 MEGA QUAKE CAUSED 80 SEPERATE EARTHQUAKES WITHIN 15 MINUTES
Masatoshi Miyazawa, an associate professor at Kyoto University’s Disaster Prevention Research Institute, says that after almost a year of study, he has concluded the March 11 Mega Quake caused a record number of ‘induced’ earthquakes.
He says that within 15 minutes of the magnitude 9 earthquake, at least 80 quakes were triggered on different fault lines all over Japan. From islands north of Hokkaido to islands south of Kyushu. One quake was 1,300 km (807.8 miles) away from the magnitude 9 Mega Quake.
The magnitudes of the 80 earthquakes ranged from 2 to 4.7.
Miyazawa says many of the induced earthquakes occurred near volcanoes, and he suspects the record number of ‘induced’ quakes was the result of a radical shift in the power balance between tectonic plates.
JAPAN MODERN DAY ATLANTIS ROUND 8: NEW STUDY SAYS FUTURE TSUNAMIS A BIGGER THREAT THAN FIRST THOUGHT
March 6, 2012, the U.S. Energy Information Administration (EIA) said oil supply will drop. This is due to disruptions affecting non-OPEC countries.
This is probably the cause of increased fuel prices, but wait, there’s more! The EIA also says U.S. demand for petroleum is also going down. In fact, demand in the United States is at a 15 year low!
That decrease in U.S. demand is being offset by increased demand around the World. Also, the EIA says oil transportation problems in the U.S. Midwest will keep oil prices above $103 per barrel, into 2013!
Speaking of oil disruptions, Jordan announced that because of continued attacks on the natural gas line coming from Egypt, they will be forced to look elsewhere for natural gas: “It would be great if Egypt can prove they can secure the pipeline, but it is clear that Jordan can no longer rely on Egyptian gas.”-Qutaiba Abu Qoura, Jordanian Minister of Energy and Mineral Resources
For oil coming out of the ocean east of United Kingdom, North Sea oil prices spiked on March 6. The reason is production delays for Asian customers. It’s called Forties Crude, and hit $1.80 per barrel over the price of Brent Crude (which is about $20.00 per barrel over the price of U.S. Crude).
In September 2011, Forties Crude hit a record $2.05 over the price of Brent Crude.
Reuters estimates that Forties Crude pumping has dropped about 10,000 barrels per day since February 2012. Reuters analysts think this is due to production problems. In any case it only helps their price go up!
Canadian oil is dropping in price. According to reports out of Canada, their oil is losing value because there is now too much Canadian oil being pumped into the United States! In other words too much supply. So why are fuel prices in the United States going up?
Pipelines coming from Canada are rapidly filling up, and will soon be backed up with too much oil. Another factor in Canadian oil losing value; North Dakota!
Analysts with Cenovus Energy say North Dakota is now pumping out 400,000 extra barrels of oil everyday!
Again why are fuel prices going up then? The U.S. EIA says all that oil from Canada is getting “bottlenecked” in the U.S. Midwest, because of oil transportation problems. This is why the Canadians wanted the Keystone XL pipeline. But, U.S. oil man Barack Obama is blocking the proposed Keystone XL pipeline.
Canadians are hoping that getting their oil to more refineries would help bring up revenues: “…clearly not going to be a good quarter. Between blowouts in heavy pricing, blowouts in synthetic oil pricing, weak natural prices, it’s across the board. The only thing that’s working, really, is downstream.”-Andrew Potter, CIBC World Markets
So how much is Canadian oil? Western Canadian Select Crude is currently about $34 less per barrel than U.S. Crude (aka West Texas Intermediate). Canadians expect their oil prices to continue downward until mid 2013.
March 6, 2012, after 46 days a natural gas rig fire has finally been put out. The rig is operated by Chevron, it is located in Nigeria.
The off shore gas rig blew up on January 16, killing two people. It eventually collapsed into the sea: “We cannot predict how long it will take to complete the relief well, but will do so as quickly as possible while maintaining safe operations.”– Russell Johnson, Chevron
Nigeria is the top oil/gas producer in Africa. The catastrophe is now killing the fish in the ocean:“The gas is inside the fish. After eating the fish you feel like somebody who drunk diesel, you feel dizzy.”-Bravely Salvage, local fisherman
Locals say fish and dolphins have been washing up on the beach. Chevron officials say the explosion and resulting 46 day fire should not have impacted the fish!!! Can you say lawsuit? Nigerian rebels are using the explosion as further justification in their war against the oil industry: “Nothing has changed in the Niger Delta. This is a fools’ peace!”-Movement for the Emancipation of the Niger Delta
South Sudan has lodged a complaint against Sudan, with the United Nations, for the bombing of an oil well. Sudan said they didn’t do it.
South Sudan is trying to get around the high transport fees Sudan charges for shipping their oil to the Red Sea. They are building an oil pipeline to Kenya.
South Sudan officials claim the increased violence in their country, which just happen to be destroying their oil production, is being instigated by Sudan: “Khartoum is sending a signal saying ‘if you divert the oil and we do not benefit from anything then we can destroy that oil and create instability so that you don’t enjoy the benefits of that oil’.”-Samson Wassara, Juba University
In Libya, proof the U.S./European supported Libyan government is a joke; rebels have declared oil rich eastern Libya independent!
Eastern Libya is where the “rebellion” began, when Chinese oil workers were attacked. The Chinese government had to evacuate 30,000 Chinese oil workers, something the Western Media failed to report.
Now, in a obvious case of hypocrisy, Libya’s pro-U.S. government leaders are making the same statements that Gaddafi made: “Some Arab nations, unfortunately, have supported and encouraged this to happen. These nations are funding this kind of unacceptable strife. What happened today is the beginning of a conspiracy against Libya and Libyans.”-Mustafa Abdul-Jalil
On March 5, 2012, Hoku International released its Quarterly 10-Q Report, ending December 2011.
Specifically their Pocatello, Idaho, Hoku Materials polysilicon operations (which has yet to actually begin operations) lost $28.4 million in the nine months ending on December 31, 2011.
Their 10-Q report blames part of the loss on Idaho Power’s electricity bills. Idaho Power has reported that Hoku has consistently failed to pay their electric bill on time (actually in advance, under Idaho Power’s rules for large businesses)!
Hoku’s March 5, 2012, 10-Q report also revealed that they’ve had to “…obtained an aggregate of $315.5 million of debt financing through 19 bank credit agreements to support our operations.”
That was as of December 31, 2011. Hoku has also revealed that they’ve had to beg China for more money: “In January 2012, we entered into a credit agreement with Industrial and Commercial Bank of China, Limited, New York Branch to provide for one or more term loans in an aggregate principal amount not to exceed $10.0 million. And in February 2012, we entered into a credit agreement with China Merchants Bank Co., Ltd., New York Branch to provide for a loan in an aggregate principal amount of $10 million.”
AS I WARNED: IDAHO HOKU SILICON FACTORY GOING UNDER, ANNOUNCING LAYOFFS, VIOLATED STOCK MARKET TRADING RULES
March 6, 2012, Hoku International announced they will layoff about 20 employees at their Pocatello, polysilicon plant.
This comes after many delays in finishing the factory, and threats by Idaho Power to cut off electricity because Hoku hasn’t been paying its utility bill. Also, Hoku lost big money in 2011.
Officials with Hoku said the layoffs are necessary to keep the company going.
On February 23, 2012, Hoku International was notified that trading of its stocks were suspended, for violating NASDAQ’s Listing Rule 5250(c)(1). On March 5 (the day before the layoff announcement) Hoku claimed they were now in compliance with NASDAQ’s rules.
CORPORATE INCOMPETENCE: HOKU MATERIALS BEGS FOR MONEY TO PAY ITS OVERDUE IDAHO POWER BILL