Tag Archives: oil

Business/Economics, International, U.S.

World War 3 & Government Incompetence?: U.S. Senator calls for blocking all Iranian oil, even thought it would destroy U.S. allies. War with Iran is meant to allow the U.S. to become a major oil exporter

Days after a UBS oil analyst said ten countries (allies of the U.S.) would be destroyed if Iranian oil was cut off, a dumb U.S. Senator proposes to cut off Iranian oil!

In a Friday interview with C-SPAN’s (Cable-Satellite Public Affairs Network) Newsmakers program, democrat Carl Levin says he wants to use the U.S. Navy to blockade Iranian oil shipments.

Levin is inviting other countries to join in: “I think (these are) options that whoever is willing to participate should explore, including Israel and including the United States.”

Levin admitted that alternative oil supplies would have to be found for the allies of the United States.  Mmmm, you mean like the United States now that it actually has too much oil on hand (recently the CEO of Exxon Mobil said the U.S. oil “…markets are well supplied.”)?  Now we know the real reason for going to war against the World’s second largest petroleum producer  (oil from Canada and North Dakota is actually creating a surplus in the U.S.).

 

Business/Economics, International, U.S.

World War 3: UBS says war with Iran will destroy U.S. allies

Julius Walker, an oil analyst with Swiss based financial company UBS, says war with Iran could destroy ten countries, from lack of oil.

He told Business Insider that not only would the price of oil skyrocket past $250 per barrel, but the economies of ten countries could be devastated.

Those ten countries are actually allies of the United States (and some are already on the verge of collapse): China, India, Japan, South Korea, Turkey, Italy, Spain, Greece, South Africa and France.  Maybe they won’t be allies for very long?

 

International, Technology, U.S.

World War 3: Sudden increase in U.S. Assassination Terror Drone attacks, more than 50 people killed in past 24 hours, Obama proves he is more a warmonger than Bush Jr

There seems to be a sudden increase in the use of U.S. terror drones (UAV, unmanned aerial vehicle); four attacks in a 24 hour period, killing more than 50 people.

On March 10, 2012, at least four Afghan civilians were reported killed after a U.S. drone strike in Kapisa Province, Afghanistan.

In Yemen, on March 9, 2012, local security forces say a drone strike killed as many as 35 people.   It happened in the south eastern province of al-Bayda.  Then in the early morning of March 10, security forces reported yet another U.S. drone strike in the same area, this time killing at least 10 “militants”.  The people of Yemen have been fighting a Revolution against the U.S. supported government for at least two years now.

In Pakistan, conflicting reports about a drone attack there.  On March 9, 2012, officials said two missiles from a U.S. drone hit a vehicle, killing between eight and 13 militants.  Western reports say the militants would not let anyone get near the bodies, but, regional media said one of the missiles hit a house, killing another seven people.  It happened in South Waziristan Province.

According to Agence France-Presse, there were at least 45 U.S. drone attacks in Pakistan in 2009, 101 in 2010 and 64 in 2011.

Counting the March 9 attack, there have been eight known U.S. drone attacks in Pakistan, since the beginning of 2012.

The Bureau of Investigative Journalism says at least 3,000 people have been killed by U.S. terror drones, in Pakistan, in the past eight years.   Under the Bush Jr administration there were 52 drone attacks in Pakistan.  So far, Peace Prize winning Barack Obama has launched more than 360 U.S. drone attacks in Pakistan!!!

Business/Economics, International, Technology, U.S.

Oil & Gas Prices: Iraq increases oil production, North Dakota #3 oil producer, latest increase in oil prices blamed on Iran & Greece

The Iraqi government owned South Oil Company said they are about to increase oil flow from a new floating oil platform in the Persian Gulf.

The new platform is one of four to be built by an Australian company.  Each platform can flow 22,000 barrels per day.  Recently the Iraqi government said their oil production hit three million barrels per day.  This backs up the CEO of Exxon Mobil who said there is plenty of oil in the supply system.

Another proof of plenty of oil in the system; North Dakota has passed up California, as the number three oil producing state in the U.S.

Most of the oil in North Dakota comes from the controversial fracking of shale oil.  In January 2012 North Dakota’s oil production hit 546,500 barrels per day. That’s a 59% increase from January 2011!  By the way, crony capitalist Mitt Romney has hired a CEO, of one of the companies working the oil fields in North Dakota, to be his energy adviser.

Western media blaming recent increase in oil prices on Greek bailout news.  They say prices went up because (once again) a new deal has been reached, on the old deal.  It’s strange ’cause the media sometimes blames an oil price increase on the Greek deals being held up or falling through.

By the way, the Western media hasn’t really explained why the so called Greek debt problem is affecting oil prices.  Greece is not a oil producing country, and they don’t use that much petroleum compared to bigger European countries. In fact, Greece gets a lot of oil from Iran.  Maybe that’s it, they don’t want to play the sanctions game, along with my speculation about their non-compliance with Leviathan.

Western media also blaming reduction of Iranian oil bound for Europe on the price increase.  One Western source even said it was proof the oil sanctions against Iran are working.  One problem with that; Iran says they’ve made up for their cuts (note: “their” cuts, not the sanctions imposed by U.S./Europe) to Europe by increasing sales to other countries.  So who’s really getting hurt by those sanctions?

 

 

Business/Economics, International, Technology, U.S.

Oil & Gas Prices: Exxon Mobil will cut oil production, blames high fuel prices on speculators, blames Republican controlled Congress for too much regulation

Exxon Mobil, the world’s largest corporate producer of oil and natural gas, announced they will cut oil/gas production for 2012 by at least 3%.

This comes as companies like Exxon have said that they have to increase spending of their record setting profits on developing access to new sources of petroleum.

Exxon has already spent tens of billions in the past year, and they’re planning nine projects for 2013, and 12 projects for 2014.

However, it could be that the real reason Exxon Mobil is reducing production is that Iraq is challenging their contracts with the Kurdistan Regional Government.  Iraqi officials say Exxon’s contracts with Iraqi Kurdistan are illegal.  Iraq is taking legal action to kick Exxon out of the huge oil fields in northern Iraq!

Even so, Exxon Mobil’s CEO, Rex Tillerson, said fuel prices are not up because of lack of supply: “On pure supply-demand fundamentals, the markets are well supplied.”

So why are prices going up? Tillerson says “Gasoline prices are up because crude oil is up.”  Really? Duh! But wait, there’s more.  Tillerson also indicated oil prices will continue to go up because of supply issues: “People who are trying to secure those supplies are going to pay what it takes…today with the view that they might not be able to get them later.”

Basically he’s saying that despite plenty of oil already in the supply system, the speculators are driving up prices because they are afraid the oil supply will suddenly stop.

Tillerson explained that it’s not just wars that could stop the oil/gas supply, but over regulation by the Republican controlled U.S. Congress: “Our regulatory process has become so complicated by so many duplicative agencies, by so many mandates from Congress, that now it has become a way to stop things from happening. There are a thousand ways you can be told ‘no’ in this country.”

Oh, and by the way, all those billions of dollars that Exxon Mobil is going to be spending ($185 billion estimated) on those dozen or more projects in the next few years, is expected to increase their production by only 4% to 8% by 2016!!!

 

Business/Economics, International, Technology, U.S.

Oil & Gas Prices: Proof the Main Stream Media doesn’t have a clue

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

 

Business/Economics, Technology, U.S.

What Economic Recovery? Mega Rich Oil industry creates piddly amount of new jobs in the United States!

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?

International, U.S.

World War 3: Afghans kill 6 U.K. troops, Dozens of Afghans detained for ‘suspicion’ of being Taliban, Afghan border police killed

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).

 

Business/Economics, International, Technology, U.S.

Oil & Gas Prices: EIA says oil supply to drop, Jordan cancels contract with Egypt, North Sea Oil near record high price, Canadian oil prices crashing blame North Dakota

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.

 

 

 

Business/Economics, International, Technology, U.S.

Oil & Gas Prices: Chevron Gas rig burns for 46 days, Oil war brewing between Sudan & South Sudan, Libyan rebels declare independence in Oil Rich Eastern Libya

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