Keyword: opec

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  • Must-know: Tighter-than-expected oil supply in the future

    08/21/2014 4:09:40 PM PDT · by ckilmer · 24 replies
    marketrealist ^ | Aug 21, 2014 10:08 am EDT | Russ Koesterich, CFA
    Must-know: Tighter-than-expected oil supply in the future By Russ Koesterich, CFA - Disclosure • BlackRock  • Aug 21, 2014 10:08 am EDT First, here’s a quick look at my expectations for oil supply and demand. Currently, oil prices remain elevated because global demand has continued to climb, despite slower growth in China (FXI), and supply overall has been unexpectedly constrained by both geology and geopolitical unrest. Looking forward, oil supply is likely to remain constrained and oil demand is likely to continue to grow.Oil supply: There’s a good chance that future oil supply may be tighter than expected. Currently, oil prices...
  • ISIS' thirst for oil could lead to 'global catastrophe' if unchecked, experts say

    08/21/2014 6:53:42 PM PDT · by 2ndDivisionVet · 21 replies
    Fox News ^ | August 21, 2014 | Joshua Rhett Miller
    Islamic State's thirst for blood has the world on edge, but its equally insatiable yearning for oil could prove a "catastrophe" for the global economy if the terror organization isn't stopped, experts say. The jihadist group, formerly known as ISIS, now controls seven oil fields and two small refineries in northern Iraq, bringing in as much as $2 million per day by selling up to 40,000 barrels via middlemen in illicit deals. The black market oil sells for roughly $25 to $60 per barrel, compared to the current market rate of $102, according to Luay al-Khatteeb, founder and executive director...
  • Refracking brings 'vintage' oil and gas wells to life

    08/21/2014 9:24:35 AM PDT · by ckilmer · 26 replies
    samachar ^ | Aug 20, 2014,
    Refracking brings 'vintage' oil and gas wells to life Aug 20, 2014, 10.43AM IST (The development highlights…) HOUSTON/WILLISTON, NORTH DAKOTA: A fracking boom isn't enough for U.S. oil and gas producers - they're now starting the re-fracking boom.Wells sunk as little as three years ago are being fracked again, the latest innovation in the technology-driven shale oil revolution. Hydraulic fracturing, which has upended global energy markets by lifting U.S. crude oil output to a 25-year high, has been troubled by quick declines in oil and gas output. The development highlights how producers must constantly invest and tinker, both to...
  • Eagle Ford wave lifts Blue Dolphin Energy refinery

    08/21/2014 5:30:24 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | August 21, 2014 | Vicki Vaughan
    The Eagle Ford Shale is boosting the fortunes of Blue Dolphin Energy Co., which took a chance when it bought a rusty, mothballed refinery in the small town of Nixon about seven years ago. Blue Dolphin bought the plant out of bankruptcy before the promise of the Eagle Ford was apparent. The company spent tens of millions refurbishing the plant and restarted it in early 2012. Nixon, which is about 54 miles east of San Antonio, straddles Gonzales and Wilson counties in a booming part of the shale play. The plant buys every drop of its crude oil from drillers...
  • Gulf Coast to benefit from refinery retrofits

    08/21/2014 5:27:02 AM PDT · by thackney · 2 replies
    Fuel Fix ^ | August 21, 2014 | Rhiannon Meyers
    The Texas Gulf Coast will be ground zero for a push to equip refineries to handle a flood of light crude unlocked in the U.S. shale boom, but the investments will be relatively conservative, a petrochemical consultant said Wednesday. Refiners wont spend the big bucks they dropped when they retooled to handle heavy, high-sulfur crude several years ago, largely because its cheaper and simpler to modify a refinery to process lighter crude, said Jim Jones, senior vice president at Dallas-based petrochemical consulting firm Turner, Mason and Company. It wont be a $5 billion investment, it will be a couple million...
  • Texas price gap widens as oil production rises

    08/19/2014 12:55:11 PM PDT · by thackney · 18 replies
    Fuel Fix ^ | August 19, 2014 | Robert Grattan
    The gap between crude oil prices in the major trading centers of Midland, Texas and Cushing, Okla. ballooned to $19 Tuesday morning, the widest point this year and second-highest on record. On Tuesday morning, the price for crude oil hit a low of $77.48 per barrel in Midland. In Cushing, the benchmark pricing point for U.S. crude contracts, the price was $96.48. Worldwide crude prices fell, Bloomberg reported, after Iraqi and Kurdish forces regained control of a key dam in Iraq and slowed the advance of Islamic State militants. Midland prices are further depressed because production growth in West Texas...
  • Oil and gas company debt soars to danger levels to cover shortfall in cash

    08/11/2014 4:08:43 PM PDT · by Lorianne · 19 replies
    Telegraph (UK) ^ | 11 August 2012 | Ambrose Evans-Pritchard
    The worlds leading oil and gas companies are taking on debt and selling assets on an unprecedented scale to cover a shortfall in cash, calling into question the long-term viability of large parts of the industry. The US Energy Information Administration (EIA) said a review of 127 companies across the globe found that they had increased net debt by $106bn in the year to March, in order to cover the surging costs of machinery and exploration, while still paying generous dividends at the same time. They also sold off a net $73bn of assets. This is a major departure from...
  • Permians Oil Surge Creates Need for Pipelines

    08/08/2014 4:22:20 AM PDT · by thackney · 10 replies
    Fox Business ^ | August 07, 2014 | Matthew Rocco
    With crude gushing from the Permian Basin, companies are ramping up efforts to build pipelines and better capitalize on the production surge. Drillers have been producing oil in the Permian for some eight decades. But in recent years, the Texas formations central region, which consists of the Delaware and Midland basins, became a hotbed for shale oil. The Permian is now the top oil-producing area in the U.S., accounting for 18% of the nations total output in 2013. Based on data from the Energy Information Administration, the Permian recorded production of 1.35 million barrels per day last year. The region...
  • Shale gas: 'The dotcom bubble of our times'

    08/04/2014 5:51:58 PM PDT · by Lorianne · 33 replies
    Telegraph (UK) ^ | 04 August 2014 | Tim Morgan
    On the one hand, many environmental and conservation groups are bitterly opposed to shale development. Ranged against them are those within and beyond the energy industry who believe that the exploitation of shale gas can prove not only vital but hugely positive for the British economy. Rather oddly, hardly anyone seems to have asked the one question which is surely fundamental: does shale development make economic sense? My conclusion is that it does not. That Britain needs new energy sources is surely beyond dispute. Between 2003 and 2013, domestic production of oil and gas slumped by 62pc and 65pc respectively,...
  • We Could Unlock More Than 267 Billion Barrels of Oil in America

    07/30/2014 6:51:03 PM PDT · by ckilmer · 36 replies
    fool.com ^ | July 30, 2014 | Tyler Crowe
    We Could Unlock More Than 267 Billion Barrels of Oil in America By Tyler Crowe | More Articles | Save For Later July 30, 2014 | Comments (0) Photo credit: WPX Energy If I had told you five or six years ago that America would be producing more oil than ever before and potentially becoming an exporter of crude within a decade, you probably would have had me institutionalized. Yet thanks to the advancements in drilling techniques, we have been able to access one of the most abundant resources we didn't think were possible: shale and tight oil. Today, oil...
  • The Stunning Key That Could Unlock 160 Billion Barrels of Oil Trapped Underneath America

    07/20/2014 1:42:44 PM PDT · by ckilmer · 69 replies
    fool.com ^ | July 20, 2014 | By Matt DiLallo
    The Stunning Key That Could Unlock 160 Billion Barrels of Oil Trapped Underneath America By Matt DiLallo | More Articles July 20, 2014 | Comments (0) Photocredit: Flickr/Melissa It is estimated that there are 160 billion barrels of oil still trapped underneath this country in what are considered depleted oil fields. That's a tremendous amount of oil given that America uses about seven billion barrels of it each year. In fact, if we could only find the key to unlock this trapped oil wecould extend fleeting our reserves by more than 22 years.That's why it probably comes as a surprise...
  • Kemp: Peak Petroleum Engineer? Or Still Time to Join the Boom?

    07/17/2014 4:58:32 AM PDT · by thackney · 6 replies
    Reuters via Rig Zone ^ | July 17, 2014 | John Kemp
    Petroleum engineers are among the best paid professionals in the United States. Only chief executives and some specialist doctors earned more last year, according to federal government pay data. Petroleum engineers were paid an average of $132,000 a year, with the top 10 percent on more than $187,000, according to the Bureau of Labor Statistics (BLS). These figures include everyone from the newest graduates to the most experienced engineers with decades of experience, and are based on median earnings in May 2013. Petroleum engineers earned almost four times as much as the average employee across the economy, who was on...
  • Reuters Exclusive: Iraq Tells U.N. that 'Terrorist Groups' Seized Nuclear Materials

    07/09/2014 6:18:37 PM PDT · by kristinn · 44 replies
    Reuters ^ | Wednesday, July 9, 2014 | Michelle Nichols (with Mark Hosenball)
    Insurgents in Iraq have seized nuclear materials used for scientific research at a university in the country's north, Iraq told the United Nations in a letter appealing for help to "stave off the threat of their use by terrorists in Iraq or abroad." Nearly 40 kilograms (88 pounds) of uranium compounds were kept at Mosul University, Iraq's U.N. Ambassador Mohamed Ali Alhakim told U.N. Secretary-General Ban Ki-moon in the July 8 letter obtained by Reuters on Wednesday. "Terrorist groups have seized control of nuclear material at the sites that came out of the control of the state," Alhakim wrote, adding...
  • Canada pulls the plug on the U.S. Keystone Pipeline will send oil toAsia

    06/29/2014 8:38:39 PM PDT · by Signalman · 52 replies
    WUWT ^ | 6/28/2014 | Anthony Watts
    Obamas inability to make a decision on Keystone has finally yielded a result Canada has made the decision for him. Breitbart reports Canada has just approved the Enbridge Northern Gateway Project a major pipeline to ship Canadian oil to Asia. The Canadian oil will still be burnt in Asia, instead of America. All the jobs and energy security which Canadian oil could have delivered to America, will instead be delivered to Asia. Rather than purchasing crude from a friendly and allied neighbor, the United States will most likely need to continue its reliance upon hostile sources like...
  • What Iraq's war may mean for the Keystone pipeline

    06/19/2014 6:26:32 AM PDT · by shove_it · 11 replies
    CNBC ^ | 18 Jun 2014 | Javier E. David
    Supporters of the Keystone XL pipeline have found a new talking point: Iraq Violence exploding in one of the world's largest oil-producing nations is ricocheting in the debate over U.S. energy policy. Backers of the pipeline, which would run from Alberta, Canada, to Texas, are pointing to the crisis in Iraq as a rationale for pushing the project forward. Often billed as a possible component for supplying the U.S.'s voracious energy markets with crude oil, TransCanada's long-delayed $5.3 billion pipeline has been mired in delays for six years. On Wednesday, the Senate Energy and Natural Resources committee voted 12-10 to...
  • US Senate Panel Advances Bill To Force Keystone Pipeline Approval

    06/19/2014 5:04:43 AM PDT · by thackney · 16 replies
    Reuters via Rig Zone ^ | June 18, 2014 | Ros Krasny
    The U.S. Senate Energy Committee advanced a bill on Wednesday that would force congressional approval of TransCanada's proposed Keystone XL oil pipeline project, but the measure seems unlikely to be taken up by the full Senate. The bill, the latest effort by lawmakers to breathe life into the long-delayed pipeline from Canada to the U.S. Gulf Coast, will languish without a commitment from Senate Majority Leader Harry Reid to bring it to a vote. The measure, from Democratic Senator Mary Landrieu of Louisiana and Republican Senators John Hoeven of North Dakota and Lisa Murkowski of Alaska, would take a decision...
  • Senate panel votes to approve Keystone (but Reid won't bring it up for vote)

    06/18/2014 12:10:01 PM PDT · by Cincinatus' Wife · 13 replies
    The Hill ^ | June 18, 2014 | Timothy Cama
    The Senate Energy and Natural Resources Committee voted Wednesday to approve the Keystone XL pipeline, delivering a rebuke to President Obama. All Republicans on the panel voted to clear the pipeline, joined by Chairwoman Mary Landrieu (La.) and Sen. Joe Manchin (W.Va.), two Democrats in energy-heavy states, in a 12-10 vote. Proponents of the pipeline expressed frustration with Obamas refusal to take action for more than five years on the final leg of Keystone, which is planned to run from Albertas oil sands to refineries on the United States Gulf Coast. I really wish we werent sitting here years after...
  • We Are So Not Prepared For Another Oil Shock

    06/17/2014 6:55:43 PM PDT · by Lorianne · 18 replies
    Dollar Collapse ^ | 15 June 2014 | John Rubino
    In one sense, energy doesnt matter all that much to whats coming. Once debt reaches a certain level, oil can be $10 a barrel or $200, and either way were in trouble. But the cost of energy can still play a role in the timing and shape of the next financial crisis. The housing/derivatives bubble of 2006 -2008, for instance, might have gone on a while longer if oil hadnt spiked to $140/bbl in 2007. And the subsequent recovery was probably expedited by oil plunging to $40 in 2008. With the Middle East now lurching towards yet another major war,...
  • Iraq's biggest oil refinery shut down, foreign staff evacuated

    06/17/2014 8:22:02 AM PDT · by Rusty0604 · 15 replies
    Reuters ^ | 06/17/2014 | Oliver Holmes
    Iraq's biggest oil refinery, Baiji, has been shut down and its foreign staff evacuated, refinery officials said on Tuesday, adding that local staff remain in place and the military is still in control of the facility Due to the recent attacks of militants by mortars, the refinery administration decided to evacuate foreign workers for their safety and also to completely shut down production units to avoid extensive damage that could result," a chief engineer at the refinery said on condition of anonymity.
  • Analyst: Fall Of Baghdad Would Make Current Gas Prices Look Like A Bargain'

    06/14/2014 7:29:57 AM PDT · by MeshugeMikey · 46 replies
    C.B.S. local ^ | June 13, 2014 | Not Attributed
    "any reduction in the flow of Iraqi crude due to the ongoing Islamic insurgency in the northern Iraq cities of Mosul and Tikrit could have worldwide economic consequences, according to oil industry analyst Phill Flynn, who said speculators are watching for the worst-case scenario."
  • Kurds Seize Disputed Oil Hub Amid Iraq Chaos (assume control of "majority of the Kurdistan region")

    06/14/2014 9:42:32 AM PDT · by xzins · 64 replies
    AP ^ | June 14, 2014 | Diaa Hadid and Emad Matti
    After a decades-long dispute between Arabs and Kurds over the oil-rich northern Iraqi city of Kirkuk, it took just an hour and a half for its fate to be decided. As al-Qaida-inspired militants advanced across northern Iraq and security forces melted away, Kurdish fighters who have long dominated Kirkuk ordered Iraqi troops out and seized full control of the regional oil hub and surrounding areas, according to a mid-ranking Army officer. He said he was told to surrender his weapons and leave his base. "They said they would defend Kirkuk from the Islamic State," said the Arab officer, who oversaw...
  • A billion-dollar daily shot in the arm for the American economy

    06/13/2014 9:30:58 AM PDT · by ckilmer · 15 replies
    exxonmobilperspectives ^ | August 17, 2012 | Ken Cohen
    A billion-dollar daily shot in the arm for the American economy Posted: August 17, 2012 by Ken Cohen Print this: email   inShare   One billion dollars every single day.That is the rough measure of the benefit the U.S. economy is estimated to receive by the end of this year thanks to the development of new supplies of oil and natural gas, according to a new analysis.USA Today reported recently about a Merrill Lynch study that seeks to quantify just how much the new supplies of natural gas and oil from unconventional sources like shale – not to mention offshore...
  • Bloody Mexican Shale Fields Sit Idle While Texas Booms

    06/13/2014 5:46:51 AM PDT · by thackney · 10 replies
    Reuters via Rig Zone ^ | June 12, 2014 | David Alire Garcia
    To grasp the difficulties Mexico faces in capitalizing on a North American shale boom, just wander into the dusty landscape due south of the U.S. border. On one side of the fence, thousands of wells work around the clock in Texas to produce record volumes of shale oil and gas, transforming towns like Carrizo Springs in a modern-day gold rush. On the other side, violent drug cartels roam above untapped shale riches, leaving behind a trail of blood. The relatively few conventional wells operated by state oil giant Pemex and its contractors close down overnight as a security precaution. But...
  • Bureau Of Land Management Forecloses Oil Leasing, Utah Sues

    06/12/2014 2:00:57 AM PDT · by lilyramone · 6 replies
    DailyCaller ^ | June 11, 2014 | Jonah Bennett
    In yet another spat between the Bureau of Land Management and residents of a western state, Utah is suing the federal agency after it unlawfully foreclosed oil and gas leasing on unprotected lands. Utahs litigation alleges that the BLM is imposing wilderness criteria on lands outside designated wilderness and wilderness study areas. Uintah County and the Utah Association of Counties is joining the suit, claiming that they have been left out of key management decisions.
  • N.D. oil boom ignites cash-spending splurge

    09/21/2014 2:37:53 PM PDT · by thackney · 24 replies
    Star Tribune ^ | September 21, 2014 | PAM LOUWAGIE
    The workers sometimes come in with stacks of $100 bills, their jeans and boots still covered in oil field mud as they scour the glass jewelry counter looking for clean sparkle. One oil field worker plopped down $25,000 for a diamond for his girlfriend back home. Many others settle on $1,000 necklace pendants in the shape of a tiny oil derrick, a diamond anchoring the bottom where the oil would be. These guys spend lots of money on their women, and theres plenty of money to be spent, said Gina Abfalter, a clerk at Ritter Brothers Diamond Cutters downtown. A...
  • Turkey, Azerbaijan break ground for Trans-Anatolian Gas Pipeline

    09/20/2014 11:43:41 AM PDT · by DeaconBenjamin · 3 replies
    Turkey's energy minister has declared a gas pipeline a "peace corridor" linking the Caucasus with the Balkans. "We open the project as a peace corridor that is the result of 15 years hard work by Turkey and Azerbaijan. Through the South Caucasus pipeline and its backbone, the Trans-Anatolia pipeline, we connect the Caucasus with the Balkans. I wish every country could understand the true value of these projects and contribute with us," Taner Yıldız said while speaking at the groundbreaking ceremony of the South Caucasus pipeline in Baku on Sept. 20. The minister said energy security "ranks as one of...
  • Why the Permian shale boom transformed US energy markets

    09/20/2014 8:56:02 AM PDT · by ckilmer · 8 replies
    marketrealist ^ | Sep 18, 2014 10:31 am EDT | By Alex Chamberlin
    Why the Permian shale boom transformed US energy markets By Alex Chamberlin - Disclosure  • Sep 18, 2014 10:31 am EDT U.S. shale boom transformed U.S. energy marketsAccording to the U.S. Energy Information Administration (or EIA), the top seven unconventional oil plays accounted for 95% of domestic oil production growth. They also accounted for all domestic natural gas production growth during 2011–2013.Permian Basin crude oilAccording to the EIA, the Permian Basin in west Texas and eastern New Mexico is the largest crude oil-producing region in the U.S.Enlarge GraphCrude oil production from the Permian Basin increased from 850,000 barrels per day...
  • Russia's Energy Minister To Meet OPEC As Oil Price Falls More

    09/16/2014 6:59:39 AM PDT · by thackney · 10 replies
    Rig Zone ^ | September 15, 2014 | Reuters
    Russian Energy Minister Alexander Novak will meet OPEC officials on Tuesday in Vienna, his spokeswoman said, as oil's price fall piled pressure on Moscow's budget. The annual meeting had been planned long before oil fell below the $100 per barrel level critical for Russia's oil sales which account for 40 percent of state budget revenues. Russia suffered from a decline of oil production and prices this year and has cut its outlook for oil output as core Western Siberian fields become more depleted. The spokeswoman said that Novak and the officials from the Organization of the Petroleum Exporting Countries had...
  • Is Scotland Big Enough To Go it Alone?

    09/14/2014 7:49:39 PM PDT · by Lorianne · 68 replies
    Mises ^ | 12 September 2014 | Peter St. Onge
    In a curious coincidence, 2014 Scotland and 1994 Quebec have nearly the same population: about 56 million. About the same as Denmark or Norway, and half-a-million more than Ireland. Even on physical area Scotlands no slouch: about the size of Holland or Ireland, and three times the size of Jamaica. The fact that Ireland, Norway, and Jamaica are all considered sustainably-sized countries argues for the separatists here. So small is possible. But is it a good idea? The answer, perhaps surprisingly, is resoundingly Yes! Statistically speaking, at least. Why? Because according to numbers from the World Bank Development Indicators, among...
  • ISIS sets fire to Iraqs largest oil refinery

    09/13/2014 3:16:36 PM PDT · by sheikdetailfeather · 31 replies
    Legal Insurrection ^ | 9-13-14 | Amy Miller
    <p>Islamic State militants have set fire to Iraqs largest oil refinery, escalating tensions in the region and raising questions about how much control ISIS could potentially gain over the worlds oil supply.</p> <p>This isnt the first time this particular refinery has been attacked; its a favorite target of ISIS militants. They have attacked the refinery in the past as a way of securing fuel to smuggle to parties who fund their self-declared caliphate in northern Iraq and Syria.</p>
  • BP threatened with nationalisation in independent Scotland

    09/12/2014 9:58:34 PM PDT · by Tailgunner Joe · 22 replies
    yorkshirepost.co.uk ^ | September 12, 2014 | Bernard Ginns
    OIL GIANT BP has been threatened with nationalisation in an independent Scotland. Jim Sillars, the former SNP deputy leader, also warned that bankers casino days would be over. The prominent Yes campaigner yesterday attacked scaremongering business leaders, claiming they will face a day of reckoning if Scotland votes to break away from the UK. Mr Sillars accused large companies and banks of subverting Scotlands democratic process by making high-profile interventions in the independence referendum debate. He said: This referendum is about power, and when we get a Yes majority we will use that power for a day of reckoning with...
  • Energy Minister: Half of Scottish Oil Reserves Yet to Be Exploited

    09/12/2014 12:24:40 PM PDT · by Lorianne · 19 replies
    RIA Novosti ^ | 10 September 2014 | Mark Hirst
    Scotlands oil and gas sector is facing a bright future as half of oil reserves remain to be exploited, the Scottish Government's Minister for Energy, Enterprise and Tourism Fergus Ewing said Wednesday, commenting on a new study. Earlier, world leading oil expert Professor Alex Kemp, by using detailed financial modelling, predicted significant discoveries in Scottish oil sector made over the next 30 years. His new predictions based on that modelling show a bright future for Scotlands oil and gas sector for decades to come with 99 new economic discoveries over the next three decades, Ewing told RIA...
  • OPEC Says World Will Need Less of Its Oil Next Year

    09/10/2014 7:45:13 AM PDT · by thackney · 13 replies
    Wall Street Journal ^ | Sept. 10, 2014 | BENOT FAUCON
    OPEC said demand for its crude oil will be lower than expected next year, with a surge in U.S. output potentially bringing its production to levels not seen since the past decade. In its monthly oil-market report, the Organization of the Petroleum Exporting Countries said it had lowered the estimate of demand for its crude by 200,000 barrels a day for 2015 and by the same amount for this year. As a result, markets will need 300,000 barrels a day less of OPEC crude next year, it said. OPEC's statement comes after the Brent oil contractthe most widely traded international...
  • Venezuelan socialism accomplishes the impossible, starts importing oil

    09/08/2014 8:03:07 AM PDT · by SeekAndFind · 16 replies
    American Thinker ^ | 09/08/2014 | Thomas Lifson
    The country claiming the worlds largest oil reserves is now reduced to importing oil. Walter Russell Meade of The American Interest compiles the information: The management acumen of Venezuelas President Nicolas Maduro continues to amaze. Reuters: Algeria is in talks to export crude oil to fellow OPEC member Venezuela, Algerian Energy Minister Youcef Yousfi said on Tuesday, confirming a Reuters report. Last week, a document from Venezuelas state-run energy company PDVSA seen by Reuters showed Venezuela was considering importing crude oil for the first time and could use Algerian light crude as blending stock to boost sales of its own...
  • Venezuela Set To Import Oil

    09/08/2014 5:30:51 AM PDT · by thackney · 18 replies
    American Interest ^ | September 6, 2014 | WALTER RUSSELL MEAD
    The management acumen of Venezuelas President Nicolas Maduro continues to amaze. Reuters: Algeria is in talks to export crude oil to fellow OPEC member Venezuela, Algerian Energy Minister Youcef Yousfi said on Tuesday, confirming a Reuters report. Last week, a document from Venezuelas state-run energy company PDVSA seen by Reuters showed Venezuela was considering importing crude oil for the first time and could use Algerian light crude as blending stock to boost sales of its own extra-heavy oil. Yes, we are in talks, Yousfi told Reuters when asked whether Algeria was planning to export crude oil to Venezuela. He declined...
  • The Enterprise Of Maligning Enterprise (And The Clergy Who Make Matters Worse)

    09/06/2014 11:16:29 PM PDT · by 2ndDivisionVet · 13 replies
    Townhall ^ | September 7, 2014 | Austin Hill
    "MCDonalds Mcdonalds, can't you see...Seven-forty is not for me..." The chant, recited through a megaphone, was being led by a man identifed as a Christian Pastor ("Reverend Charles" we'll call him), near a McDonalds restaurant in Detroit last week. Dozens of people in the parking lot uttered the chant with him, as the crowd sought to malign McDonalds restaurants while at the same time demanding a $15.00 per hour wage. "They want fifteen, they want a union, they want to be organized" Pastor Charles told the tv news crews. "The McDonalds corporation should allow that to happen immediately." The illogic...
  • Domestic crude begins to cut into Saudi sales volumes

    08/26/2014 12:22:14 PM PDT · by thackney · 30 replies
    Fuel Fix ^ | Robert Grattan | Robert Grattan
    Since about 2009 and until just recently, Saudi Arabia shipped discounted crude to the U.S. in growing volumes even as total U.S. waterborne imports fell. But while Saudi Arabia isnt about to exit the U.S. market, cheaper domestic crude oils are beginning to displace Saudi imports. Daily U.S. crude imports fell from 11.8 million barrels in 2010 to 9.8 million barrels in 2013. Over roughly the same period, U.S. daily oil imports from Saudi Arabia rose from an annual average of just under 1.1 million barrels to about 1.5 million barrels, according to data from the U.S. Energy Information Administration....
  • Yemen government offers to resign - source

    08/23/2014 9:55:45 AM PDT · by Citizen Zed · 5 replies
    news 24 ^ | 8-23-2014 | Reuters
    Yemen's government offered on Saturday to resign within a month and to review an unpopular decision to cut fuel subsidies in an attempt to end protests by the Shi'ite Houthi movement, a government source told Reuters. Yemenis are unhappy about the government's decision in late July to cut energy subsidies to ease the burden on its budget deficit, a move which led to a rise in fuel prices. The government spent about $3bn on subsidies last year, nearly a third of state revenues. A previous attempt by the government to cut subsidies in 2005 led to unrest that left about...
  • Thanks to Obama, Irans Economy Is Booming

    08/12/2014 7:18:37 AM PDT · by SJackson · 6 replies
    FrontPage Magazine ^ | August 12, 2014 | Majid Rafizadeh
    Thanks to Obama, Iran’s Economy Is BoomingPosted By Majid Rafizadeh On August 12, 2014 @ 12:30 am In Daily Mailer,FrontPage | 1 Comment According to the latest statistics, Iran’s economy is being stabilized, with oil exports increasing by approximately 30 percent. This economic recovery has emboldened and empowered the ruling clerics in the Islamic republic who are fighting several proxy wars in the Middle East by funding and arming Hamas and sending troops to Iraq to ensure the power of the Shiite coalition of Prime Minister Nori Al Maleki and by supporting the Assad regime financially, politically, militarily, and through...
  • Will NATO's Turkey join Russia, or Muslim Militants, as Obama's "Pen and Phone" Military weakens?

    08/08/2014 8:04:04 AM PDT · by Graewoulf · 11 replies
    Graewoulf | August 8, 2014 | Graewoulf
    As the well-coordinated, Russian and Militant Muslim giant military pincer maneuver continues to rapidly succeed for control of the Eastern Mediterranean formerly Sovereign Nations, will NATO's Turkey soon have to decide if Obama's failed "Pen and Phone, Whack-a-Mole" Military Exceptionalism, is better or worse than Putin or ISIS? Control of the Eastern Mediterranean and the Suez Canal by Russia's Navy would allow the free flow of Muslim Militant's Oil to the Russian-controlled Ukraine Oil Pipelines to Europe, at a mutually beneficial price to Putin and ISIS, of course.
  • The U.S. Airstrikes in Northern Iraq Are All About Oil

    08/10/2014 12:16:08 AM PDT · by 2ndDivisionVet · 21 replies
    The New Republic ^ | August 8, 2014 | John B. Judis
    Last night, President Barack Obama announced that he was authorizing American airstrikes in Iraq. He described his intervention as a humanitarian effort to help save thousands of Iraqi civilians who are trapped on a mountain and as an effort to protect our American personnel. One word that he didnt mention is oil, but it lies near the center of American motives for intervention. The United States is conducting airdrops to aid the Yazidis who have fled the advance of Islamic State militants, but it is conducting airstrikes around Erbil, which is to the west. There are American consular personnel in...
  • Natalie Tennant's Pro-Obama Past Comes To Haunt Her In West Virginia Race

    08/09/2014 4:46:22 AM PDT · by Kaslin · 12 replies
    Townhall.com ^ | August 8, 2014 | Matt Vespa
    Democrats from red states are feeling the heat. Their constituents dont like Obama, or his polices, and they have to somehow convince them that theyll be somewhat independent when it comes to fighting for their interests. Natalie Tennant, the Democratic candidate in West Virginias Senate race, is trying to disseminate that message of independene with this ad rebuking Obamas energy policy. It was released at the end of July. She says that shell protect coal jobs in West Virginia and stand up to leaders of both parties who threaten our way of life. She then proceeds to turn off...
  • Russia: Apparent US Sub Driven From Barents Sea

    08/09/2014 8:30:12 AM PDT · by Oldeconomybuyer · 26 replies
    ABC News ^ | August 9, 2014
    Russian state news agencies say the country's navy claims to have driven away a submarine believed to be American that entered Russia's northern waters. The reports said the fleet sent several vessels and an anti-submarine Il-38 aircraft to drive the submarine away.
  • Exxon drilling in Russian Arctic shows sanctions on oil lack bite

    08/08/2014 8:16:12 PM PDT · by Citizen Zed · 4 replies
    reuters ^ | 8-8-2014
    On Saturday, Exxon Mobil starts drilling a $700 million well in the Arctic Ocean, showing that for all the talk of action against Vladimir Putins oil industry, the largest U.S. energy company is undeterred. As Russias relations with Europe and the U.S. deteriorated to the lowest point since the Cold War over the conflict in Ukraine, the European Union imposed a third round of sanctions last week, restricting the export of equipment used for offshore oil production. That doesnt affect Exxons plans because the contract to hire the rig was signed before the measures were announced. Developing the Arctic is...
  • Christie vetoes bill aiming to ban fracking waste in N.J.

    08/08/2014 9:39:04 PM PDT · by MikeNJ · 3 replies
    The Star-Ledger ^ | August 08, 2014 | Brent Johnson
    TRENTON For the second time in two years, Gov. Chris Christie has vetoed a bill that would have banned the dumping of fracking waste in New Jersey. Environmentalists and lawmakers from both parties had championed the measure, which would have prohibited companies from treating, discharging, disposing, and storing waste from hydraulic fracturing the controversial practice of pumping water, sand, and chemicals deep underground to harvest natural gas. Though an increase in fracking in recent years has caused U.S. energy production to spike, critics worry that the practice could pollute drinking water supplies. And while fracking doesn't happen in...
  • Meeks Pushed for Iran Sanction Exemption After Azerbaijan Junket

    08/03/2014 9:10:02 AM PDT · by jazusamo · 6 replies
    NLPC | August 3, 2014 | Peter Flaherty
    Theres fallout from the July 27 Houston Chronicle expos of a trip to Azerbaijan by 10 member of the House that violated House rules. The trip was ostensibly sponsored by nonprofit groups but was actually funded by oil companies BP, Conoco Phillips and SOCAR, the national oil company of Azerbaijan. According to the New York Post today: Rep. Gregory Meeks pushed to let an Iran-backed natural-gas project dodge US sanctions after attending an illicit junket paid for by energy companies. Also from the Post: Congressman Meeks went on a 2013 Congressional trip to Baku, Azerbaijan, subsidized in part...
  • A Dozen States File Suit Against New Coal Rules

    08/02/2014 7:55:44 AM PDT · by Oldeconomybuyer · 19 replies
    New York Times ^ | August 1, 2014 | By CORAL DAVENPORT
    Twelve states filed a lawsuit against the Obama administration on Friday seeking to block an Environmental Protection Agency proposal to regulate coal-fired power plants in an effort to stem climate change. The plaintiffs are led by West Virginia and include states that are home to some of the largest producers of coal and consumers of coal-fired electricity. The suit was filed in the United States Court of Appeals for the District of Columbia. The other plaintiffs are Alabama, Indiana, Kansas, Kentucky, Louisiana, Nebraska, Ohio, Oklahoma, South Carolina, South Dakota and Wyoming. The E.P.A. rule, announced by President Obama on June...
  • Beyond oil and reserves, Russia running on empty

    07/31/2014 10:06:50 PM PDT · by elhombrelibre · 26 replies
    Reuters ^ | 1 Aug 14 | Lidia Kelly and Katya Golubkova
    MOSCOW (Reuters) - For all the sanctions Western leaders can throw at Russia, the biggest threat to President Vladimir Putin's ability to back separatists in east Ukraine is something beyond his or their control: the price of oil. With Russia's $2 trillion economy heavily dependent on crude exports, oil prices are always closely monitored by the Kremlin, but the government is particularly wary now as tensions with the West mount and sanctions ratchet up. Such conflicts often push up crude prices, but as long as oil, which accounts for 40 percent of state revenues, remains above the average $104 per...
  • EPA Admits to Senate that CO2 Regs Not About Pollution Control

    07/27/2014 3:10:20 PM PDT · by House Atreides · 29 replies
    www.drroyspencer.com Global Warming ^ | July 25, 2014 | Roy W. Spencer
    On Wednesday, before the Senate EPW Committee, EPA Administrator Gina McCarthy had this priceless quote regarding the EPAs proposed carbon dioxide regulations (italics added): And the great thing about this proposal is it really is an investment opportunity. This is not about pollution control. Its about increased efficiency at our plantsIts about investments in renewables and clean energy. Its about investments in peoples ability to lower their electricity bills by getting good, clean, efficient appliances, homes, rental units.
  • Venezuela climate summit calls for end to green economy - an end to capitalism

    07/24/2014 1:13:58 AM PDT · by Cincinatus' Wife · 7 replies
    RTCC - Responding To Climate Change ^ | July 23, 2014 | Sophie Yeo
    UN-backed event ends with unusual call from civil society groups to end capitalism A UN-backed conference in Venezuela has ended with a declaration to scrap carbon markets and reject the green economy. The Margarita Declaration was issued at the end of a four-day meeting of around 130 green activist groups, which the Venezuelan government hosted in order to raise the volume of civil society demands in UN discussions on climate change. The structural causes of climate change are linked to the current capitalist hegemonic system, the final declaration said. To combat climate change it is necessary to change the system....