Free Republic

Scientists astonished to find 600-mile long reef under the muddy water in a site already marked for oil exploration

A Senate bill that would allow families of those killed in the 9/11 attacks to sue the Saudi government has achieved a rare Washington distinction, by uniting the Obama administration and some of its fiercest GOP critics. President Barack Obama and Sen. Lindsey Graham, R-S.C., are rallying to kill the bipartisan plan that would make it possible for American citizens to sue foreign governments believed to be linked to terrorist attacks on U.S. soil. House Speaker Paul D. Ryan, R-Wis., said the plan should be reviewed through regular order before decisions are made about advancing the measure. White House Press...

You know you've 'made it' when the prince of one of the world's biggest human rights abuser (and leading 'beheader') nations calls you a "disgrace to America."

Report: Obama Seeks Meeting With Iranian President Adam Kredo April 20, 2016 4:06 pm President Barack Obama has sent two letters to senior Iranian leaders in recent months requesting a meeting with Iranian President Hassan Rouhani, according to Persian language reports recently translated by a Middle East research organization. “President Obama asked to meet with Iranian President Hassan Rouhani in two secret letters sent in late March to both Iranian Supreme Leader Ali Khamenei and President Rouhani,” according to the Middle East Media Research Institute, or MEMRI, which translated a Farsi-language report published Tuesday by a website affiliated with Iran’s...

There is a new drama on the oil front: those who have it in excess can’t get it to those who want it—at least not quickly enough for everyone to be happy. A recent Reuters story reveals that tankers carrying around 200 million barrels of crude are waiting to leave or dock at ports around the world, creating “the world’s biggest traffic jam.” One would think that producers and consumers of the world’s most abundant commodity would have had time enough to adjust their port capacities, but apparently this is not the case. Middle East ports are choking on the...

There was a time in America — and it wasn't even so long ago — that liberals cared a lot about working-class people. They may have been misguided in many of their policy solutions — e.g., raising the minimum wage — but at least their hearts were in the right place. Then a strange thing happened about a decade ago. Radical environmentalists took control of the Democratic Party. These leftists care more about the supposed rise of the oceans than the financial survival of the middle class. The industrial unions made a catastrophic decision to get in bed with these...

WASHINGTON • The U.S. government is poised to approve two long-delayed sales of Boeing Co. fighter jets to Qatar and Kuwait, and could announce the multibillion-dollar deals during President Barack Obama's visit to the Gulf this week, according to two sources familiar with the matter. The decision would mean more job security for thousands of workers at Boeing's sprawling plant in north St. Louis County, where the F-15 fighter and F/A-18E/F Super Hornets are made. Both deals have been stalled amid concerns raised by Israel that equipment sent to Gulf states could fall into the wrong hands and be used...

No incentive for Saudis to let up Getty Saudi Arabia's minister of Oil and Mineral Resources Ali al-Naimi (C) arrives for the OPEC meeting, in the Qatari capital Doha, By WilliamWatts Deputy markets editor Why would the Saudis give up now?That’s the question crude oil bulls should have been asking themselves ahead of the Sunday meeting of major oil producers that failed to produce an agreement to put a lid on production. Prospects for a deal fell apart after Iran refused to sign up, prompting Saudi Arabia, the world’s swing producer, to effectively walk away. Those that believed Riyadh had...

Hundreds of wind turbines in the Netherlands are operating at a loss and could soon be demolished, according to an article published Thursday by the Dutch financial newspaper Financieele Dagblad. Subsidies for generating wind energy aren’t cost effective anymore, according to the paper’s analysis. Most of Europe’s modern wind turbines are struggling to be profitable due to the inefficient subsidy structure. Financieele Dagblad is extremely worried about the failure of the Dutch wind industry, because the Netherlands is already behind its green energy targets. Dutch financial issues with wind power aren’t unique to the Netherlands. Globally, the wind power industry...

The rapid deterioration of Libya’s oil-dependent economy is threatening the objectives of the country’s new Western-backed government and budding efforts to confront the Islamic State in North Africa, political and security analysts say. Within hours of arriving in Tripoli two weeks ago, the government made controlling the nation’s oil a priority. It persuaded a powerful militia to hand over three oil terminals, and the national oil company gave its support. But the road to securing Africa’s largest reserves is riddled with even greater obstacles, and bringing the battered industry back to its full potential promises to be a colossal mission....

While everyone is talking about the failure of the Doha negotiations, Kuwait has more than made up for OPEC’s failure all on its own. Kuwait’s oil workers walked off the job this weekend, flexing their muscles over a pay dispute. The state-owned Kuwait Oil Company took to Twitter to report the damage done by the workers strike, announcing that oil production fell to 1.1 million barrels per day on Sunday, a catastrophic development considering it normally produces nearly 3 mb/d. Also, Kuwait Petroleum Corp., the state-owned refining company, said that its production of refined products dropped from 930,000 to 520,000...

Saudi Arabia turns oil weapon on Iran: Kemp By Reuters Published: 13:22 GMT, 18 April 2016 | Updated: 13:22 GMT, 18 April 2016 By John Kemp LONDON, April 18 (Reuters) - Saudi Arabia's decision to scupper negotiations on a coordinated oil output freeze in Doha on Sunday seems to confirm a significant shift in the kingdom's oil policy. For decades, the kingdom has insisted it does not wield oil as a diplomatic weapon, but at the weekend it did just that as part of an intensifying conflict with Iran. ("Saudi-Iran tensions scupper deal to freeze oil output", Reuters, April 17)...

Oil prices tumbled on Monday after a meeting by major exporters in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel. Tensions between Saudi Arabia and Iran were blamed for the failure, which revived industry fears that major government-controlled producers will increase their battle for market share by offering ever-steeper discounts. "OPEC's credibility to coordinate output is now very low," said Peter Lee of BMI Research, a unit of rating agency Fitch. "This isn't just about oil for the Saudis. It's as much about...

Climate change is a “global crisis,” and addressing it will bring “economic dislocation,” including job losses, Sen. Bernie Sanders said at Thursday’s CNN-hosted Democrat debate in Brooklyn. “Pope Francis reminded us that we are on a suicide course,” Sanders said. “Our legislation understands, …that there will be economic dislocation. It is absolutely true. There will be some people who lose their job. And we build into our legislation an enormous amount of money to protect those workers. It is not their fault that fossil fuels are destroying our climate. But we have got to stand up and say right now,...

If Bernie Sanders becomes president, America's fracking boom will be in danger. This week the Democratic presidential candidate called for a national ban on fracking, the controversial drilling technology that has not only led to a massive boom in oil and natural gas, created thousands of new jobs but also been linked to water contamination and even earthquakes. "If we are serious about combating climate change, we need to put an end to fracking, not only in New York and Vermont, but all over this country," Sanders said during a speech in Binghamton, New York this week. The anti-fracking crusade...

It’s easy to be against a policy when you don’t understand how that policy actually impacts your life. I believe that this is the case with one of Bernie Sanders’ proposals. Sanders has said multiple times that he would ban the process of hydraulic fracturing, but to my knowledge he has never addressed what the impact of such a ban might be. So let’s investigate. The technique of hydraulic fracturing, or “fracking” had been around since the late 1940s and has been used extensively to promote higher production rates from oil and gas wells. Fracking involves pumping water, chemicals and...

... Bank of America (BAC) on Thursday announced it set aside $997 million to protect from loan losses, mainly in the bank's $22 billion energy portfolio. Wells Fargo (WFC) warned of "significant stress" and "deterioration" in the oil and gas space. The problems there forced Wells Fargo to add $200 million in loan-loss reserves, its first increase to this rainy-day fund since 2009. And JPMorgan Chase increased its provisions for credit losses by 88%, mostly due to the oil, natural gas and pipeline business. It was enough to cause JPMorgan's (JPM) first drop in profits since late 2014. ...

“Cheap natural gas is killing coal.” While that headline has been written dozens of times over the last few years, it continues to be true. In fact, natural gas has become even cheaper over the past year, and the slow death of coal is poised to accelerate. In a new report from Moody’s, and reported on by SNL, the ratings agency predicts that cheap natural gas could lead to another massive wave of coal-fired power plant closures over the next year and a half.

Russia's share in trade with the European Union dramatically reduced last year, pushing the country out of the top three main trading partners of the EU, the European statistics agency Eurostat reported Friday.

Donald Trump said in an interview that economic conditions are so perilous that the country is headed for a “very massive recession” and that “it’s a terrible time right now” to invest in the stock market, embracing a distinctly gloomy view of the economy that counters mainstream economic forecasts. The New York billionaire dismissed concern that his comments — which are exceedingly unusual, if not unprecedented, for a major party front-runner — could potentially affect financial markets. Over the course of the discussion, the candidate made clear that he would govern in the same nontraditional way that he has campaigned,...