Posted on 02/01/2011 5:52:04 PM PST by Kaslin
Energy Security: As unrest spreads in the Middle East, threatening oil transport and oil-rich kingdoms, our laughable energy policy may come home to roost. Better get those wind turbines spinning in a hurry.
Between them, the Suez Canal and adjoining pipeline transport some 4.5 million barrels of oil per day. More than 35,000 ships used the canal in 2009, about 10% of them oil tankers. The thought of the Muslim Brotherhood in control of it should give us pause. Yet that's a real possibility as the well-disciplined and ruthless mother of all Islamofascist groups lies in wait.
The street protests that began in Tunisia and have consumed Egypt have spread to Jordan, prompting King Abdullah II to sack his prime minister and ask a predecessor in that post to form a new government that would push for reforms and get ahead of the curve of unrest in the region.
Tunisia, Egypt and Jordan do not have much in the way of domestic energy supplies, but just down the road are the kingdoms of Saudi Arabia and the Gulf emirates.
The possibility of upheaval visiting their shores must be considered, especially with an ambitious and meddling Iran nearby.
Brent crude rose above $100 on Monday in London for the first time in 28 months, hitting $101.01 amid fears that spreading Mideast unrest could affect global supplies.
Eric Bolling of Fox Business Network warns that with all the instability in the Middle East, should unrest hit Saudi Arabia and the Gulf states, oil prices could rise above $200 a barrel. Even a spike to the $125-to-$150-a-barrel range could have disastrous effects on an energy-starved U.S. economy struggling to recover.
(Excerpt) Read more at investors.com ...
I’m particularly fond of U.S.domestic onshore producers. They are poised to be the primary beneficiaries of spiking world oil prices while oil is still priced in USD.
Vanguard Natural Resources, LLC would be a solid pick.
And yes, my money is where my mouth is.
‘I’m just waiting for Bill O’Reilly to rail against the energy speculators as he did in 2008. I like his show, but he’s a dunce on economic matters.’
My sister got her letter read on air by O’Reilly. She called him an economic illiterate. LOL!
Bagdad Boxer posted earlier
Dear Friend:
This week I introduced the West Coast Ocean Protection Act, a bill to permanently prohibit new offshore drilling along the Pacific coast. I was joined by all the Senators from the West Coast – including my colleague from California, Senator Dianne Feinstein, and Senators Maria Cantwell (D-WA), Patty Murray (D-WA), Ron Wyden (D-OR), and Jeff Merkley (D-OR) – in offering this critical legislation to protect the 570,000 jobs and $34 billion coastal economy of our three states.
Every State should be working to limit Federal power.
A lot of what is being called “shale oil” has a break even of about $60/bbl. The technology required to get to the oil and the fracking to get it out aren’t cheap. But they are effective.
And yet they wonder why the West Coast States are going broke (or already there)...nothing quite like crapping in your mess kit and then claiming you can’t eat...
$60 sounds more realistic for break even. Either way the break even is less than we are already paying.
Keep in mind, too, that oil is sold on a global market, the price set by buyer bid, not the seller.
““prey” you meant pray.”
Thanks lurker. However, some strategic preying just may be prudent too.
Ping
Why drill for oil when you can burn food, and starve the 3rd world into a war for world dominated fascism? The halfrican ain’t stupid.
Yep. They always say no because it will take x years to get the oil to production. And when we get to that point, the answer is still no because of the same number of years to production. It is like the people are a collective donkey with a carrot on a stick out front.
Yep. They always say no because it will take x years to get the oil to production. And when we get to that point, the answer is still no because of the same number of years to production. It is like the people are a collective donkey with a carrot on a stick out front.
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