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Oil rises above $90 amid US crude supply drop

I'm starting to look at this in a different light, I think it would be a good thing for gas to be up to over over 5 dollars a gallon by election time of 2012.

With the inflation that will cause at the retail market, plus the added costs to each and every family will feel each time they fill up. Families having trouble putting food on the table, seeing their kids going without.

Just think of the consequences in the elections of 2012.... economy still floundering, unemployment numbers still up, deficit spending still at record levels, our national debt above 15 trillion and rising, and to top it off and gas prices at record highs. … it would be 2008 all over again, it wouldn't matter who ran against Obama, the people would be voting for change.

That means no one will want the problems Obama has made. To get a true conservative to run will be hard.

Obama shows he hates big oil and the coal industry and he does not care how it affects middle america.
 
It figures....assumptions are faith dave....plain and simple.

You assume what you think is correct...it isn't.

We canplay the dueling source game all day...doesn't change a thing.

Gore is an idiot....Global Cooling didn't happen....

Acid Rain didn't end life as we know it...

...and the Population Bomb didn't explode.

Sorry.

Ignorance is not a virtue and lights up like a neon sign, fortunately. One just waits until the manifestation becomes obvious. What could that mean? Bluster, bullsh*t, nonsense, and specializstion. Conservative merit badges.
 
"will gasoline prices ever go down? "

Yes, after the war on Iran. Want to know why?

1. The high oil price is not out of "supply and demand", it's out of the "speculation". The big bankers manipulate oil price high to save Dollar. (Iran abandoned dollar in oil trading)

2. The high oil price will also justify Iran war. After the war, the oil will return to normal. Then the media will tell people, "You see. We are right to war on Iran. So you all can enjoy a low price gas now."

3. The plotter used to make money on war crisis. So they accumulate the oil future options to push up the price. Once the war happens, they can make huge profits. (They had done so in 911 attack when they made money in stock option market.)


4. In 2008, when there was a plan to war on Iran - the plot was signaled by a B-52 loaded with nuclear missiles flied over US continent, oil had been pushed up to $147/barrel. Now it is a similar situation.

Here is an article I written then.

556. Petro-dollar, the cause of Iran war (7/4/08)


People think the nuclear ambition of Iran is the reason for Iran war. That is only right on Israel's part. For US part, it is petro-dollar.


US dollar is appointed currency in oil trading. Because the oil trade is a huge business, a large amount of dollar is locked up in that trade. That money is called petro-dollar. Why it is so important to US? Because it acts as a long term none interest loan The prosperous US economy partly was based on the petro-dollar - a long term loan without interest. Let me depict it in this way:


US bought a house from Japan (whom represents the oil customers of Iran) for one million dollars. US also bought another house from France (whom represents other oil customers of OPEC) for one million dollars. Japan and France use these two million dollars as fund to buy oil. The money was used in oil trading circle and never back to US. US enjoys the two houses almost free. He doesn't have to pay monthly mortgage payment. Not a penny for interest, nor for principle. All the cost was the printing of a green back paper. However, that green back paper - petro dollar, is still a debit note. How long is it? So far it's more than forty years - since dollar became the appointed oil trade currency.


But suddenly, Iran refuses to accept dollar. Japan has to ask US to exchange that one million dollar into Euro or yen. What US can do is: 1. to get the dollar back by export more merchandise. But he is not able to. He has a trade deficit already. 2. To get the dollar back with gold or foreign currency reserve. But he hasn't that much reserve. 3. To lock up that extra one million dollar in US Bond by raising the interest rate to attract the buyer. But he unwilling to do it. There is a sub-prime crisis in real estate market. Any interest increase will further devalue the house. Feds holds a large amount of real estates in my case, they don't allow such thing to happen. So to solve the problem, they go to the fourth option. 4. By pushing up the oil price.


France (other oil consumption countries) keeps one million dollar as oil trading fund. How much does he need if the oil price doubled? Two million. Thus the one million dollar Japan abandoned is absorbed by France. That's why the oil price jumped like crazy in recent days - a tricky way to keep US dollar from collapsing.


US has to pay for high oil price too. Ordinary people bear the cost. But the high oil price will hurt the economy. The condition won't last long. So war on Iran is unavoidable.


Of course, US is a "democratic" country. It can't start a war because others refusing to use its currency. Then beware of another 911 style false flag attack.
 
On Nova a few days ago, a guy says he has biofuel made from grass that can run a jet engine, but so far it is $10,000 per tablespoon......

Tell him to go back to the drawing board or find a way to make production much more efficient.

I mean, we have other fuels available for vehicles right now, with the infrastructure already existing.
One is electric cars and two is NG cars, you can get the NG pump installed at your house.

Amazing.
 
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Why do you think it was a war for oil?


Because Iraq was not a threat to anyone past our Persian Gulf war in 1991 when we completely destroyed their ability to be a threat to anyone, followed by a decade of sanctions, and the fact that it was all laid out in Bush's Energy Challenges for the 21st Century.

Have we received any oil as a net benefit?

You don't consider still being able to afford to fill up your gas tank, a benefit? Iraq has the largest pure oil reserves on the planet, it will be the last spot on the planet to run out of oil. Guess who's military now has the military power in Iraq to call the shots. Without, our war, Western oil would still be locked out of Iraq as they have been for the last 30 years, when Iraq Nationalized their oil.
 
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Well as usual you argument lacks any creditable evidence, as does most of your arguments,

according to you the war was all about oil … yet in 1999 we imported 263 thousand barrels of oil, in 2002 we imported 167 thousand barrels of oil , and in 2010 we imported 149 thousand barrels of oil. From Iraq.

I guess according to you we fight these “oil” wars so we can get less of that country's oil ??

U.S. Imports from Iraq of Crude Oil and Petroleum Products (Thousand Barrels)

Look up how the world oil market works. Our middle east wars were for making the middle east safe for Western oil who have been locked out of Iraq since they Nationalized their oil over 30 years ago.

As Bush's report pointed out, Iraq was witholding oil to control world oil prices and suggested this should be dealt with militarily. This report was made prior to our invasion of Iraq that was less of a threat to the US than Grenada.
 
Tell him to go back to the drawing board or find a way to make production much more efficient.

I mean, we have other fuels available for vehicles right now, with the infrastructure already existing.
One is electric cars and two is NG cars, you can get the NG pump installed at your house.

Amazing.

works for major cities, or any densely populated area....where NG has been piped in. Electric cars are good for local use, but too expensive for what they are.
Our Utah home would be a good location for a battery powered car, nearly everything is within 5 miles of our house, the few remaining places we would want to go are still under 10 miles....
But I'm not buying anything til the 2 chevvies we have no longer run.....a 9 year old truck with 107K miles, an 11 year old car and 75K miles. Lots of live left in them...
 
Because Iraq was not a threat to anyone past our Persian Gulf war in 1991 when we completely destroyed their ability to be a threat to anyone, followed by a decade of sanctions, and the fact that it was all laid out in Bush's Energy Challenges for the 21st Century.



You don't consider still being able to afford to fill up your gas tank, a benefit? Iraq has the largest pure oil reserves on the planet, it will be the last spot on the planet to run out of oil. Guess who's military now has the military power in Iraq to call the shots. Without, our war, Western oil would still be locked out of Iraq as they have been for the last 30 years, when Iraq Nationalized their oil.

Amazing that people think 'war for oil' means 98 cent gas for them.

In such situations I always refer back to an old axiom

Just because you’re on their side doesn’t mean they’re on your side. ;)
 
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So you believe Bush's actions in the ME had no effect on other ME nations?

Hell no, they're doing it under Obama's watch. All that bowing and apologizing is what set it off.
 
Look up how the world oil market works. Our middle east wars were for making the middle east safe for Western oil who have been locked out of Iraq since they Nationalized their oil over 30 years ago.

As Bush's report pointed out, Iraq was witholding oil to control world oil prices and suggested this should be dealt with militarily. This report was made prior to our invasion of Iraq that was less of a threat to the US than Grenada.

I'd like to look at this report, have a link?
 
I'd like to look at this report, have a link?

Official: US oil at the heart of Iraq crisis
Sunday Herald, The, Oct 6, 2002 by Exclusive By Neil Mackay

"President Bush's Cabinet agreed in April 2001 that "Iraq remains a destabilising influence to the flow of oil to international markets from the Middle East" and because this is an unacceptable risk to the US "military intervention" is necessary.

Vice-president Dick Cheney, who chairs the White House Energy Policy Development Group, commissioned a report on "energy security" from the Baker Institute for Public Policy, a think-tank set up by James Baker, the former US secretary of state under George Bush Snr.

The report, Strategic Energy Policy Challenges For The 21st Century, concludes: "The United States remains a prisoner of its energy dilemma. Iraq remains a de-stabilising influence to the flow of oil to international markets from the Middle East. Saddam Hussein has also demonstrated a willingness to threaten to use the oil weapon and to use his own export programme to manipulate oil markets. Therefore the US should conduct an immediate policy review toward Iraq including military, energy, economic and political/ diplomatic assessments.

"The United States should then develop an integrated strategy with key allies in Europe and Asia, and with key countries in the Middle East, to restate goals with respect to Iraqi policy and to restore a cohesive coalition of key allies."
Baker who delivered the recommendations to Cheney, the former chief executive of Texas oil firm Halliburton, was advised by Kenneth Lay, the disgraced former chief executive of Enron, the US energy giant which went bankrupt after carrying out massive accountancy fraud.
The other advisers to Baker were: Luis Giusti, a Shell non- executive director; John Manzoni, regional president of BP and David O'Reilly, chief executive of ChevronTexaco. Another name linked to the document is Sheikh Saud Al Nasser Al Sabah, the former Kuwaiti oil minister and a fellow of the Baker Institute."
Official: US oil at the heart of Iraq crisis | Sunday Herald, The Newspaper | Find Articles at BNET

See the full report here: Powered by Google Docs
 
meanwhile, more macro:

China should reduce its excessive foreign exchange reserves and further diversify its holdings, Tang Shuangning, chairman of China Everbright Group, said on Saturday.

The amount of foreign exchange reserves should be restricted to between 800 billion to 1.3 trillion U.S. dollars, Tang told a forum in Beijing, saying that the current reserve amount is too high.

China's foreign exchange reserves increased by 197.4 billion U.S. dollars in the first three months of this year to 3.04 trillion U.S. dollars by the end of March.

Tang's remarks echoed the stance of Zhou Xiaochuan, governor of China's central bank, who said on Monday that China's foreign exchange reserves "exceed our reasonable requirement" and that the government should upgrade and diversify its foreign exchange management using the excessive reserves.

Meanwhile, Xia Bin, a member of the monetary policy committee of the central bank, said on Tuesday that 1 trillion U.S. dollars would be sufficient. He added that China should invest its foreign exchange reserves more strategically, using them to acquire resources and technology needed for the real economy.

China should cap forex reserves at 1.3 trillion U.S. dollars: China banker

qe, anyone?
 
Nuclear something environmentalist fight in this country. Keep trying but wind will not meet our needs and environmentalist will fight nuclear

The administration we elected in 08 has committed more funding for nuclear power than any other administration in our history. It it is going to take nuclear, solar, wind, and biofuels altogether to replace our dependency on affordable oil when it runs out in a couple more years. See the warning by the US military last year, they warned it could happen as soon as 2015.

Tell me something, why do you think China and Saudi Arabia are investing so much into wind and solar technology?
 
The administration we elected in 08 has committed more funding for nuclear power than any other administration in our history. It it is going to take nuclear, solar, wind, and biofuels altogether to replace our dependency on affordable oil when it runs out in a couple more years. See the warning by the US military last year, they warned it could happen as soon as 2015.

Tell me something, why do you think China and Saudi Arabia are investing so much into wind and solar technology?

It is called hedgeing your bets. Oil is not running out for a very long time, but the real question is will it be able to produce more and more as the world's economies grow. The sad part is we are sitting on about 100 years of nat gas, but don't seem interested in using it. In all probability you will see China buy up those assets and ship it via liquified nat gas.
 
It is called hedgeing your bets. Oil is not running out for a very long time, but the real question is will it be able to produce more and more as the world's economies grow. The sad part is we are sitting on about 100 years of nat gas, but don't seem interested in using it. In all probability you will see China buy up those assets and ship it via liquified nat gas.

Thats already going on, at least in canada. I saw that petrochina is trying to get a $5+ billion deal with Encana to get a stake in a large nat gas reserve in british columbia and alberta. Not that I see anything wrong with that. We use quite a bit of nat gas for heating and electricity. Its not popular in cars yet, but they do have some filling stations for them. It is cheaper per gallon, but I think you get worse mpg's, that and it is hard to find a place to fill up!

CNG stations and Prices for the US, Canada and Europe
 
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