http://www.freerepublic.com/tag/oil/ en-us Mon, 6 Jul 2009 04:13:22 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-bloggers/2286285/posts What's the single BEST way to achieve energy independence? A Weekly Poll. A Weekly Poll http://www.freerepublic.com/focus/f-bloggers/2286285/posts#comment Mon, 6 Jul 2009 04:13:22 GMT http://www.freerepublic.com/focus/f-bloggers/2285919/posts Thirty thousand scientists and NASA say Global warming is a farce! So, why are we not drilling for our own oil here in the USA? Why are we shutting down the coal mining, putting people out of jobs? Who wants to drive one of those little cars around all the BIG trucks on the roads? Not me. It won’t happen...been there, done that, and lived to tell about it. Americans are being scammed! The Cypress Times http://www.freerepublic.com/focus/f-bloggers/2285919/posts#comment Sun, 5 Jul 2009 14:25:56 GMT http://www.freerepublic.com/focus/f-news/2285851/posts Radarsat-1 satellite image with detail insets showing oil slicks in Gulf of Mexico following passage of Hurricane Katrina. Image taken on September 2, 2005. Whats In The Photo: Satellite radar image map showing oil apparently leaking from multiple sources, in a cluster of offshore platforms, on September 1, 2005 following Hurricane Katrina. Approximate center of source area 29.421989N/89.500911W (NAD27). Oil slicks are dark patches; platforms are very bright spots. Large bright areas are land. Sky Truth http://www.freerepublic.com/focus/f-news/2285851/posts#comment Sun, 5 Jul 2009 12:13:38 GMT http://www.freerepublic.com/focus/f-news/2285480/posts he boss of Steve Perkins, the broker at the heart of a rogue trading scandal that rocked oil markets this week, issued a bullish report suggesting prices could go higher only hours after Mr Perkins made the unauthorised trades that caused prices to spike. The disclosure raises further questions about internal controls at PVM Oil Associates, the world’s largest oil brokerage. The London-based firm, which revealed on Thursday it had lost $10m (€7.1m, £6.1m) as a result of trades by Mr Perkins, one of its senior brokers, said the trading report was sent to clients at 08.44 in London on... Financial Times http://www.freerepublic.com/focus/f-news/2285480/posts#comment Sat, 4 Jul 2009 16:38:17 GMT http://www.freerepublic.com/focus/f-news/2285186/posts China is scouring the world for oil as its expanding economy needs more crude to fuel its transportation and infrastructure needs. The world’s most populous nation is close to a deal to loan Brazil oil giant Petrobras $10 billion for off-shore drilling. The deal would help China lock up more than 100,000 barrels of crude a day. China has been an aggressive bidder for rights to Iraqi oil fields although it is too early to say how that will work out. Sinopec (SNP) has bid $7.2 billion for oil company Addax Petroleum. The latest move by China to get access... Wall St 24/7 http://www.freerepublic.com/focus/f-news/2285186/posts#comment Sat, 4 Jul 2009 00:39:55 GMT http://www.freerepublic.com/focus/f-news/2284661/posts ‘Rogue broker’ blamed for oil spike By Javier Blas and Izabella Kaminska in London Published: July 2 2009 12:07 | Last updated: July 2 2009 20:26 The startling spike in oil prices to their highest level this year on Tuesday was caused by a rogue broker who placed a massive bet in the Brent oil market, triggering almost $10m (€7m) of losses for his company. PVM Oil Associates, the world’s largest over-the-counter oil brokerage, said on Thursday it had been the “victim of unauthorised trading”. The privately owned company said that as a result of the unauthorised trades it had... FT http://www.freerepublic.com/focus/f-news/2284661/posts#comment Fri, 3 Jul 2009 05:30:09 GMT http://www.freerepublic.com/focus/f-news/2283710/posts Regulation: Ignoring the first rule of holes, a bankrupt state passing out IOUs welcomes an EPA waiver allowing it to further kill its economy. Too bad the state can't stop the air pollution imported from a growing China. The U.S. Environmental Protection Agency on Tuesday granted California its long-standing request — denied by the Bush administration — for a waiver to allow it to impose even more stringent air pollution rules than currently required by the federal government.The way is now clear for implementation of a 2002 state law requiring new cars to increase their fuel economy 40% by 2016.... IBD Editorials http://www.freerepublic.com/focus/f-news/2283710/posts#comment Thu, 2 Jul 2009 00:16:12 GMT http://www.freerepublic.com/focus/f-bloggers/2283316/posts The recent discovery of a massive oil field in the Gulf of Mexico has crude oil refinery companies projecting its potential output to be well over 15 billion barrels. If these projections are true the impact of this discovery will be much greater than the actual discovery itself and may have encouraged continued crude oil dependency in the midst of a universal push for alternative fuel sources. It would certainly have a significant impact on crude oil consumption in the United States. According to the US Energy department, Americans consumes roughly 5.7 billion barrels of crude oil annually with reserves... hubpages.com http://www.freerepublic.com/focus/f-bloggers/2283316/posts#comment Wed, 1 Jul 2009 15:32:46 GMT http://www.freerepublic.com/focus/f-chat/2282859/posts Polar bear encounters on the North Slope oil fields have risen to record levels the last two years, a sign that increasing numbers of the white giants may be prowling on land because the sea ice they prefer is shrinking, scientists said. Oil field sightings along the southern Beaufort Sea coast jumped to 321 in 2007 and 313 in 2008, said Craig Perham, a U.S. Fish and Wildlife Service biologist in Anchorage. That’s more than double the 15-year average of 138. It’s also a sharp rise from 232, the previous high in 2005 The http://www.freerepublic.com/focus/f-chat/2282859/posts#comment Tue, 30 Jun 2009 23:33:40 GMT http://www.freerepublic.com/focus/f-news/2282714/posts BP and CNPC have won the right to help Iraq develop the Rumaila field. The UK and Chinese companies beat ExxonMobil, the US oil company, which had partnered with Petronas, the Malaysian oil company. BP clinched the contract when it agreed to reduce its fee per barrel from $3.99 to $2. But the rest of the auction has not gone as smoothly. In fact, so far, the smaller five of the eight oil and gas fields being auctioned off have failed to find a company willing to accept the narrow terms and the relatively low price Iraq is willing to... ft.com/energysource (Blog for Financial Times) http://www.freerepublic.com/focus/f-news/2282714/posts#comment Tue, 30 Jun 2009 19:49:40 GMT http://www.freerepublic.com/focus/f-gop/2281812/posts The American Petroleum Institute has just released the results of its third annual “Energy IQ” survey, and it reflects that Americans’ knowledge about energy issues is lacking. The survey, conducted by Harris Interactive, comes as President Obama and Congress are pursuing aggressive energy and climate policies that threaten the nation’s economy, and which will determine America’s economic competitiveness for years to come. Some high points from the survey: • When asked about the role fossil fuels such as oil, natural gas and coal will play in meeting global energy demand, only 10 percent of respondents answered correctly that fossil fuels... Annuit Coeptis http://www.freerepublic.com/focus/f-gop/2281812/posts#comment Mon, 29 Jun 2009 19:48:50 GMT http://www.freerepublic.com/focus/f-news/2281741/posts Mon, 29 Jun 2009 17:05:09 GMT American forces have attempted to take over an Iranian oil field near the country's western border with Iraq, a security official says. “US forces backed by tanks entered the Mousian area of the Dehloran County, laying around 100 meters of pipeline in Iranian territory," the source, talking on condition of anonymity, said Monday. The source added that the pipes, marked with Iraqi flags, were blocked after Iranian forces pushed the “intruders” back across the border. Iraqi officials have been notified of Iran's objection to American movements along the common border, according to the source. http://www.freerepublic.com/focus/f-news/2281741/posts#comment Mon, 29 Jun 2009 17:53:18 GMT http://www.freerepublic.com/focus/f-bloggers/2281142/posts A smart gas station owner from Wadsworth, Illinois has given up his Citgo franchise and re-opened as a Shell station. To celebrate he posted a sign that gives Hugo Chavez a wonderful sendoff. "Adios Chavez," it reads. For the last five years I have personally boycotted any Citgo gas station. Citgo, you see, is wholly owned by Petróleos de Venezuela S.A., which itself is wholly owned by Venezuela's despotic President Hugo Chavez and his puppet government. I have written several times in the past about this fact (here, and here) and have wondered why more Americans haven't talked about boycotting... Publius' Forum http://www.freerepublic.com/focus/f-bloggers/2281142/posts#comment Sun, 28 Jun 2009 14:52:04 GMT http://www.freerepublic.com/focus/f-bloggers/2280135/posts This week (June 22-26) I again fielded a ton of questions from several media sources on oil. This is my recollection of what I was asked, how I responded, and some support for my thinking. Question: I'm seeing at least two reports that said china consumption is up a second month, up much more than a year ago and at record levels. Platts recently reported that China consumed 33.23 million metric tons of oil in May, up 6% from a year earlier. Answer: Demand from China may be up, however, according to the International Energy Agency, global demand for crude... Commodity News Center http://www.freerepublic.com/focus/f-bloggers/2280135/posts#comment Fri, 26 Jun 2009 18:09:33 GMT http://www.freerepublic.com/focus/f-news/2279754/posts Russia's energy giant Gazprom has signed a $2.5bn (£1.53bn) deal with Nigeria's state operated NNPC, to invest in a new joint venture. The new firm, to be called Nigaz, is set to build refineries, pipelines and gas power stations in Nigeria. Analysts say the move could further strengthen Russia's role in supplying natural gas to Europe. The agreement comes during a four-day African tour by Russian President Dmitry Medvedev. As well as forming Nigaz, Russia is keen on developing a trans-African pipeline to transport Nigerian gas to Europe. This could further reinforce Gazprom's already-strong influence over Europe's energy supplies. 'Commodity-rich'... BBC http://www.freerepublic.com/focus/f-news/2279754/posts#comment Fri, 26 Jun 2009 05:02:47 GMT http://www.freerepublic.com/focus/f-news/2279367/posts Mexico vowed to keep looking for a mysterious island that could extend its offshore oil claims after university researchers said they couldn't find it. "The island doesn't exist" in the area where it was shown on maps, a National Autonomous University of Mexico study concluded after conducting studies with underwater sensing devices and aerial reconnaissance in the area. "Isla Bermeja" appeared on maps from the 1700s as a speck of land off the northwest coast of the Yucatan peninsula. A group of Mexican legislators hoped the island would help their decade-long effort to fend off what they describe as U.S.... San Diego Union-Tribune http://www.freerepublic.com/focus/f-news/2279367/posts#comment Thu, 25 Jun 2009 18:39:50 GMT http://www.freerepublic.com/focus/f-news/2279339/posts Oil Surges Toward $71 on Nigeria Attack By REUTERS Published: June 25, 2009 LONDON (Reuters) - Oil prices rose more than $2 to near $70 a barrel on Thursday after Nigerian rebels attacked a Royal Dutch Shell pipeline, raising worries about supply from the OPEC-member nation. Crude also got a lift as Wall Street rallied on hopes for an economic recovery and as gasoline futures rebounded heading into the peak of the U.S. summer driving season. U.S. crude futures for August rose $2.18 to $70.85 a barrel by 1730 GMT. London Brent crude rose $2.09 to $70.42 a barrel. In... Reuters http://www.freerepublic.com/focus/f-news/2279339/posts#comment Thu, 25 Jun 2009 18:07:30 GMT http://www.freerepublic.com/focus/f-news/2278718/posts The board of Addax, which is also listed in Toronto and based in Switzerland, has recommended a C$52.80 per share offer from Sinopec, the Chinese state oil and gas company. Addax has oil assets in West Africa and the Middle East, particularly the Kurdistan region of northern Iraq. The company has increased its crude oil production from 8.8m barrels per day ten to 134.7m barrels per day over the last ten years. -SNIP-The transaction is the second this month involving assets in Iraq's Kurdish territory after the region started exports at the beginning of June. Telegraph UK http://www.freerepublic.com/focus/f-news/2278718/posts#comment Wed, 24 Jun 2009 22:47:50 GMT http://www.freerepublic.com/focus/f-bloggers/2278338/posts "A welcome-back party for Big Oil" is how the Wall Street Journal today sums up the Iraqi government plan to open up its oil fields to the highest bidders after three decades of tight control under Saddam Hussein. Starting next week, the Iraqi government will begin auctioning off contracts to foreign countries, opening up a market with 115 billion barrels in "proven reserves." "If all goes according to plan in the first round, foreign oil companies will move in to help Iraq revive production at six developed fields that have suffered from years of war and neglect," the newspaper writes.... Slate http://www.freerepublic.com/focus/f-bloggers/2278338/posts#comment Wed, 24 Jun 2009 14:38:07 GMT http://www.freerepublic.com/focus/f-news/2276928/posts Greenland, the world’s biggest island, made an important step towards its independence on June 21. The island, which is presumably populated by the Eskimos, has been a part of Denmark for over 300 years. The Parliament of Denmark passed the law to expand Greenland’s autonomy at the end of May. The law asserted the results of the referendum which took place in Greenland last year. About 75 percent of the island’s 63,000-strong population supported the idea to expand the self-administration on the island with 23 percent voting against it. The new status, which the island will obtain, will give the... Pravda RU http://www.freerepublic.com/focus/f-news/2276928/posts#comment Mon, 22 Jun 2009 17:34:44 GMT http://www.freerepublic.com/focus/f-news/2276862/posts Investing in solar and alternative energy stocks comes with many risks. We have often referred to many of these as being essentially nothing more than very leveraged speculative oil investments because when energy prices are low most of these are not competitive at all on a cost structure. The drop of $2.62 per barrel to $66.93 in NYMEX WTI Crude is causing havoc in some of the mid-cap and speculative oils stocks. It is also hitting shares of First Solar, Inc. (NASDAQ: FSLR), Suntech Power Holdings Co. Ltd. (NYSE: STP), SunPower Corporation (NASDAQ: SPWRA), LDK Solar Co.Ltd. (NYSE: LDK), and... Wall St 24/7 http://www.freerepublic.com/focus/f-news/2276862/posts#comment Mon, 22 Jun 2009 15:52:31 GMT http://www.freerepublic.com/focus/f-bloggers/2276829/posts This would create new jobs and stop the obama Death Spiral into Depression and China would once again be buying from us! As it is now "Welfare Rolls have seen a SHARP Increase" we have the worse housing market in this generations memory and the Death Spiral continues. Scientists Confirm U.S. Has World’s Biggest Oil Reserves It has been more than a year since the Department of Interior announced that North Dakota and Montana have an estimated 3 to 4.3 billion barrels of recoverable oil in an area known as the Bakken Formation, but little is being done about it.... http://www.freerepublic.com/focus/f-bloggers/2276829/posts#comment Mon, 22 Jun 2009 15:19:17 GMT http://www.freerepublic.com/focus/f-news/2275426/posts The number of rigs actively exploring for oil and natural gas in the United States rose by 23 this week to 899, the second time this year the weekly count has increased. Of the rigs running nationwide, 692 were exploring for natural gas and 196 for oil, Houston-based Baker Hughes Inc. (BHI ) reported Friday. Eleven were listed as miscellaneous. The only other time this year the count increased was the first week of April. A year ago, the rig count stood at 1,906. The U.S. count is down 56 percent since the end of August as weak energy demand... AP http://www.freerepublic.com/focus/f-news/2275426/posts#comment Fri, 19 Jun 2009 19:50:17 GMT http://www.freerepublic.com/focus/f-news/2275420/posts Gasoline markets exhibited the first signs that an extended rally in pump prices is nearing an end after 52 straight days on the rise. Gasoline futures started falling midweek after a government report showed a huge surplus. Already, wholesale gasoline prices in key markets like the Gulf Coast and Chicago had begun to fade. Should prices continue to fall on the New York Mercantile Exchange, cheaper gas may be on the way for motorists. AP/GoogleNews http://www.freerepublic.com/focus/f-news/2275420/posts#comment Fri, 19 Jun 2009 19:41:05 GMT http://www.freerepublic.com/focus/f-chat/2275341/posts . Legendary oil man T. Boone Pickens says that if the U.S. doesn’t take major steps to curb its reliance on foreign oil, the consequences will be drastic. “Let’s say in 10 years, you do nothing,” Pickens tells Fortune. “You will be importing 75 percent of your oil (up from 68 percent now), and you’ll be paying $300 a barrel.” . Moneynews.com http://www.freerepublic.com/focus/f-chat/2275341/posts#comment Fri, 19 Jun 2009 18:07:40 GMT