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Keyword: opec

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  • The End of OPEC Despotism

    06/30/2012 6:08:53 PM PDT · by neverdem · 18 replies
    Energy Tribune ^ | Jun. 29, 2012 | Peter C Glover
    The tectonic plates of Middle East politics are shifting fast. Egypt’s Arab spring may have run into the sand of anti-democratic Islamism, but the days when oil-rich Arab sheikhs colluded to hold Western economies to ransom will soon end. Massive shale oil and gas discoveries across the West, Israel’s rising status as a Middle East energy powerhouse and a deepening internal rift over strategic policy are all colluding to hasten OPEC’s demise. In June, Kuwaiti oil minister Hani Hussein’s commented, “Oil from the Middle East will always find a home. And we have to see more research to get a...
  • Desperately seeking workers in the oil patch (North Dakota has no workers)

    06/25/2012 1:03:38 PM PDT · by Titus-Maximus · 85 replies
    Fedgazette ^ | April 2012 | Phil Davies
    The Quick Take: Rapid oil and gas development in the “oil patch” of western North Dakota and northeastern Montana has created huge demand for workers—not just in the oilfields, but also in a range of non-oil industries. But so far, the supply of labor—from within and outside the region—has responded slowly to demand. In recent years, job openings have soared and unemployment has dropped to very low levels—below 3 percent in a number of counties. The Bakken oil play is drawing job seekers from other Ninth District states and the rest of the country, but they’re not coming in sufficient...
  • Saudi Arabia keeps oil tap on for world growth, Russia hurts

    06/25/2012 1:12:48 PM PDT · by Tailgunner Joe · 11 replies
    reuters.com ^ | June 25, 2012
    LONDON, June 25 (Reuters) - Saudi Arabia is showing no sign of changing its policy of high oil output to support global economic growth, despite a fall in crude prices below $90 a barrel for the first time in 18 months. Gulf and Western government sources in contact with Saudi officials said the OPEC power can tolerate oil at $90 or below for months, price levels that hurt Iran and Russia as they face off against Riyadh over the conflict in Syria. .... "If we keep producing at roughly the same rate, we're not flooding the market," said a senior...
  • U.S. oil production reaches historic high As price plummets

    06/11/2012 8:21:52 PM PDT · by jyro · 52 replies
    WASHINGTON, June 11 (UPI) -- Federal leases in the Gulf of Mexico, along with output from Texas and North Dakota, pushed U.S. oil production to its highest level in 14 years, the EIA said. The U.S. Energy Department's Energy Information Administration reports that U.S. oil production during the first quarter of 2012 topped 6 million barrels per day for the first time since 1998. "The roughly 6 percent growth in U.S. oil production from October 2011 through March 2012 is largely the result of increases in oil output in North Dakota, Texas and the Gulf of Mexico," the agency said...
  • Fossil Fuels. When are we going to stop using this false description of anaerobic oil?

    06/04/2012 10:05:51 AM PDT · by jongaltsr · 93 replies
    General Knowledge verses historical (mis-knowledge)
    How long are we going to continue referring to oil as Fossil fuel when we have known for many (Many) years that oil as we know it comes not from Dinosaurs etc but rather from "other" organic materials such as "trees" etc. Animals that die (including dinosaurs) do not leave a trace of "oil" when they die. They putrefy, dehydrate and turn to dust, leaving only their bones to be discovered later on. Yes there are fossils in the La Brea Tar Pits and many other such surface Tar Pits around the world but that is because animals fell in...
  • NRC Committee Finds That Humans Are Triggering Quakes

    06/16/2012 6:37:10 PM PDT · by neverdem · 32 replies
    ScienceInsider ^ | 15 June 2012 | Richard A. Kerr
    Enlarge Image Shake, rattle, and roll. Even gas wells, such as this experimental platform in Colorado in the 1980s, can trigger quakes, a new report finds. Credit: U.S. Department of Energy Pumping all manner of fluids into deep rock formations has triggered earthquakes strong enough to cause a bit of damage while seriously rattling the local populace, a committee of the National Research Council (NRC) concluded in a report released today. Fracking for natural gas and oil, formally known as hydraulic fracturing, has been responsible for only one or two triggering episodes, the committee found. But hundreds of felt...
  • Argentina to 'immediately launch' criminal proceedings against UK oil firms

    06/04/2012 7:02:26 PM PDT · by MinorityRepublican · 20 replies
    The Telegraph ^ | 04 Jun 2012 | Philip Aldrick
    The Argentine foreign ministry on Monday declared "illegal and clandestine" the activities of Desire Petroleum, Falkland Oil and Gas, Rockhopper Exploration, Borders and Southern Petroleum, and Argos Resources on the grounds that they are drilling in Argentine waters. President Cristina Fernandez de Kirchner said the companies were operating "in a sovereign area of the Argentine nation and as such fall within its specified laws and rules". The companies "are not authorised by the Argentine government under law 17.319 on hydrocarbons", she added. According to the Argentine foreign ministry, her declaration opened the way for the "immediate launch" of criminal proceedings....
  • Obama to fight judge’s ruling EPA overstepped bounds in revoking coal mine permit

    06/03/2012 7:48:45 PM PDT · by Texas Fossil · 17 replies
    Unified Patriots ^ | June 2, 2012 | Lady Impact Ohio
    The sorry saga continues, as the Obama administration is intent on getting their way in everything and by any means possible. In January of 2011 I reported that the EPA had revoked the permit for an already-in-use coal mine in West Virginia, the Spruce Mine to be specific operated by Arch Coal, citing “violations of the Clean Air Act.” This unprecedented action struck fear in the hearts of not only coal companies who have invested millions of dollars and time into securing the necessary permits, but other business owners as well. After all, why would they want to invest in...
  • Keystone readies SE Texas linkage

    05/30/2012 5:11:23 PM PDT · by thackney · 3 replies
    Beaumont Enterpris ^ | May 30, 2012 | Dan Wallach
    A crude oil pipeline that will run 485 miles from Cushing, Okla., to Southeast Texas should be under construction by late summer and operational in late 2013. TransCanada, the builder of the Keystone Pipeline, is looking for workers, vendors and suppliers to help support the $2.3 billion project. On Tuesday, TransCanada conducted a registration workshop in Beaumont, similar to others it has sponsored in other areas along the route. "We'll need supplies, goods and services," TransCanada spokesman Jim Prescott said, listing fuel, tires, oil and welding sticks. And, he said, "We anticipate it will create about 4,000 direct construction jobs...
  • What has caused the recent drop in oil price/bbl(about $20/bbl; $0.60/gal at the pump)? (Vanity)

    05/30/2012 7:51:58 PM PDT · by izzatzo · 49 replies
    self ^ | 05/30/2012 | izzatzo
    Actually, I know the answer to my own question. The answer is manyfold: Hussein has lifted the drilling moratorium; Hussein approved Keystone; Hussein has opened domestic exploration, drilling, and production; Hussein has opened the "strategic reserve"; Hussein didn't actually "invest" all those billions in Brazil's, etc. petroleum industries, he invested it our petroleum industry; Hussein Obama pees oil thereby increasing domestic supply driving the price down; isn't Obama wonderful? NOT I'm not an industry economist so what did I miss? Don't tell me it's all because of Memorial Day and summer's arrival, that doesn't make sense. This is not an...
  • June 2012 could be America's pivotal month

    05/31/2012 7:58:53 AM PDT · by billorites · 5 replies
    Washington Examiner ^ | May 30, 2012 | Philip Klein
    June is usually a sleepy month during any presidential election, but not this year. Two events this month will not only affect the outcome of the presidential election, but also have a dramatic impact on the direction of the country, no matter who wins in November. On June 5, Wisconsin voters will decide whether or not to recall Republican Gov. Scott Walker. The vote will be the culmination of an 18-month campaign by big labor to thwart Walker's public sector union reforms, which are already loosening the stranglehold that the unions had on state and local budgets. With just a...
  • Friday's US Jobs Report Is So Stunningly Bad It's A Danger To The Global Economy

    06/03/2012 10:37:55 AM PDT · by Son House · 43 replies
    Business Insider ^ | Jun. 3, 2012 | AP Writers
    Alan Krueger, head of the president's Council of Economic Advisers, pointed out that the country has added jobs for 27 months in a row, including 4.3 million jobs in the private sector. The economy still has a few bright spots. Americans bought cars and trucks a strong pace last month, giving automakers their best May since 2008. Underscoring the challenge for Obama with five months to go in the campaign, a May poll by The Associated Press and GfK, a research company, showed that 52 percent disapproved of Obama's handling of the economy while 46 percent approved. Some financial analysts...
  • Neocons vs. Islamophobes

    05/24/2012 5:37:04 PM PDT · by rmlew · 8 replies
    Salon ^ | May 16, 2012 | Jordan Michael Smith
    The Muslim Brotherhood, a group that was once thought virtually extinct in Syria, has surprised everyone by staging a comeback. The Islamist group is, according to Reuters, a “dominant force” in the Syrian opposition. Similarly, in Egypt, the MB has become perhaps the most powerful group in the wake of the Revolution.This doesn’t sit well with everyone in the American conservative movement, and two factions are vying to define the Republican response to the increased power of political Islam. Leading what might be called the ‘to-hell-with-democracy’ strain of thought is Andrew McCarthy, a national-security columnist for National Review and senior...
  • Israel Discovers New Giant Off-Shore Oil and Gas Field

    06/03/2012 7:39:21 AM PDT · by Eleutheria5 · 31 replies
    Arutz Sheva ^ | 3/6/12 | Tzvi ben Gedalyahu
    An Israel energy company announced Sunday it has discovered an off-shore energy field that may even surpass previous finds in terms of the possibilities of developing commercial grade oil. Israel Opportunity Energy Resources LP announced that its Pelagic licenses indicate 6.7 trillion cubic feet (TCF) of gas and 1.4 billion barrels of oil. By comparison, the previously announced Tamar and Leviathan off-shore fields contain an estimated 9 and 17 TCF of natural gas. The amount of commercial oil, if any, has not been finalized, but estimates of possible oil in the Leviathan field have been downsized to 600 million barrels....
  • Euro-zone Crisis Will Hit Russia Hard

    05/28/2012 10:15:59 AM PDT · by blam · 9 replies
    TMO ^ | 5-28-2012<b> | Pravda
    Euro-zone Crisis Will Hit Russia Hard Economics / Russia May 28, 2012 - 07:38 AM By: Pravda The political collapse in Greece and Moody's downgrade of the rankings of 16 Spanish banks at once have led to the decline in stock indexes all over the world. In Russia, the head of the Central Bank, Sergei Ignatiev, showed an optimistic reaction to such unpleasant news. Making a speech at the government last week, the official urged everyone not to panic. According to him, Russia is prepared to the crisis much better than it was four years ago. Economists say, though, that...
  • UPDATE 6-Brent crude oil rises above $107 on Greece, Iran

    05/28/2012 12:04:11 PM PDT · by SunkenCiv · 12 replies
    Reuters ^ | Monday, May 28, 2012 | Christopher Johnson
    Oil rose above $107 per barrel on Monday as fears of a euro zone break-up receded but Middle East oil supply worries resurfaced after minimal progress in talks over Iran's nuclear programme. Opinion polls suggested Greece's pro-bailout conservatives could win elections on June 17, keeping the country in the euro zone and making a swift collapse of the currency bloc less likely. Fears of a war in the Gulf that could threaten global oil supplies have returned after world powers failed to convince Iran last week to halt its most sensitive nuclear work. Tension between Iran and the West remains...
  • Eni makes big oil discovery in Egypt (150-250 million barrels )

    05/25/2012 8:24:30 AM PDT · by Red Badger · 1 replies
    Reuters ^ | 05-24-2012 | Svetlana Kovalyova
    Italy's oil and gas major Eni has made a big oil discovery in the Western Desert of Egypt, part of the group's strategy of refocusing exploration activities in the country by targeting deeper plays in the Western Desert region. The discovery, at the Emry Deep exploration prospect, located in the Meleiha Concession 290 kilometers south west of Alexandria, is estimated at 150-250 million barrels of oil in place and will require further appraisal drilling, Eni said in a statement on Thursday. The full field development foresees an early production phase from the current well to be followed by the drilling...
  • The Plan for 21st Century American Resurgence

    05/23/2012 5:08:02 AM PDT · by tselatysr · 5 replies
    Tea Party Tribune ^ | 2012-05-23 03:40:40 | TPTsubmissions
    The most crucial Presidential election, in a lifetime, nears.  Please read what I authored.  Is this the proper direction for America, now? It is Romney, his baggage and his ideology, vs. Obama, his baggage and his ideology. What else could the election represent? It represents the future for America and our families, now and forever.  -Lance"THE ECONOMIC FUTURE FOR AMERICA IS NOW, STARTING IN 2009", (2012).By: S. Lance SilverHow are we going to pay now and in the future for our American lifestyle? It's so simple.We create money for American expenditures currently in two methods:1. by Taxation;2. by Printing;There is...
  • Ahmadinejad, Farrakhan & The Black Panthers: Shocking New Details on Their Meeting & the ‘Beast’...

    05/22/2012 11:34:07 PM PDT · by Perseverando · 25 replies
    The Blaze ^ | May 22, 2012 | Benny Johnson
    Ahmadinejad, Farrakhan & The Black Panthers: Shocking New Details on Their Meeting & the ‘Beast’ Axis That Was Forged According to New Black Panther Chairman Malik Zulu Shabazz: Envisions the “glory” of “paroling on the Israeli embassy with a hundred New Black Panthers” fighting for Palestine. Fighting white people is an “international struggle against a common enemy.” Whites are trying to “divide the non-white” population against each other Because “half of Africa” was involved in slavery “we say Africa owes us reparations, too.” Black radicals should seek “alliances that are possible right now with people who got solid track records...
  • Top 10 reasons President Obama won't be reelected

    05/21/2012 9:44:54 AM PDT · by QT3.14 · 29 replies
    Human Events ^ | May 19, 2009 | Staff
    If you have any doubts that Obama will be sent packing from the White House in November, then cast your eyes at this list of reasons Barack Obama will be a one-term president.