Sunday, June 15, 2008
Saudi Arabia under pressure by Congress increases production, Bush okay's annoyance of Polar Bears, It will not matter!
In We Were Warned: Tomorrow's Oil Crisis, CNN's Frank Sesno explores the potential ripple effects of this frightening scenario. The events depicted are hypothetical, but oil experts believe the scenario is entirely plausible. His interviews with energy experts reveal that we are nearing the point at which the world, led by the U.S. and China, will begin to consume more oil than can be pumped from the ground and the oceans. Tracking the global race to find new pools of oil, Sesno also considers the viability of alternative fuels, such as ethanol, which is used as fuel for 40% of cars in Brazil. Throughout his investigation, Sesno tries to find out whether any of these ventures can solve our looming energy crisis or whether we are already too late. We Were Warned: Tomorrow's Oil Crisis
Giving in to pressure largely from Congress withholding arms etc. and MOUNTING pressure on Saudi Arabia to lift crude oil production to record levels looks set to be rewarded, as political leaders again warned of the wider implications of persistent high prices. The oil-rich Arab nation was due to respond overnight to a New York Times report it would increase production by 500,000 barrels a day to just under 10 million barrels. If Saudi Arabian Oil Minister Ali al-Naimi confirms the 5% production increase it may reduce market concern about crude oil supply, which triggered a record one-day barrel price gain of $US10.75 last week. United Nations Secretary-General Ban Ki-moon met Saudi Arabia's King Abdullah at the weekend to discuss oil prices, as well as climate change and the increasing cost of food. Both leaders agreed those three issues "should be dealt with comprehensively", according to UN official Farhan Haq.
"What you want to avoid is a cascade of these sort of challenges that affect a wide range of social and economic sectors and then start also creating political problems," he said. Finance ministers from the G8 forum discussed those issues at the weekend in Japan, declaring high oil and food prices posed a "serious challenge to stable growth worldwide". "Elevated commodity prices, especially of oil and food, pose a serious challenge to stable growth worldwide, have serious implications for the most vulnerable and may increase global inflationary pressure," they said. King Abdullah last week took the unprecedented step of arranging on short notice a major gathering of oil producers and consumers to address the causes of the price rally. Some analysts have predicted that the oil price could reach $US200 a barrel this year as consumption continues to rise rapidly while supplies lag. Saudi Arabia buckles as world demands rise in oil output
* Plus much to my chagrin Less than a month after declaring polar bears a threatened species because of global warming, the Bush administration is giving oil companies permission to annoy and potentially harm them in the pursuit of oil and natural gas. The Fish and Wildlife Service issued regulations this week providing legal protection to seven oil companies planning to search for oil and gas in the Chukchi Sea off the northwestern coast of Alaska if "small numbers" of polar bears or Pacific walruses are incidentally harmed by their activities over the next five years. Environmentalists said the new regulations give oil companies a blank check to harass the polar bear.
About 2,000 of the 25,000 polar bears in the Arctic live in and around the Chukchi Sea, where the government in February auctioned off oil leases to ConocoPhillips Co., Shell Oil Co. and five other companies for $2.6 billion. Over objections from environmentalists and members of Congress, the sale occurred before the bear was classified as threatened in May. Polar bears are naturally curious creatures and sensitive to changes in their environment. Vibrations, noises, unusual scents and the presence of industrial equipment can disrupt their quest for prey and their efforts to raise their young in snow dens. bush grants permission for oil companies to harass endangered Polar Bears
None of this is going to matter period,. Gasoline prices hit yet another record Sunday, with more than half the nation's states paying more than $4 per gallon on average, according to a daily survey from motorist group AAA. The national average price for regular unleaded gasoline climbed slightly to $4.077 a gallon, according to AAA's Web site. The average topped $4 for the first time last week after crude oil prices surged to a trading record above $139 per barrel. The price has swung back and forth in a $10 range since then. Gas is most expensive in California, according to the survey, averaging $4.597, followed by Alaska at $4.436. prices will continue to break records
I have said it too many times but none of this will matter as eventually $10 gas will seem cheap! Just watch what happens when Iran is attacked and everything really gets pressured! You will see food and gas rationing at the very least. WW2 and the great Depression combined will be dwarfed by what is coming. That is not to fear but for you all to be prepared for the inevitable and stay in touch. Be prepared, hope for the best but prepare for the worst!