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Posts Tagged ‘Oil’

Will War With Syria Cause The Price Of Oil To Explode Higher?

August 28, 2013 Comments off

theeconomiccollapseblog.com

F-16 Photo by TMWolfAre you ready to pay four, five or possibly even six dollars for a gallon of gasoline?  War has consequences, and a conflict with Syria has the potential to escalate wildly out of control very rapidly.  The Obama administration is pledging that the upcoming attack on Syria will be “brief and limited” and that the steady flow of oil out of the Middle East will not be interrupted.  But what happens if Syria strikes back?  What happens if Syrian missiles start raining down on Tel Aviv?  What happens if Hezbollah or Iran starts attacking U.S. or Israeli targets?  Unless Syria, Hezbollah and Iran all stand down and refuse to fight back, we could very easily be looking at a major Read more…

China Overtakes the US to become the World’s Largest Oil Importer

March 4, 2013 Comments off

oilprice.com

For the first time in almost 40 years, the U.S. has lost its top net oil importer position to China according to preliminary figures published by the U.S. Energy Information Administration (EIA).

Although not set in stone yet, the news is considered by specialists as a “once-in-a-generation shift that will shake up the geopolitics of natural resources.”  However, the energy market has to wait for further monthly figures before the swing can be confirmed. This is partly because taxes may have distorted estimates for December’s net oil imports, reports FT.com (subscription required).

Oil analysts believe that even if January reverses the shift, the U.S. is set to slip to the number two spot after China as the world’s top net oil importer later in 2013 or in early 2014, as the surge in domestic oil production on the back of the shale revolution reduces the need to import crude oil.

Key to the looming change is the U.S. latest oil production boom, fueled by new technologies and techniques —particularly fracking— that have allowed the country to extract oil from sources that was practically unreachable before.

According to EIA numbers, U.S. oil production is at its highest level in 20 years, with a 40% increase since 2008. At the same time the nation’s oil demand is at Read more…

Categories: China, Oil Tags: ,

Why Are Russia And China Hoarding So Much Gold?

February 13, 2013 Comments off

etfdailynews.com

india-gold-etfWill oil soon be traded in a currency that is thousands of years old?  What would a “gold for oil” system mean for the petrodollar and the U.S. economy?  Are Russia and China hoarding massive amounts of gold because they plan to kill the petrodollar?  Since the 1970s, the U.S. dollar has been the currency that the international community has used to trade oil around the globe.  This has created an overwhelming demand for U.S. dollars and U.S. debt.  But what happens when the rest of the globe starts rejecting the increasingly unstable U.S. dollar and figures out that gold can be used as a currency in international trade?  The truth is that it doesn’t take a lot of imagination to figure that out.  Demand for the U.S. dollar and U.S. debt would fall off the map and there would be a rush into gold unlike anything we have ever seen before.  So are Russia and China accumulating unprecedented amounts of gold right now because they eventually plan to cut the legs out from under the petrodollar and they want to gobble up huge stockpiles of gold before the cat is out of the bag?  Of course they will never admit this publicly, but there are Read more…

Obama lets Chinese own U.S. energy resources

January 22, 2013 Comments off

wnd.com

130121chinaoilNEW YORK – The Obama administration is quietly allowing China to acquire major ownership interests in oil and natural gas resources across the U.S.

The decision to allow China to compete for U.S. oil and natural gas resources appears to stem from a need to keep Beijing economically interested in lending to the U.S. The Obama administration has run $1-trillion-plus annual federal budget deficits since taking office that likely will continue in the second term.

Allowing China to have equity interests in U.S. energy production is a reversal of the Bush administration’s policy. In 2005, the Bush administration blocked China on grounds of national security from an $18.4 billion deal to purchase California-based Unocal Corp.

As WND reported Monday, Beijing has been developing a proposal in which real estate on American soil owned by China would be Read more…

India surpasses China as Iran’s top oil client

April 13, 2012 Comments off

dailystar.com

FILE - In this Monday, July 19, 2010 file photo, a part of the South Pars gas field facility is seen on the northern coast of Persian Gulf, in Assalouyeh, Iran. (AP Photo/Vahid Salemi, File)

GENEVA: India has vaulted to the top of the list of Iran’s oil customers, overtaking China, in a first-quarter buying surge ahead of tighter sanctions against Tehran this summer, data published by a leading industry consultant showed.

Direct imports to India from Iran were 433,000 barrels per day in the first quarter, compared with 256,000 barrels per day to China, according to data compiled by Geneva’s Petrologistics and seen by Reuters via an industry source.

The Indian import figure was up by around 23 percent from the 351,0000 bpd imported over the same period of 2011 and significantly above its 2011 average of 326,000 bpd.

Iran, like many oil exporters, does not publish its own oil sales data on a timely basis. The Petrologistics figures, however, reinforce indications that India has stepped up imports, while business has slowed between Tehran and Beijing over payment terms.

“The first quarter was likely the exception to the rule … China took a strong stance on negotiations, but its imports will Read more…

Categories: India, Iran, Oil Tags: , , ,

Pastor Lindsey Williams- The Us dollar is dead by the end of 2012

March 27, 2012 Comments off

Saudi Arabia And China Team Up To Build A Gigantic New Oil Refinery – Is This The Beginning Of The End For The Petrodollar?

March 23, 2012 3 comments

theeconomiccollapseblog.com

 The largest oil exporter in the Middle East has teamed up with the second largest consumer of oil in the world (China) to build a gigantic new oil refinery and the mainstream media in the United States has barely even noticed it.  This mammoth new refinery is scheduled to be fully operational in the Red Sea port city of Yanbu by 2014.  Over the past several years, China has sought to aggressively expand trade with Saudi Arabia, and China now actually imports more oil from Saudi Arabia than the United States does.  In February, China imported 1.39 million barrels of oil per day from Saudi Arabia.  That was 39 percent higher than last February.  So why is this important?  Well, back in 1973 the United States and Saudi Arabia agreed that all oil sold by Saudi Arabia would be denominated in U.S. dollars.  This petrodollar system was adopted by almost the entire world and it has Read more…

$6 Gas This Summer — U.S. Economy Falls Off Cliff

February 24, 2012 Comments off

etfdailynews.com

Dominique de Kevelioc de Bailleul: 

 Strap on that safety belt for one wild summer of frantic trading in the energy complex, according to economist, prolific author and wealth strategist, Stephen Leeb.  He says gas prices in the US could reach $6 per gallon by the summer driving season.

And if there’s any economic event that could surely torpedo an already near-flat-lined US economy into a death spiral, it will come from a massive price hike in that most critical commodity to any economy—oil.  According  to the charts, oil has again breached the Read more…

IEA: China buys more oil from Iran

February 22, 2012 Comments off

presstv.ir

Frontline Ltd.’s supertanker ‘Front Shanghai’.
 
The International Energy Agency (IEA) says China has bought an additional 200,000 barrels per day of Iran’s oil in recent months.

Didier Houssin, IEA director of energy markets and security, said on Tuesday that Beijing is the world’s second-biggest crude consumer and may continue to increase oil imports from Iran.

“China has been buying more crude and may continue to do so,” he said at the International Petroleum Week conference.

Earlier this month, the IEA predicted that China’s purchases of Iranian crude would slow in the first three months of the year.

This comes while the IEA’s latest report predicts that China’s oil demand would Read more…

Iran cuts oil exports to France, Britain

February 20, 2012 Comments off

thenelsondaily.com

Mahmoud Ahmadinejad . . . fights back with oil embargo

Mahmoud Ahmadinejad . . . fights back with oil embargo

The Huffington Post

TEHRAN, Iran — Iran has halted oil shipments to Britain and France, the Oil Ministry said Sunday, in an apparent pre-emptive blow against the European Union after the bloc imposed sanctions on Iran’s crucial fuel exports.

The EU imposed tough sanctions against Iran last month, which included a freeze of the country’s central bank assets and an oil embargo set to begin in July. Iran’s Oil Minister Rostam Qassemi had warned earlier this month that Tehran could cut off oil exports to “hostile” European nations. The 27-nation EU accounts for about 18 percent of Iran’s oil exports.

However, the Iranian action was not likely to have any significant direct impact on European supplies because both Britain and France had already moved last year to sharply curtail Read more…

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