The 20,000 miles of pipes that carry oil and gas across Nebraska’s open prairies don’t bother Randy Thompson at all. Neither do greenhouse gas emissions or oil geopolitics.
Yet the 63-year-old, Republican-voting rancher and other Nebraska landowners have begun to kick up a lot of dust over the Keystone XL, a 1,711-mile pipeline that, if built, will cut across Nebraska’s heartland as it funnels oil from the Athabasca sands of Alberta, Canada, to Read more…
The last three years of global recession have dealt a major blow to American capitalist ideas trumpeted throughout the world on the value of “free markets.” Wall St has been revealed as a form of casino economy, with the bankster insiders gambling with other people’s, and eventually, the government’s money in the form of bailouts. As the Republicans in Congress, scenting victory in the 2012 presidential elections, hold a gun to the Obama administration’s head and rating agencies consider downgrading U.S. government bonds in light of Washington’s possible defaulting, many ideas around the world that previously seemed implausible because of the dominance of the U.S. economy are garnering renewed interest.
Not surprisingly, many of these concepts originate in countries not enamored with Washington’s influence, perhaps none so more than “Axis of Evil” charter member Iran, which has seen its economy Read more…
Venezuela’s crude oil proven reserves exceeded those of Saudi Arabia last year according to OPEC’s annual statistical report. In 2009, OPEC listed Saudi as having the highest reserves at 264.59 billion barrels or 25.9% of OPEC’s overall reserves and Venezuela at 211.17 billion barrels or 19.8% of OPEC reserves.
According to OPEC’s latest annual report, Venezuela’s proven crude oil reserves reached 296.5 billion barrels in 2010, up 40.4% on the year and higher than Saudi Arabia’s 264.5 billion barrels.
The data confirms statements by Venezuela’s national oil company (PDVSA) which reported it had this level of reserves as early as January of this year. Venezuela began certifying its oil reserves in the Orinoco belt in 2007 and since then the corporate media accused PDVSA of Read more…
BUENOS AIRES — Argentina is promoting the idea of an OPEC-like cartel for itself, Bolivia and Chile, which together control 85 percent of the world’s reserves of lithium, a key component in electric car batteries.
“In the near future and with our production at such a high level, Bolivia, Argentina and Chile will control the lithium market,” said Rodolfo Tecchi, the director of the technology and science promotion division of the Argentine Ministry of Science and Technology.
“They could do it with a sort of OPEC-like arrangement,” he added.
The three countries, which Forbes magazine calls the “Saudi Arabia of lithium,” would establish “control mechanisms for the sale of lithium carbonate, avoiding Read more…
Lindsey Williams announced on the Alex Jones Show that the New World Order will be targeting the fall of Yemen next. Saudi Arabia will be last to fall in the Middle East thus causing oil prices to escalate from $150 to $200 per barrel. He also touches on the current devaluation of the US Dollar and the current gold and silver explosion in commodities. If you are able to… listen to this interview and research it for yourself.
INTERNATIONAL. Marc Faber the Swiss fund manager and Gloom Boom & Doom editor sees oil prices extending their bull run despite the 15% run-up this year alone.
In an optimistic scenario demand for oil will rise as the global recovery takes hold, and in a pessimistic scenario prices still go up if the Middle East unrest spreads and crude production is curtailed. In both cases, he says, you should be long energy and energy related shares.
Speaking to CNBC today, Faber said: ” I think long term you should be exposed to energy in either scenario….if you are extra bearish and believe that War World III is going to start soon, as I believe, or in an optimistic scenario”.
Addressing the fundamentals of the oil market, Faber said: “What we had over the last couple of years is essentially a reduction in demand from the developed world, the US, Western Europe and Japan, and continued growth in emerging economies.
“So, if you take a very optimistic view of the world, namely a global economic recovery, demand in the Western World will pick up and demand in the Emerging World will continue to rise strongly, so from a very optimistic point of view you should be long oil,” he recommended.
On the flip side, “in a very pessimistic scenario you have to assume that unrest will shift to Saudi Arabia and other countries in the gulf and at that stage the production is curtailed and in that case obviously oil will go up ballistically.”
Brent crude futures could hit US$200 a barrel if political unrest spreads into Saudi Arabia, Societe Generale said on Monday.
Under what the bank called Geopolitical Scenario 3, “unrest spreads to Read more…
US diplomat convinced by Saudi expert that reserves of world’s biggest oil exporter have been overstated by nearly 40%
The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom’s crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%.
The revelation comes as the oil price has soared in recent weeks to more than $100 a barrel on global demand and tensions in the Middle East. Many analysts expect that the Saudis and their Opec cartel partners would pump more oil if rising prices threatened to Read more…