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ExxonMobil Oil Pipeline Ruptures, Leaks 1,000 Barrels Into Yellowstone River
An ExxonMobil oil pipeline that ruptured 10 miles west of Billings, Mont., leaked nearly 1,000 barrels of crude oil into the Yellowstone River.
Exxon detected the leak on Saturday morning following a loss of pressure on pipeline and within seven minutes the pipeline pumps were shut down, the company said in a press release.
That did not, however, prevent nearly 42,000 gallons of crude oil to be spewed into the famed river.
The 12-inch crude-oil pipeline runs from the town of Silver Tip to the three refineries at Billings, ExxonMobil said.
“We had no indications that Read more…
UN Criticizes China’s Failure to Arrest Sudan’s Bashir
The United Nations has criticized China for failing to arrest Sudanese President Omar al-Bashir during his visit to Beijing this week.
U.N. High Commissioner for Human Rights Navi Pillay said Thursday she is “disappointed” China welcomed Bashir, who is wanted by the International Criminal Court.
The ICC has charged Bashir with war crimes, crimes against humanity and genocide in Sudan’s Darfur region.
Pillay said Thursday that even though China is not an ICC member, Beijing still Read more…
China eyes Canada oil, US’s energy nest egg
CALGARY, Alberta: In the northern reaches of Alberta lies a vast reserve of oil that the U.S. views as a pillar of its future energy needs.
China, with a growing appetite for oil that may one day surpass that of the U.S., is ready to spend the dollars for a big piece of it.
The oil sands of this Canadian province are so big that they will be able to serve both of the world’s largest economies as production expands in the coming years. But that will mean building at least two pipelines, one south to the Texas Gulf Coast and another west toward the Pacific, and that in turn means fresh environmental battles on top of those already raging over the costly and energy-intensive method of extracting oil from sand.
Most believe that both will eventually be built. But if the U.S. doesn’t approve its pipeline promptly, Canada might increasingly look to China, thinking America doesn’t want a big share in what environmentalists call “dirty oil,” because they say it increases greenhouse gas emissions.
Alberta has the world’s third largest oil reserves, more than 170 billion barrels. Daily production of 1.5 million barrels from the oil sands is expected to nearly triple to 3.7 million in 2025. Overall, Alberta has more oil than Read more…
ALEX JONES SHOW 22 JUNE 2011 LINDSEY WILLIAMS BOMBSHELL
Global Oil Reserves Tapped in Effort to Cut Cost at Pump
The United States will lead an international effort to release 60 million barrels of petroleum reserves to world markets, replacing some of the oil production lost because of the conflict in Libya, the International Energy Agency announced in Paris on Thursday.
The action is aimed at reducing energy prices for businesses and consumers, and in early trading futures contracts for West Texas intermediate crude oil were down $4.50 a barrel to around $91.
The United States will release half of the total amount from the Strategic Petroleum Reserve, with the rest of the oil to be provided by other nations among the international agency’s 28 member states. Negotiations for the coordinated response have been going on in secret for weeks, according to a person involved in the talks. Similar unified action was Read more…
Sudan’s Bashir threatens to turn off oil pipelines
The Sudanese president Omer Hassan al-Bashir on Tuesday threatened to shut down the pipelines that transfer oil from the landlocked South to Port Sudan on the Red Sea unless a revenue sharing deal is reached by next month.
- Sudan’s President Omar Hassan al-Bashir addresses supporters in Port Sudan, capital of Red Sea State June 21, 2011 (Reuters)
South Sudan is a little over two weeks away from declaring its independence officially which came after the referendum held last January which resulted in an almost unanimous vote in favor of secession from the North.
But several contentious post-referendum arrangements have yet to be agreed on between the ex-foes mainly including border demarcation, citizenship, splitting national debt and oil sharing. The latter is a sensitive issue as both sides are largely dependent on oil proceeds to fund their budgets.
The ruling National Congress Parity (NCP) and Sudan people Liberation Movement (SPLM) are negotiating a Read more…
Europe’s Rejection of Nuclear Power a Gift for Russia
Germany will phase out nuclear power by 2022, German Chancellor Angela Merkel announced June 3. A week before, Switzerland made a similar decision. Italy followed suit on June 13, voting overwhelmingly to reject nuclear power in a national referendum.
These countries will almost certainly have to replace their nuclear power with natural gas, at least in the short term. It is readily available and less polluting than coal or oil. The International Energy Agency recently predicted a “golden age of gas.”
The only problem is where Europe gets most of its gas from Read more…
China, Russia ties on sound base
Sino-Russian relations are usually wrapped in high-sounding rhetoric, but they are essentially very pragmatic. For China, Russia is a geopolitical “safe rear” and, in economic terms, a major resource base. For Russia, China is a huge market just across the border and a valuable geopolitical partner. The fundamentals of the relationship are solid and not likely to change in the short or medium term.
When President Hu Jintao visits Russia on Wednesday, he and Russian President Dmitry Medvedev will duly celebrate the 10th anniversary of the Treaty of Good-Neighborliness and Friendly Cooperation between the two countries. But the main expectation this time will be the finalization of the 30-year agreement, under which Russia will supply China with 68 billion cubic meters of gas annually over the next 30 years from 2015.
When finalized, the agreement will strengthen China’s energy security and diversify Russia’s gas exports. Until now, the principal issue between the two countries has been the price of Russian gas for China. Gazprom wanted it to be as close to the lucrative European Read more…
China warns neighbors: Stop oil search in Spratlys
AP – Chinese Ambassador to the Philippines Liu Jianchao gestures during a news conference at the Ambassador’s … MANILA, Philippines – China warned Asian neighbors Thursday to stop searching for oil near the Spratly Islands and vowed to assert its sovereignty over the potentially petroleum-rich territory in the South China Sea that several nations claim.
China and the Philippines have swapped diplomatic protests over the islands, with Filipino officials accusing Chinese forces of intruding into Manila-claimed areas six times since February and of firing shots at least once. Beijing denied the allegation Thursday and said it would use violence only when attacked.
Vietnam, meanwhile, has accused China of flaring tensions in Read more…
WikiLeaks: Saudis Often Warned U.S. About Oil Speculators
Further evidence of the vacuity of the ‘war for oil’ argument. Much of the price for oil is today determined in the derivatives market by Wall Street speculators rather than by producers or suppliers. The underlying commodity usually has a minimum impact on the actual price. But the Commodity Futures Trading Commission will not investigate this for the same reason why it was prevented from investigating the banks. Because Wall Street owns the executive branch. (Don’t miss the excellent Inside Job and this post by Pat Lang).
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