More oily jibber jabber

Posted on October 16, 2009 by stacyherbert| 41 Comments

Stacy Summary:   The price of oil seems pretty insane in face of the US unemployment and denial of credit situation.  But then again, US monetary policy and war mongering are even more insane.  Who will win out in the end?

Oil - 16 October - 78

Chart from 321Energy

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41 Responses to More oily jibber jabber

  2. frances snoot | October 16, 2009 at 7:37 am |

    @Richard@Lat30N:
    Look into Alliance oil: is this connected to the Allianz guys behind Goldman?

    Also: the Arab article I linked seems to indicate a real umbrage on the part of the Arabs who are getting whacked by basel ii bank regulations and by the sdr games.

    http://knowledge.allianz.com/en/news/viewdetail/russia_ukraine_deal.html

    http://knowledge.allianz.com/en/whoiswho/

  3. frances snoot | October 16, 2009 at 7:23 am |

    I too see the OPEC council as one of the entities at the table for their fair share…

    @Richard@Latitude30N:
    Are you sure that OPEC will continue to have a power voice? What if the Anglo-Dutch dudes decide to pursue their oily-oligarchy moves in Russia and Indonesia?

    “In February 2002, Russia surpassed Saudi Arabia as the largest oil producer for the first time since the fall of the Soviet Union. In the next couple of years Russia’s aggressive production could push oil prices below the break-even point for many nations heavily dependent on oil revenue. Such a scenario could be a disaster for the governments of OPEC-member countries.
    By 2006, Russia may regain its Soviet-era production level of 9 mm bpd.”

    http://www.gasandoil.com/goc/news/ntn24878.htm

    http://www.arabnews.com/?page=6&section=0&article=126582&d=20&m=9&y=2009

    http://www.bloomberg.com/apps/news?pid=20601081&sid=aLe2iy5N5eZs

    http://www.shell.com/home/content/id-en/about_shell/dir_about_shell.html

  4. frances snoot | October 16, 2009 at 7:13 am |

    The debate over honest services has almost come full circle. Congress passed the provision as part of a crackdown on public corruption in 1988, specifically to undo a Supreme Court decision that struck down another law.

    The Supreme Court had ruled the previous year that the law against mail fraud “protects property rights, but does not refer to the intangible right of the citizenry to good government.”
    The 1988 statute “will restore the power of prosecutors to attack white-collar crime involving bribes and kickbacks,” then-Senator Joseph Biden said when introducing the measure.

    Oh goody. Joseph Biden supports this statute: I’m sure America will be safe now from those bad guys in public office. Goody.

  5. frances snoot | October 16, 2009 at 7:10 am |

    A libertarian is just an anarchist with a well stocked portfolio

    Yes, Gonzomarx: we should all be lucky enough to live in Chavez’s Venezuela. Just ask Ilya. Isn’t it utopia there?

  6. frances snoot | October 16, 2009 at 7:08 am |

    “The review means that even as the economy still reels from the after-effects of white-collar deceit, the government’s ability to pursue miscreants might be headed for a cutback.” (from 300B buys you link)

    The government only pursues what the government deems to be ‘extremists’ or ‘enemies of the state’. The government ignored the violations that led to the financial meltdown; if it benefited the corporations or the banks that benefited the government the case was a non-starter. So I’m wondering about Bloomberg’s ‘take’ on this seeing as the paper is owned by a man who is forcibly remaining in office for mayor on a third term ticket:

    http://www.telegraph.co.uk/news/worldnews/northamerica/usa/3125607/New-York-mayor-Michael-Bloomberg-wants-law-changed-so-he-can-serve-a-third-term.html

  7. Richard@lattitude30N | October 16, 2009 at 5:17 am |

    @Stacy: granted!!!….I find the new alliances being formed..Russia and Iran, Russia and China, the So American “socialist” nations, remind me of the era during the rearrangement of the colonial giants’ breakup…the alignment of what was then called the “non-aligned nations”…all who became beholding to the IMF and World bank and Im-Ex bank and the other funding agencies that left them deeper in debt than any of them were prepared for ( see C of a EHM by John Perkins)…I too see the OPEC council as one of the entities at the table for their fair share…but in the “fossil fuel world” and with the suppression of the alternative energy sources…the peak oil theory is a bust…and the stranglehold that these Arabic based oil countries have is founded on other reasons than scarcity….How they position themselves in the new “basket of currencies” should be interesting…my point was that the current price ( $70+ ) is fictional and not based on any supply/demand quotient…as the dollar devalued by half in the last few years the true supply/demand price was correct @ $35….but the OPEC nations want full price, thus $70( not a 50 cent dollar price )…the price of oil is tangential to that of the capped oil wells worldwide which remain capped…much like the natural gas wells…
    @ DemocracyNow! interview w/ William Black: well we are all captured debtor slaves now!!! Salute the flag of GS and JPMC. it’s official!!!!!!!!!

  8. WL | October 16, 2009 at 5:14 am |

    Reason for recent bump in oil

    Nigerian Rebel Group MEND Says It Resumes Hostilities

    By Ed Johnson

    “Oct. 16 (Bloomberg) — Nigeria’s main rebel group, the Movement for the Emancipation of the Niger Delta, said it’s “resuming its hostilities” against the country’s oil industry and armed forces today. ”

    http://www.bloomberg.com/apps/news?pid=20601116&sid=a6UgwAuTfuTo

  9. Phil | October 16, 2009 at 2:47 am |

    @JJ .. Fascinating Slide show of Ship Accidents

    http://www.youtube.com/watch?v=8HFARxn73dk&feature=related

    7 mins.

  10. Illya Kuryakin | October 16, 2009 at 2:26 am |

    Along with wikileaks here’s another site making important security state news public,
    http://cryptome.org/

  11. Mep | October 16, 2009 at 2:21 am |

    Good clip from last night’s Countdown–Colin Powell warned of terror industry:

    http://www.msnbc.msn.com/id/3036677/#33336509

  12. larry | October 16, 2009 at 2:17 am |

    @illya ,..just burnt my toast ! hot ! hot ! hot !

  13. gonzomarx | October 16, 2009 at 2:16 am |

    a good source of Civil liberties news in the UK
    http://tinyurl.com/b97qkf

  15. Jim ODonnell | October 16, 2009 at 2:14 am |

    “Who will win out in the end? Cockroaches and Twinkies!

    Acording to Wikianswers they are the only two who can survive a nuclear attack http://tinyurl.com/yj4bw32”

    Once saw a bio which said that after a nuclear war only two things would survive: Cher & Cockroaches.

    I guess Twinkies would also.

  16. Illya Kuryakin | October 16, 2009 at 2:13 am |

    Considering OPEC has been propping up the US for 30+ years by recycling FED toilet paper, the world’s number one consumer of oil should be Happy to pay $100+/bbl.

    If I were running OPEC I would have fixed the price at $150 last year. “That’s the price take it or leave it.”

  17. larry | October 16, 2009 at 2:10 am |

    max ..as for communicating with my refrigerator ,some more thought electricity seems to be leaking from my other kitchen appliances ,like my stove , i get all my best ideas from my listening to my toaster ,i stopped taking advice from my refrigerator a long time ago ,picture from slippery brick . http://www.slipperybrick.com/wp-content/uploads/2007/11/hello-kitty-toaster.jpg

  19. Illya Kuryakin | October 16, 2009 at 2:03 am |

    @Stacey

    …and that’s another reason why I will never step foot in Yankistan again for as long as I live.

    The best Americans can hope for now is a military coup d’etat or some patriot decides to take out the whole government the next time Hopey McChange addresses the Congress. Good luck.

  20. larry | October 16, 2009 at 1:58 am |

    @gonzomarx .. the sun police !

  21. stacyherbert | October 16, 2009 at 1:47 am |

    @gonzomarx – more Patriot Act abuse . . . PR exec facing charges under Patriot Act for ‘making mean faces’ and behaving unruly on flight

    http://www.politico.com/click/stories/0910/bass_disrupts_flight.html

    Faces 20 years in prison

  22. Youri Carma | October 16, 2009 at 1:44 am |

    Who will win out in the end? Cockroaches and Twinkies!

    Acording to Wikianswers they are the only two who can survive a nuclear attack http://tinyurl.com/yj4bw32

  23. gonzomarx | October 16, 2009 at 1:29 am |

    A libertarian is just an anarchist with a well stocked portfolio

  24. gonzomarx | October 16, 2009 at 1:27 am |

    @stacyherbert
    Same old same old it seems.The salami tactics of laws bought in to fight “terrorist” being used of protesters but using them on public workers is new, maybe the postal workers in UK should watch out or they’ll be locked up for 42 days!

  25. Mother earth | October 16, 2009 at 1:26 am |

    Oil is greasing the wheels of fortune..

    Jibber jabber http://www.youtube.com/watch?v=JvKIWjnEPNY

  26. Patrick | October 16, 2009 at 1:25 am |

    @y’all

    turns out that little kid wasn’t even in the baloon! HAHAHAHA

  27. aleix1979 | October 16, 2009 at 1:24 am |

    @gonzomarx

    That’s demagogy. Somalia could be an anarkist dream. Not a libertarian dream.

  28. stacyherbert | October 16, 2009 at 1:14 am |

    @gonzomarx – on DemocracyNow! yesterday they reported that anti-terrorism laws are also being used in Puerto Rico to stop public sector protests against layoffs

  29. Mongo | October 16, 2009 at 1:11 am |

    @Stacy, Who will win?.. that an easy one.. Rockefeller and his fella’s.. if you believe in the Illuminati-stuff.

  30. Mike2liverpool | October 16, 2009 at 1:10 am |

    £ up AGAIN today
    :(
    My only hope is next month the BOE doesn’t stop “QE”.
    Mike

  31. Mini US | October 16, 2009 at 1:08 am |

    Spec – U – Lator

  32. maxkeiser | October 16, 2009 at 1:08 am |

    er, I mean 300 million in lobbying..

  34. gonzomarx | October 16, 2009 at 1:06 am |

    This is what your terrorism laws are used for: this government is out of hand
    http://bit.ly/1N6FGp

  36. stacyherbert | October 16, 2009 at 12:57 am |

    @Richard@Lattitude30N – I believe the pricing power of OPEC is actually due to increase within the next twenty years

    Though you may read many headlines about big oil finds in places like Brazil or Gulf of Mexico, the headlines are bigger than the reality; nothing has come close in size to the mammoth super giants of Saudi Arabia and Kuwait (and Mexico’s Cantarell); the other big difference is, for example, the Brazil fields . . . they are verrrrry far down in deep ocean below over one mile of rock hard salt:

    http://www.freerepublic.com/focus/f-news/1933427/posts

    The cost of retrieving this oil is obviously going to be many, many times the price of extracting oil from the easy & inexpensive fields of the Middle East

  38. Richard@lattitude30N | October 16, 2009 at 12:47 am |

    @Stacy: good morning Paris….if my memory serves me right…when the crude price went from $147 to $35 last the MSM noted that the Saudi’s and others “needed” the price to rise to $70+ range to give them a price that would provide their domestic economy a free ride( and put a hold on any internal strife )….so behold the price has risen to about $70 for some time now…regardless of the various geo-political events that have transpired…Now that the Russians surpassed the Saudi’s as the #1 source of crude ,,,,and the Iraqi Romalia fields are under Chinese influence and contract..and the Brazilian Atlantic location and of course the Alaskan and Bakken fields so full of yet untapped oil…the name of the game is scarcity for he western market and other yet undeveloped sources are outside the middle east…well if I am not incorrect OPEC is a power that is losing ground in influence except for the other than middle east oil ( ie: Venezuela, Indonesia, and to soon to be explored Arctic Ocean, and Iran )…on a side note …the Iranians are IMHO developing their nuclear capacity to have their oil reserves as exports ( much like the development of sugar based alcohol in Brazil years ago)….

  39. gonzomarx | October 16, 2009 at 12:38 am |

    Where we could be heading….

    The Road – Official Trailer
    http://tinyurl.com/m8w66a

    and a place that’s already there…
    Grim picture of life in Somalia
    http://tinyurl.com/ykn72a9

    Ahh Somalia the Libertarians dream, no government since 1991 and if you have a dark sense of humour the bit with the admiral is very funny.

    Peru: Blood and Oil
    Unreported World travels deep into the Peruvian jungle to investigate how the government’s auctioning off vast tracts of the Amazon rainforest to global corporations has led to violent clashes with thousands of indigenous tribal people.
    http://tinyurl.com/yf6nczt

  40. Mep | October 16, 2009 at 12:33 am |

    Well, gas is anywhere between $400-$1,000 per gallon for our war machines in Afghanistan:

    http://thehill.com/homenews/administration/63407-400gallon-gas-another-cost-of-war-in-afghanistan-

    $77 per gallon o’ oil doesn’t sound so bad in comparison. ;-)

  41. TroyOunce | October 16, 2009 at 12:33 am |

    Scheringa of DSB Bank in Holland is trying to sell his bank to an American bank LOL

    1st!!!!!!!!!!!!