Archive for Oil

Shed a Tear for Those Poor, Poor Arabs

To hell the Syrians (and every swarthy Muslim refugee in Europe pretending to be Syrian), what’s a Saudi to do when he’s down to his last sheckel?

If oil stays around $50 a barrel, most countries in the region will run out of cash in five years or less, warned a dire report from the International Monetary Fund this week. That includes OPEC leader Saudi Arabia as well as Oman and Bahrain.

Low oil prices will wipe out an estimated $360 billion from the region this year alone, the IMF said.

Huge budget surpluses are quickly swinging to massive deficits as oil prices have crashed to around $45 currently from over $100 last year. Many of these countries are being forced to tap into rainy day funds to weather the storm.

“Rainy day funds” in the desert. Funny.

Saudi Arabia, the world’s largest oil producer, needs to sell oil at around $106 to balance its budget, according to IMF estimates. The kingdom barely has enough fiscal buffers to survive five years of $50 oil, the IMF said.

No offense meant to our friends, the Saudis, but what kind of inbred halfwit sets his budget on a single asset selling at a historic high? That’s dumber than camel spit.

And other than exporting radical Islam and funding Al Qaeda, what does Saudi Arabia spend money on? Okay, hookers and booze, sure, but what el—air conditioning, yes, and more hookers.

The spendthrift Saudis should have followed the example of their budget-conscious brothers:

[A] handful of countries are well positioned to face the storm. Topping that list are Kuwait, Qatar and the United Arab Emirates. That’s partially because these countries don’t need sky-high oil prices to balance their budgets.

Kuwait’s break-even oil price is estimated by the IMF at just $49, or just a tad higher than current levels. The magic number is believed to be $56 in Qatar, the host of the 2022 World Cup, while the UAE needs $73 oil.

But these three countries have built up mountains of oil money that protect them during the leaner times. The IMF said the UAE has enough fiscal buffers to withstand $50 oil for nearly 30 years. Qatar and Kuwait can sustain cheap oil for almost 25 years.

Personal aside, I can’t root against these countries hard enough. Qatar and Ahmed the Clock Boy deserve each other. And is anyone else as offended as I at the marketing campaign of Emirates airlines? They sponsor several football clubs in Europe, including Arsenal, Real Madrid, Paris St. Germain, and AC Milan; the French and US Opens in tennis; several golf tournaments; and just yesterday I saw a commercial on TV featuring Jennifer Aniston.

Pretty girl, but I can’t help hoping that she meets the same fate as those other collaborators after WWII who had offered comfort to Nazi occupiers.

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Socialist Paradise Update

You put unlimited wealth into the hands of Latin despots, someone’s gonna get hurt.

I’m just sorry it’s the kids:

Every 28 days, Bill Monterrey has to take his 11-year-old daughter on an hour-long bus ride from Maracay, Venezuela, to Caracas to receive treatment at the state-run children’s hospital there.

“She has Albright syndrome” – a genetic disorder affecting bones, skin and the hormonal system – “and the medicines she needs are available only in three cities in the country: Maracaibo, Barquisimeto and Caracas,” Monterrey told Fox News Latino.

While in Caracas last week, Monterrey participated in a protest outside the children’s hospital because 20 medicines needed for cancer treatment haven’t been available there for 15 days, affecting most of the 120 patients undergoing treatment in that facility, according to local media.

“My daughter’s medication was available, but I joined them because the lack of chemotherapy could be fatal for some patients,” Monterrey explained.

“Cancer doesn’t wait,” screamed the protesters, some of them accompanied by children in wheelchairs.

The protest, and others like them, were organized by the Venezuelan Association of Children with Cancer (Asovepanica), which, according to the Pan Am Post, says that other medical supplies necessary for treating cancer patients, such as syringes, bandages and needles for biopsies, are also in extremely short supply.

Do you know how many spare band-aids we have lying around the house? How many cotton balls? This is not the tough stuff, people!

I take no joy in reporting this story—no matter how much contempt I had for Hugo Chavez and still have for his followers. No joy, but no surprise, either.

But I will wonder how an Arab clan that ruled nothing but sand dunes for centuries until oil was discovered beneath them is able to amass incalculable wealth, while poor Venezuelans–sitting atop the largest proven oil reserves in the world!!!—can’t get basic medical treatment.

Heckuva job, Hugo. You and the boys must be having quite the chuckle in Hell.

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Nice Oil Field You Got Here, Señor

Shame if something happened to it:

As Mexico opens its energy sector to private investors after 76 years of government monopoly, one of the biggest hurdles for foreign companies coming here isn’t geology, regulation or finding skilled workers. It’s the vicious drug cartels that virtually control the parts of northern Mexico where experts say there are big deposits of shale oil and gas.

“I’m afraid oil companies coming to Mexico will have to worry about insecurity as much as about drilling,” said Carlos Elizondo, an energy expert recently appointed to the board of former state monopoly Petroleos Mexicanos, or Pemex.

Chris Faulkner, the founder of Dallas-based Breitling Energy , which produces shale gas in South Texas and elsewhere, adds that “there are a lot of challenges with companies coming to Mexico because of security concerns.”

Geokinetics workers say they have come across human remains while doing exploratory work in the brush near the company’s base camp. Last year, two company engineers were kidnapped before being rescued by federal police and Mexican marines.

In 2012, an entire eight-man crew from a private Mexican oil-service firm went missing while working on well heads down river from Nuevo Laredo, according to media reports at the time. Neither the company nor Mexico’s government ever commented on the disappearance.

A young female engineer working for another service company in the Chicontepec oil basin in the coastal state of Veracruz was raped several months ago by a gang, according to two service contractors with direct knowledge of the incident who asked not to be named.

And, in the six years between January 2008 and March 2014, 12 Pemex workers were kidnapped, according to a document from the attorney general’s office obtained through Mexico’s transparency institute.

That doesn’t quite fit President Obama’s portrayal of Mexico as the Athenian Republic, with serapes in place of togas. Why would you police a border against such people?

Since late 2006, some 100,000 Mexicans have been killed in drug-related homicides and an additional 22,000 have gone missing. While drug-related homicides appear to have declined in the past two years, other crimes such as extortion and kidnapping have risen.

That’s almost the population of Hartford, CT murdered or missing in eight years. Not my cup of tequila.


A Man of His Word

President Obama (then Candidate Obama) in 2008.

So, if somebody wants to build a coal plant, they can — it’s just that it will bankrupt them, because they are going to be charged a huge sum for all that greenhouse gas that’s being emitted.

President Obama today:

Yes, technologically unlocked oil and gas has created an energy revolution and industrial bright spot in the otherwise dim Obama era. By 2020, according to Yergin, shale gas alone is expected to support 4 million jobs (versus 1.7 million today). And the United States is expected to surpass Saudi Arabia as the world’s leading oil exporter, according to the International Energy Agency. Natural gas, meanwhile, is on course to overtake coal as the second largest source of energy worldwide by 2025. …

That’s why the surging supply of natural gas, the least carbon-intensive of traditional energy sources, is welcomed by all except a deep-ecology fringe. Natural gas produces half as much carbon as coal and a third the quantity of nitrogen oxides. The more prevalent the use of natural gas, the cleaner the air across America.

Expanded oil and gas production benefits state and local government as well. North Dakota, which welcomed the industry’s new technologies, saw its taxable sales and purchases jump nearly one-third in 2012 compared to the year before. Oil and gas tax receipts for the current biennium came in at $3.8 billion, leaving the Roughrider State with a budget surplus of $1.6 billion.

Under this brave man’s leadership, America stands poised to depose Saudi Arabia as world’s leading producer of greenhouse fuels. And we produce more natural gas than Congress does on three-bean chili day at the Capitol commissary. Good jobs for American workers have followed—all at the expense of coal, as he promised.

Today, for the first time in my adult life, I am proud of this president.

PS: Can you believe the ingrates in North Dakota voted for Romney over Obama by 58%-38%? Racist bastards.


A Kind and Benevolent God

Not only kind and benevolent, but when you consider how the global warming balloon is deflating, kind of funny too:

SHALE-BASED resources increase the world’s total potential oil reserves by 11 per cent and natural gas by 47 per cent, according to a US report released overnight.

In an initial assessment of shale oil resources and an update of shale gas reserves, the US Energy Information Agency said shale deposits could add 345 billion barrels of oil to global reserves, increasing the total to 3357 billion barrels.

Shale gas adds 7299 trillion cubic feet of natural gas, or 32 per cent of the world total, the EIA report estimated.

And it comes from some of the best people!

So far, only the US and Canada produce shale energy in commercial quantities.

Don’t forget Israel!

Oh, by the way, if you think the lack of global warming means the end of global warming, you don’t know any global warm-mongers:

The New York Times has attempted to explain the slowdown in global warming over the last fifteen years. Their answer: We’re just lucky.

“As unlikely as this may sound, we have lucked out in recent years when it comes to global warming,” writes the NYT’s Justin Gillis.

“The slowdown is a bit of a mystery to climate scientists,” Gillis continues. “True, the basic theory that predicts a warming of the planet in response to human emissions does not suggest that warming should be smooth and continuous. To the contrary, in a climate system still dominated by natural variability, there is every reason to think the warming will proceed in fits and starts.”

Despite the global temperature plateau, Gillis argues that global warming skeptics are still wrong to claim that global warming is not caused by carbon dioxide emissions. He suggests that maybe the ocean has absorbed some of the heat that would have otherwise been pumped into the atmosphere.

“We certainly cannot conclude, as some people want to, that carbon dioxide is not actually a greenhouse gas. More than a century of research thoroughly disproves that claim,” writes Gillis.

Or not:

“The divergence of the real world observations from the multi-decadal climate predictions, both in terms of forecasting the magnitude of global warming and of changes in regional climate, is finally initiating a much overdue scientific debate on the level of our knowledge of the climate system,” said Roger Pielke, Sr., Senior Research Scientist at CIRES at the University of Colorado at Boulder. “While there is no doubt that humans are altering the climate system, it is in a diverse variety of ways besides that caused by adding greenhouse gases such as C02.”

Update: “This is a continued retreat of the mainstream media when it comes to global warming,” Marc Morano, the publisher of the global warming skeptic website Climate Depot, told the Daily Caller News Foundation in an email. “But the New York Times still has a long way to go when it comes to global warming science. Instead of acknowledging that the global warming activist scientists may have greatly exaggerated any potential man-made climate threat, the paper instead attempts to assure its readers that the predicted man-made climate calamity is still on its way.”

And that Joseph Stalin is a helluva guy, right Walter Duranty?

The debate over global warming would be exactly where it belongs, in the dry scientific journals, if not for media boobs like the New York Times. Instead, we have to listen to incessant nonsense spewed by ignorami who have no clue. I know because I’m one too. But at least I tell you so. I don’t deny global warming, I deny the certainty of global warming, even the probability of warming. It’s still possible; that’s what the science tells me. (By global warming, take it that I mean man-made, and of any serious concern.)

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And the Meek Shale Inherit the Earth

Remember that crackpot plan to drill for more oil ourselves so we wouldn’t be so dependent on the Jew-hating extortionists of OPEC?

Whatever happened to so zany a idea?

The American energy boom is deepening splits within the Organization of the Petroleum Exporting Countries, threatening to drive a wedge between African and Arab members as OPEC grapples with a revolution in the global oil trade.

OPEC members gathering on Friday in Vienna will confront a disagreement over the impact of rising U.S. shale-oil production, with the most vulnerable countries arguing that the group should prepare for production cuts to prop up prices if they fall any lower.

“We are heading toward some problems,” said a Persian Gulf OPEC delegate.

Sorry to hear that!

African OPEC members such as Algeria and Nigeria—which produce oil of similar grade to shale oil—are suffering the worst effects from the North American oil boom. Nigeria Oil Minister Diezani Alison-Madueke deemed U.S. shale oil a “grave concern.”

Gulf countries, notably Saudi Arabia, pass relatively unscathed—and are the only OPEC members with the flexibility to cut production. But they are unlikely to let that happen at Friday’s meeting, several OPEC delegates said.

That would deepen power struggles that have dominated the organization in recent years. Iran, Venezuela and Algeria, who need high oil prices to cover domestic spending and offset falling production, have regularly clashed with Gulf countries led by Saudi Arabia, who have the financial strength to withstand lower prices.

It couldn’t happen to a nicer cartel.

Sarah “Drill Baby Drill” Palin, right again!


RPEC: Righteous Petroleum Exporting Countries

Between Israel’s off shore natural gas fields and America’s mammoth oil fields, we are together the Righteous Petroleum Exporting Countries:

The federal government is doubling its estimate of how much oil might be discovered and harvested in the booming area of the Dakotas and Montana, a region that’s already helping to drive the United States’ dramatic shift into a role as the world’s leading oil producer.

“These world-class formations contain even more energy resource potential than previously understood, which is important information as we continue to reduce our nation’s dependence on foreign sources of oil,” Interior Secretary Sally Jewell said Tuesday in a conference call.

The surge comes primarily because of the Three Forks shale formation, which lies mostly in North Dakota and crosses into South Dakota and Montana. It was considered to have little potential for productive drilling the last time federal geologists launched an estimate of the area, four years ago. But advances in drilling techniques and growing activity by oil companies caused the U.S. Geological Survey to take a closer look.

The USGS now thinks the Three Forks formation contains 3.73 billion barrels of undiscovered and technically recoverable oil. Combined with a similar figure for the neighboring Bakken formation, it represents double the oil and nearly triple the natural gas that geologists thought the region held four years ago.

Manna came from Heaven; oil and gas from underground. But the effect is the same:

A new seismic survey indicates an even larger amount of natural gas in Israel’s offshore Leviathan reserve, partners in the project said Wednesday.

According to the current best estimate, the field contains 18.9 trillion cubic feet of gas, up from 18 trillion cubic feet, based on a survey released in March, said Ratio Oil Exploration Ltd. Partnership (RATI.L.TV), which holds 15% of the drilling license. The amount of natural gas assumed to be in the field has been estimated upward several times since its discovery in 2010, when it was initially thought to contain 16 trillion cubic feet.

The field is scheduled to start production later this decade, and lead to Israel becoming an exporter of energy, but the government hasn’t yet decided how much gas it will allow to be exported.

Talk of conserving fuel to be patriotic is so last decade. With America and Israel leading the way, fossil fuels are the new red, white, and blue (or just blue and white)!


Remember This Post? “Gas Prices Jump, But Good News Expected”

Sure you do, it was only four days ago. I wondered why the media hyped the rise in gas prices under Bush, yet held a pep rally for gas prices under Obama: good news expected.

And then gas jumped a dime at every station in my area.

So what does a brown-nosing media do? Blames meteorology:

Gas prices rose another 2.2 cents a gallon nationwide Thursday in the wake of Hurricane Isaac’s landfall along the oil-producing Gulf Coast.

The increase, reported by the motorist group AAA, was less than half the prior day’s rise, as refineries in the region shut down to prepare for the storm.

Experts say the price spike is likely to be short lived, especially since the winds associated with the Category 1 storm were not believed to have caused lasting damage to the refineries in the region. Isaac was downgraded to a tropical storm Wednesday afternoon after lashing Louisiana and Mississippi earlier in the day.

Short-lived? Downgraded? No lasting damage? I thought Isaac was committing genocide against the black community. Now it sounds like a spring mist.

And we’re still expecting that good news, mainstream media. Waiting…


Mission Accomplished

As we went to war in Iraq solely to get our hands on their oil… what? Oh yeah, also because Bush wanted revenge for his pappy… yes, and to establish an imperial outpost in the middle of the Muslim world—and all those other reasons the Left invented to replace the elimination of a criminal regime dangerous to the region and the world… anyhow, how’d that work out?

Oil Output Soars as Iraq Retools

Despite sectarian bombings and political gridlock, Iraq’s crude oil production is soaring, providing a singular bright spot for the nation’s future and relief for global oil markets as the West tightens sanctions on Iranian exports.

The increased flow and vital port improvements have produced a 20 percent jump in exports this year to nearly 2.5 million barrels of oil a day, making Iraq one of the premier producers in OPEC for the first time in decades.

I agree with “no blood for oil”. But if you have to spill blood, you might as well get a little light crude for your sacrifice. Especially the light sweet crude that Libya specializes in, right President Obama?

At $100 a barrel (it’s less, but just to make the arithmetic easier), that’s a quarter-billion dollars a day, or a percentage of that, to the benefit of the Iraqi people.

Don’t mention it.


Fill ‘Er Up!

I’ll take mine in 30-weight, please? Light crude, and a shot of espresso:

The Green River Formation, a largely vacant area of mostly federal land that covers the territory where Colorado, Utah and Wyoming come together, contains about as much recoverable oil as all the rest the world’s proven reserves combined, an auditor from the Government Accountability Office told Congress on Thursday.

The GAO testimony said that the federal government was in “a unique position to influence the development of oil shale” because the Green River deposits were mostly beneath federal land.

“The Green River Formation–an assemblage of over 1,000 feet of sedimentary rocks that lie beneath parts of Colorado, Utah, and Wyoming–contains the world’s largest deposits of oil shale,”Anu K. Mittal, the GAO’s director of natural resources and environment said in written testimony submitted to the House Science Subcommittee on Energy and Environment.

“USGS estimates that the Green River Formation contains about 3 trillion barrels of oil, and about half of this may be recoverable, depending on available technology and economic conditions,” Mittal testified.

“The Rand Corporation, a nonprofit research organization, estimates that 30 to 60 percent of the oil shale in the Green River Formation can be recovered,” Mittal told the subcommittee. “At the midpoint of this estimate, almost half of the 3 trillion barrels of oil would be recoverable. This is an amount about equal to the entire world’s proven oil reserves.”

What’s the difference between the US and Saudi Arabia—besides the racist ideology, institutionalized misogyny, and pre-medieval world view, that is? Well, SA is our b*tch when it comes to proven oil reserves, for one. I suppose I could think of others if I had enough time.

Oh yeah, they drill their oil! We mothball ours, and tell Brazil we hope to be their biggest customer.

PS: Any other mention of this in the news? Hello…?

PPS: Give me by [bleeping] oil!



Israel has decided to search for oil on the Golan Heights after 20 years of delay due to objections from Syria…


Democrats’ Wish is Your Command

Like most tyrants, they’re not shy about telling us who they are:

As gas prices continue to soar around the country, Joe Kennedy III, the Democratic candidate for Rep. Barney Frank’s seat, wrote an online letter to supporters calling for an end to “cheap oil.”

“Nixon, Ford, Carter, Reagan, Bush, Clinton, Bush, Obama — they’ve all talked about the same thing: the need to wean ourselves off our debilitating dependence on foreign oil,” Kennedy wrote.

“The cycle that allows cheap oil to trump tough choices has to stop,” he continued. “Forty years is enough.”

In the week before Kennedy posted, AAA Southern New England reported that the price of gas in Massachusetts had risen a further two cents. The Worchester Business Journal reported that at an average of $3.899 a gallon for regular unleaded gas, the price is currently 24 cents higher than it was one year before.

And lo, it comes to pass:

President Obama’s announcement Tuesday that he wants to go after people who may be affecting oil prices by gaming the markets for personal gain was completely ignored Tuesday by the markets themselves, which promptly bid the price of oil up another dollar.

In fact, the price shot up upon opening at 9 am, just after Obama’s initiative was announced by the White House. By late afternoon Eastern Time, Oil had gained $1.26, or 1.2 percent, to $104.19 a barrel, according to Bloomberg, settling at its highest level in two weeks.

You have to understand JoKe III’s position: his dad, JoKe II, is in the oil business himself, shilling for that human oil barrel (or inhuman oil barrel), Hugo Chavez. So, abnormally high oil prices are good for the Kennedys, especially when financing a political campaign.

But compare Obama with George Bush: Obama opens his yap, and oil spikes a percentage point; Bush opened his (just musing about increased exploration or production) and the price per barrel fell from $130 to the mid-$30s.

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Pants on Fire

That thick black smoke just over the horizon isn’t from another BP oil rig fire. It’s President Obama’s mom jeans engulfed in flames:

President Barack Obama’s struggled to defend his price-boosting energy policies during a speech in Cushing, Okla., today, even as rapidly spreading criticism and rising gas prices damage his poll ratings.

“He was incredibly defensive because little of what he says is true — that’s his dilemma,” said Dan Kish, a vice president at the Washington, D.C.-based Institute for Energy Research.

Speaking off-the-cuff, Obama mistakenly said that “we only produce 2 percent of the world’s oil.”

According to the federal government’s energy administration, the United States produces 10 percent of the world’s production, making it the third-largest oil producing nation.

“He doesn’t know what he’s talking about. … This is the most incompetent administration I’ve ever seen — and I started under [President] Jimmy Carter,” Kish said.

[I]n his Prince George’s speech, Obama claimed that even if “we went to your house and we went to the National Mall and we put up those rigs everywhere, we’d still have only 2 percent of the world’s known oil reserves.” In New Mexico, Obama declared, “even if we drilled every square inch of this country, we’d still only have 2 or 3 or 4 percent of the world’s known oil reserves.”

That’s just simply wrong. The United States has the same number of barrels of proven oil reserves — 22 billion — today as it did in the 1940s. That’s because new sources of oil kept getting found, more-difficult-to-obtain oil suddenly became more economically viable, new oil-extraction techniques gained favor, and so forth.

So, in light of the president’s statement in Prince George’s County (and in New Mexico), we are going to change our ruling to Two Pinocchios.

No, no, no, you have it wrong. You can keep your doctor, and Bill Ayers was just some guy who lived in my neighborhood. I will accept public financing in my campaign, and I never heard Jeremiah Wright say anything remotely controversial. And if he did, it was Bush’s fault.

People will be torn. On the one hand, the media machine is about to blow a gasket keeping this guy’s story aloft; on the other, people fill their gas tanks every few days to a week. Only one reality can win.


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