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Who Is Buying The Islamic State’s Illegal Oil? thumbnail

Who Is Buying The Islamic State’s Illegal Oil?

In June 2014, computer files captured from a courier for the Islamic State shortly after the fall of Mosul revealed that the group had assets of $875 million, largely gained in the sacking and looting of Mosul and its central bank. The size of the group’s bank account has now risen to an estimated $2 billion dollars, thanks in part to revenues from ransom paid for kidnapped foreigners and more pillaging. However, oil remains the group’s primary source of income. The 11 oil fields that IS controls in Iraq and Syria have made it a largely independent financial machine. Reports show that IS-controlled fields in Iraq produce between 25,000 and 40,000 barrels of oil per day, at an estimated value of approximately $1.2 million, before being smuggled out to Iran, Kurdistan, Turkey and Syria. That doesn’t account for revenue from oil fields that ...

Growing Middle East Threats to U.S. Energy Security thumbnail

Growing Middle East Threats to U.S. Energy Security

President Obama has finally recognized the growing threat of ISIS in Syria & Iraq and to U.S. national security.  To address this growing threat the Obama Administration has initiated a new Air Campaign to “degrade and destroy ISIS”.  And, to possibly avoid the need for future U.S. Armed Force’s ‘boots on the ground’ President Obama is also trying to develop a new Coalition in order to get other Countries to help contain and ultimately destroy ISIS and other developing Middle East terrorist groups.  Even though U.S. Energy Security has supposedly been a part of the Obama Administration’s ‘All of the Above’ energy policy for years, the recognition of the potentially growing risks to U.S. petroleum oil imports and Energy Security has been omitted from past and current Administration policies and actions. The Obama Administration apparently has not recognized or acknowledged the potential ...

Consumption

What Happens if Oil Soars to US$150 a Barrel?

Anyone who thinks today’s markets are boring is an imbecile. Anyone who thinks there aren’t any investing opportunities just isn’t looking hard enough. There are plenty of investment opportunities. Some of them are obvious. Others are less obvious. One of the biggest opportunities is in the ‘Dying Empire’. The death of which may still be some years off. We are of course talking about the US and its re-emergence as an energy giant… We recently released a special report. It highlighted the growth of Asia’s emerging markets. To be precise, it highlighted the growth of one key market — China. Our point was that a big change is taking place in the world economy. China looks set to take over as the world’s biggest economy within the next 12 years…perhaps sooner. That may seem like a long time. But it’s not. The time will soon fly. If you want ...

In Search of Oil Realism thumbnail

In Search of Oil Realism

Russell Gold's Wall Street Journal article "Why Peak-Oil Predictions Haven't Come True" hit the web yesterday. And given Gold's position as senior energy reporter for the Journal, this is likely the highest profile Peak Oil article of the year. You may also remember Gold from the great video interviews filmed as part of his book tour for his latest work "The Boom: How Fracking Ignited the American Energy Revolution and Changed the World." Gold's article comes from a very optimistic side of the Peak Oil Debate, but the pessimistic position isn't as weak as Gold suggests. Let's jump in to examine the truth about past oil predictions, why the rate of oil production is the only correct metric for these debates, why these discussions should be grounded on present-day events, and why realistic estimates of our energy future should be our ultimate ...

The End of Peak Oil thumbnail

The End of Peak Oil

Peak oil has been an alarmist catch phrase for so long that many of us simply assume that oil production has in fact peaked and we’re well on the way to running out of the world’s favorite fossil fuel. Not so, according to this story in the Wall Street Journal: Have we beaten “peak oil”? For decades, it has been a doomsday scenario looming large in the popular imagination: The world’s oil production tops out and then starts an inexorable decline—sending costs soaring and forcing nations to lay down strict rationing programs and battle for shrinking reserves. U.S. oil production did peak in the 1970s and sank for decades after, exactly as the theory predicted. But then it did something the theory didn’t predict: It started rising again in 2009, and hasn’t stopped, thanks to a leap forward in oil-field technology. To the peak-oil ...

‘Peak oil’ will return, just not how the energy worriers imagine thumbnail

‘Peak oil’ will return, just not how the energy worriers imagine

A year ago saw the final post on The Oil Drum, a popular blog — started in 2005 — devoted to discussing the idea that global oil production had peaked. Next up was an age of energy scarcity and economic collapse. Actually what peaked was interest in “peak oil.” As reporter Russell Gold points out in the WSJ today, US oil production began to rise in 2009 and continues to rise today thanks to the oil field innovation of hydraulic fracturing and horizontal drilling. Innovation met scarcity and innovation won. And there are more innovations on the way, according to Gold. But won’t we one day run out of oil? It’s not infinite, after all, right? Actually price and technological advances rather than petroleum supply is more likely to keep plenty of oil in the ground forever. Gold:  When the oil industry ...

Arab World’s Main Exports Are Hatred And Violence thumbnail

Arab World’s Main Exports Are Hatred And Violence

At least since the early part of the 20th century, aside from oil, the Arab world has produced and exported two products. It has produced essentially no technology, medicine or anything else in the world of science. It has almost no contributions to world literature, art or to intellectual development. According to the most recent United Nations Arab Human Development Reports (2003-05), written by Arab intellectuals, Greece, with a population of 11 million, annually translates five times more books from English than the entire Arab world, population 370 million. Nor is this a new development. The total number of books translated into Arabic during the past 1,000 years is less than Spain translates into Spanish in one year. ArabianBusiness.com reports that about 100 million people in the Arab world are illiterate. And three quarters of them are 15 to 45 years old. As for Arab ...

Oil’s corroding pipeline thumbnail

Oil’s corroding pipeline

Oil and gas burned furiously through the independence referendum campaign. Quite a lot was said by people on both sides who should have known better. It's now the subject of a conspiracy theory suggesting vast reservoirs were being hidden from voters. Oil and Gas UK, the industry body, has just published its annual economic report, which seeks to do several things. One of them appears to be an attempt to calm things down a bit, with a sober assessment of what's left and what it will take to extract it. It's also very keen to impress on the UK government that more tax breaks will be required if oil and gas are to keep flowing. No change there, then. The industry is adept at lobbying, particularly on tax. And it's got quite a strong story to tell about the challenges it faces. Drilling The most striking ...

US poised to become world’s leading liquid petroleum producer thumbnail

US poised to become world’s leading liquid petroleum producer

The US is overtaking Saudi Arabia to become the world’s largest producer of liquid petroleum, in a sign of how its booming oil production has reshaped the energy sector. US production of oil and related liquids such as ethane and propane was neck-and-neck with Saudi Arabia in June and again in August at about 11.5m barrels a day, according to the International Energy Agency, the watchdog backed by rich countries. With US production continuing to boom, its output is set to exceed Saudi Arabia’s this month or next for the first time since 1991. Riyadh has stressed that the rise of the US should not detract from its own critical role in oil markets. It says it has the ability to increase its output by 2.5m b/d if needed to balance supply and demand. Prince Abdulaziz Bin Salman Bin Abdulaziz, Saudi Arabia’s deputy oil minister, ...

ISIS Reportedly Moving In On Baghdad thumbnail

ISIS Reportedly Moving In On Baghdad

ISIS is reportedly closing in on Baghdad. This is the claim being made by the vicar of Iraq’s only Anglican Church. According to him, the Islamic militant group is only about one mile away from the Iraqi capital. Airstrikes against ISIS targets were supposed to stop the group from taking Baghdad. But, the advance by ISIS toward Baghdad shows that the group isn’t weakening despite U.S.-led airstrikes in Iraq. ISIS executed 300 Iraqi soldiers last week during their march toward the Iraqi capital and attempted to break into a prison in northern Baghdad. ABC’s Cheri Preston joins us from London. Newstalk Florida

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The Collapse of the American Economy Has Begun thumbnail The Collapse of the American Economy Has Begun
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Susan Duclos recently interviewed “V” the Guerrilla Economist and the following information was revealed ...
Business Europe & China Start Direct Trading In Euros & Yuan As De-Dollarization Expands
De-dollarization has been an ongoing theme hidden just below the surface of the mainstream ...
Peak Oil: The Mirage Pt 3 thumbnail Peak Oil: The Mirage Pt 3
This is a third look at one of this year’s better features on the ...
Coal competing with oil and gas for space on rail thumbnail Coal competing with oil and gas for space on rail
In 2010, Chuck West, manager of coal procurement for one of the country's largest ...

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#peakoil No votes yet - TheChronicleHerald.ca: No votes yetTheChronicleHerald.caIt's even harder to believe th... tinyurl.com/k6e56ng
Oil supply,demand shuffled as new tight shale makes impact felt - #PeakOil #fracking wp.me/p4ibWR-3yq
#peakoil Who Is Buying The Islamic State’s Illegal Oil?: In June 2014, computer files captured from a courier ... bit.ly/YOuyZ7
#peakoil Growing Middle East Threats to U.S. Energy Security: President Obama has finally recognized the growi... bit.ly/YOuyZ4