wondering if the iea didn't intervene to keep peace between the moslims. maybe its
arab oil anyway, but it keeps neighbors form fightin.
‘We have learnt a big lesson. This is a dry run for how governments will respond in a few years time when we get a permanent oil price rise,’ says John Miles, chairman of the UK Industry Taskforce on Peak Oil and Energy Security.
... the government’s reaction shows it continues to be ‘behind the curve’ on peak oil. ‘They should be getting ready for how to deal with it, but my fear is they will wait and try to respond to it in a few years time.’
David Korowicz, from the environmental analysts Feasta, explains: 'Firstly, rising prices squeeze out less essential consumption leading to business closures and unemployment. Secondly, higher oil prices mean more money flows out of oil consuming countries into oil producers. Less money flowing around the economy means less money for businesses, and less money for people to service their debts. Growing defaults further destabilise banks and government debt loads. The Eurozone, the US, and the UK are all suffering under massive debts, rising oil (and food) prices could effectively push them over the edge.'
The UK and world economies are effectively 'locked into' an unsustainable position. But rather than tackle the enormity of the crisis peak oil presents, the UK and others have decided to use any means possible to 'wriggle out of a high oil price'.
pstarr wrote:Why did bratticus have to change names?
Saudi Suggests 'Squeezing' Iran Over Nuclear Ambitions
BY JAY SOLOMON / WSJ / June 22, 2011
A leading member of Saudi Arabia's royal family warned that Riyadh could seek to supplant Iran's oil exports if the country doesn't constrain its nuclear program, a move that could hobble Tehran's finances.
In closed-door remarks earlier this month, Saudi Prince Turki al-Faisal also strongly implied that Riyadh would be forced to follow suit if Tehran pushed ahead to develop nuclear weapons and said Saudi Arabia is preparing to employ all of its economic, diplomatic and security assets to confront Tehran's regional ambitions.
"Iran is very vulnerable in the oil sector, and it is there that more could be done ...
Saudi prince proposes oil war with Iran
UPI / June 30, 2011
DUBAI, United Arab Emirates, June 30 (UPI) -- Underlining the escalating cold war between Saudi Arabia and its rival Iran, former intelligence chief Prince Turki al-Faisal proposes the kingdom use its oil power to drive down prices to batter the Islamic Republic's sanctions-hit economy.
... skip ...
Turki, son of the late King Faisal, has no formal government position, but he's often used to float trial balloons regarding Saudi foreign policy.
Pops wrote:John_A wrote:Peak oil was supposed to be much more interesting (or terrifying even) than $80-$90 oil. I
It's all relative. If you're priced out of the market on the income side by losing your job or on the output side by simply not having the bucks to pay, I'd say it's probably still pretty terrifying.
seahorse3 wrote:Pops, made some interesting observations about using IEA inventories to meet demand. I found another guy making similar observations here. http://www.declineoftheempire.com/2011/06/brace-yourselves-for-the-next-oil-price-shock.html
S.Korea starts IEA-coordinated crude, fuel stocks release (update 2)
By Cho Mee-young, Additional reporting by Florence Tan in Singapore; Editing by Ed Lane / Reuters / June 28, 2011
SEOUL, June 28 (Reuters) - South Korea will start to release 3.46 million barrels of oil by "today at the earliest" as part of an IEA-coordinated effort to tame high global oil prices, a source at the economy ministry said on Tuesday.
Two million barrels of crude and 1.46 million barrels of refined fuel products, gasoline and diesel for automobiles, will be released as soon as deals are signed, the ministry source said.
"If a contract with a refiner is signed, the release will start from today at the earliest ... which crude oil to be released has not been decided yet," the ministry source told Reuters by phone. ...
John_A wrote:Pops wrote:John_A wrote:Peak oil was supposed to be much more interesting (or terrifying even) than $80-$90 oil. I
It's all relative. If you're priced out of the market on the income side by losing your job or on the output side by simply not having the bucks to pay, I'd say it's probably still pretty terrifying.
I'm not sure terrifying is the word I would use for anyone losing their job. Not having the money for it has easy solutions, without the job it becomes difficult to do all sorts of things, and not eating strikes me as much more scary than not pumping fuel into your SUVs tank?
Oil drops over $US1 on China data
Reuters / July 1, 2011
LONDON - Brent crude oil slipped over $US1 to around $US111 a barrel after China's factory output grew at its slowest pace in 28 months, and the market eyed tenders for the IEA's emergency oil stocks releases.
© Getty Images Oil prices have reached the $70-a-barrel mark, their highest since December 2014, but neither Saudi Arabia nor Russia is shouting with glee. That’s because it remains to be seen whether the oil market has achieved price stability for awhile. Saudi Energy Minister Khalid al-Falih this month spoke of the "fragility of the market." He noted that a much-anticipated initial public offering of Saudi Aramco stock will take place “when the time is right,” but declined to say about whether the IPO could be postponed to 2019. OPEC and non-OPEC powers such as Russia worked out a volume-cut deal last year that has played a key role in boosting prices. Al-Falih emphasized the importance of the deal, and hinted that it ought to be extended beyond 2018. But Russia has shown little enthusiasm for extending it. Earlier this month, Russian Energy Minister Novak broached
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
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