Not like every other country in the world...vampyregirl wrote:Omani economy which has become dangerously overdependant on oil.
Thanks for the update Vampy.
Not like every other country in the world...vampyregirl wrote:Omani economy which has become dangerously overdependant on oil.
annie1914 wrote:In what year did the USA stop drilling for & pumping oil?
annie1914 wrote:For what reason did the oil companies stop seeking oil in the USA & move exploration to the middle east?
annie1914 wrote:For what reason did the oil companies stop seeking oil in the USA & move exploration to the middle east?
annie1914 wrote:In what year did the USA stop drilling for & pumping oil?
For what reason did the oil companies stop seeking oil in the USA & move exploration to the middle east?
Thank you in advance for your replies
Attack kills 27 militants in Pakistan
By STEPHEN GRAHAM
Associated Press
February 14, 2009
ISLAMABAD – Dozens of followers of Pakistan's top Taliban commander were in a compound when a suspected U.S. missile attack hit Saturday, killing 27 militants in an al-Qaida stronghold near the Afghan border, officials said.
The strike appeared to be the deadliest yet by the American drone aircraft that prowl the frontier, and defied Pakistani warnings that the tactic is fueling extremism in the nuclear-armed Islamic nation.
... snip ...
Milan (AsiaNews) – Rothschild’s Dubai office has been retained by Dubai’s Department of Finance for advice on the US$ 10 billion financial support fund (FSF) the emirate raised on the bond markets.
Nakheel, the property development arm of Dubai World, was the first to benefit, but is likely to be the last of its kind because funds will be handed out on the basis of two criteria: urgency and strategic importance.
...
But the Saudis too are facing their own serious problems. The Saad Group, which is linked to The International Banking Corp (TIBC) and the Ahmad Hamad Algosaibi & Brothers Co, is in difficulty.
Saudi Arabia’s central bank has frozen all the accounts of Saad chairman, Saudi billionaire Maan al-Sanea, who owns 2.97 per cent of the HSBC Holdings Plc, Europe’s largest bank based in London.
Once known by its full name of Hong Kong & Shanghai Banking Corp., HSBC Holdings Plc is also one of Asia’s main banks.
The decision by Saudi Arabia’s central bank comes after an Algosaibi-owned company defaulted on a billion dollar debt.
Maan al-Sanea’s Saad Investment Co. had also received a US$ 2.82 billion loan from a group of 26 European, US, Asian and Arab banks in 2007.
Such troubles might be a sign of more bad things to come for the banks, especially those in Europe and to a lesser extent in Asia.
Conversely, although US banks were hit by the subprime credit crisis in real estate, they are not that involved in emerging markets and eastern Europe.
As in the spring of 2008 when the first signs of the coming September financial storm were visible, today’s signs, albeit not front page news, might herald another major storm this fall.
But this year’s crisis could be worse than last year’s because of the multiple points of origin. In addition to the weak situation of the US Federal Reserve, whose financial commitments in support of the US banking system are equal to the total US GDP, European banks could go in tilt because of their exposure to emerging markets whilst those of Asia (especially Japan’s and China’s) could suffer because of Asian economies’ heavy reliance on now declining exports.
As for Dubai real estate values in the city-emirate have dropped by 50 per cent since before the crisis[i]; insolvencies here and across the Gulf region are rising.
At the same time two contradictory trends appear to be coming together. On the one hand, we see that “creata ex nihilo”[ii] e-money might lead to hyper-inflation; on the other, collapsing prices in real goods could lead to deflation and an economic depression worse than that of the 1930s.
Indeed in Dubai many expect the next storm to hit at the end of Ramadan, 21 September.
Middle East oil countries should increase production of heavy oil as oil prices remain higher and improved technology makes it easier, those attending an industry conference in Bahrain were told.
Bahrain’s oil minister, Abdulhussain Mirza, told the Heavy Oil World MENA conference that heavy oil reserves in the region were estimated at 1 trillion barrels, or 28% of total world reserves, but historically accounted for little more than 10% of production.
“The vast reserve demonstrates the importance of heavy oil as a future energy source, one that cannot be overlooked and, therefore, companies that position themselves early in the heavy oil business are likely to win the game,” Mirza said, according to local news reports.
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.
As Romney and his Republican colleagues continue to push for fossil fuels at the expense of renewable energy, even the Middle East is moving along on the latter.
This week, Iraq announced it will invest in 400 megawatts of solar and wind over the next three years to the tune of $1.6 billion, according to Bloomberg.
The government has invited 25 solar, wind and transmission developers to build projects there, including Japan's Toyota Tsusho Corp, Swiss engineering group ABB and Egypt's Orascom Construction.
"It is true that we are an oil country but we should save oil for the coming generation not only sell it or burn it," Laith al-Mamury, of Iraq's Ministry of Electricity told Bloomberg.
Still ravaged from the war, Iraq's power grid desperately needs re-building. It has daily black-outs, only able to supply power for a few hours each day.
Across the Middle East and North Africa, there are about 150 renewable energy projects being built, including solar, wind, geothermal and biomass.
Rather than consuming all their oil and gas resources, they are more often turning to renewables to supply domestic demand, leaving fossil fuels for export.
Repent wrote:Gaza genocide in progress, what you're not being told:
https://www.youtube.com/watch?feature=p ... YFreNA#t=0
At the end of this short video it shows Israelis sitting on a hill watching the bombing, cheering when bombs go off in the Gaza residential neighborhoods. Among the sickest things I've seen in the news lately.
Why is that, Repent? Who is "stormcloudsgathering," who funds it? Do you know? Would you agree they've got some kind of agenda?
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