Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Posted: Sat Jun 21, 2008 1:35 pm Post subject: Re: OPEC Oil Export Revenues
Goph,
Yep...Saudi has been having a baby boom for quit a while. I think the last numbers i saw they were using about 20% of their production internally. An example: 70% of all potable water in Saudi comes from desalinization: an energy intensive effort.
But there's an even more extreme example:
Last year I was involved in drilling several wells off the coast of Equatorial Guinea. Don't feel bad if the country isn't at all familiar to you...it isn't to most. It's a very small island nation off the eastern coast of Nigeria. A population of only 500,000. A Spanish colony until the 80's. Oil wasn't discovered there until the late 90's. Currently ruled by a dictator who took control after killing his uncle, the first dictator after liberation.
I don't have the numbers at hand but I would guess current oil revenue exceeds $80 billion per year. With their small population they are technically one of the richest per capita in the world. Yet 99% of the population lives in extreme poverty. One of the great shortages is protein...odd you might think for an island nation. But the ruler destroyed the local fishing fleet after a failed invasion by mercenaries in 2002 (led by Margaret Thatcher's son). The ruler was concerned that another invasion might use the fleet to infiltrate.
The field I drilled sits right off the island in clear sight of the population. In addition to watching tankers carry off their oil to Europe weekly they also watch the burning of 20 million cubic feet of natural gas per day. This is the associated NG produced with the oil. The operator offered to lay a pipeline and transport the gas to the mainland at its own expense but the dictator rejected the offer. He didn't want to spend the money for a local distribution system.
This is an example of just one little spot on the globe that few know of and even fewer appreciate their contrabution to our endless thirst. How easy would it be for anyone to gain local support by offering a chance to live even a third class existance. I In thinking back to what I saw in EG I'm surprised the revolution has started. But when you consider the penalty for a ciliaan being caught with a weapon is immediate execution without a trial.
Who would condemn the EG people for seizing control of their wealth and utilizing their oil reserves to develop their own economy? Makes the American Revolution fight against "taxation without representation" seem somewhat trivial compared to being starved to death.
Posted: Sat Jun 21, 2008 2:09 pm Post subject: Re: OPEC Oil Export Revenues
And where are these revenues going to be spent?
Seems high oil prices due to scarcity will feed upon itself.
Billions of dollars of revenues being spent into the world GDP will cause energy consumption to rise everywhere it is spent.
Increased Iraqi oil revenues stemming from high prices and improved security are piling up in the Federal Reserve Bank of New York rather than being spent on needed reconstruction projects, a Washington Times study of Iraq's spending and revenue figures has shown.
Quote:
The World Bank report concluded that the boom "has had important financial spillovers". It added: "Over the last few years, MENA has seen an upsurge in financial activity, as abundant liquidity has fed a rapid rise in credit growth, surging stock markets, and a booming real estate sector. Oil economies have been the primary recipients, but a financial market upswing has also reached some of the region's resource poor countries through increased cross border investment, remittance flows and tourism."
"Abundant liquidity" always fuels growth. _________________ A Saudi saying, "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel."
Live in Arizona? Check out: http://sustainablearizona.org and read my blog.
Posted: Sat Jun 21, 2008 8:33 pm Post subject: Re: OPEC Oil Export Revenues
ROCKMAN wrote:
Who would condemn the EG people for seizing control of their wealth and utilizing their oil reserves to develop their own economy? Makes the American Revolution fight against "taxation without representation" seem somewhat trivial compared to being starved to death.
I agree. I think it is very possible that some of the oil exporters may want to arm the masses in countries like EG, Nigeria (like they need help), or even Iraq to drive up the price.
Posted: Sun Jun 22, 2008 7:55 am Post subject: Re: OPEC Oil Export Revenues
I think I missed your point Goph. As odd as it seems given the endless reports of violence in parts of Africa, the continent is one of the least armed places on earth as far as the general masses go. The military/police/bandits/terrorists are armed but the population isn't. Take EG as an example again: the poor outnumber the military probably 5000 to one. But it's hard to go up against M-16's, even in the hands of a few, with sticks. I really am surprised that those in the world who would like to damage us haven't figured out how easy it would be in some spots.
I'd really like to see an independent analysis of what's really going on in Nigeria. Years ago it reallt was just bandits the disruptions. ut I hear bits and pieces that there is some sort of an orgqanized movement.
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