Peepers wrote:Yeah, maybe they'll even catch up to the U.S.'s gluttony in a couple of decades!
But I'll wager that PO won't allow anyone to catch up to the U.S. More likely, it will force the U.S. to cut back drastically, closer to where China, India and the EU are consumption-wise (but they will also probably cut back).....
Jack wrote:MD wrote:Down 7.5%
I certainly hope this is voluntary; at least partly.
From the article:Government budget spending has been on a roll ... Our forecast for 2007 is $116 billion, up around 11.5 per cent from the previous year," the bank said in the report received yesterday.
With an increase in spending such as that, I cannot help but wonder if hopes of the reduction being voluntary aren't...shall we say...forlorn?
In cyberattack on Saudi firm, US sees Iran firing back
Experts say parts of virus connect it to code used to attack Iranian oil companies
By Nicole Perlroth --The hackers picked the one day of the year they knew they could inflict the most damage on the world’s most valuable company, Saudi Aramco.
On Aug. 15, more than 55,000 Saudi Aramco employees stayed home from work to prepare for one of Islam’s holiest nights of the year — Lailat al Qadr, or the Night of Power — celebrating the revelation of the Koran to Muhammad.
That morning, at 11:08, a person with privileged access to the Saudi state-owned oil company’s computers, unleashed a computer virus to initiate what is regarded as among the most destructive acts of computer sabotage on a company to date. The virus erased data on three-quarters of Aramco’s corporate PCs — documents, spreadsheets, e-mails, files — replacing all of it with an image of a burning American flag. …
It could have been much worse. An examination of the sabotage revealed why government officials and computer experts found the attack disturbing. Aramco’s oil production operations are segregated from the company’s internal communications network. Once executives were assured that only the internal communications network had been hit and that not a drop of oil had been spilled, they set to work replacing the hard drives of tens of thousands of its PCs and tracking down the parties responsible, according to two people close to the investigation but who were not authorized to speak publicly about it. …
Should Saudi Arabia fear North Dakota? A member of the Saudi royal family says yes.
Prince Alwaleed bin Talal, founder of Kingdom Holding and a multi-billionaire investor in News Corp, Time Warner and Citigroup, among other companies, has told Saudi Oil Minister Ali Al-Naimi that the desert kingdom is making a mistake not to worry about burgeoning U.S. oil and gas production.
In a letter published on Twitter, the prince calls rising American shale gas production "an inevitable threat." Saudi Arabia, he warns, "is almost entirely dependent on oil, and this reality is becoming a source of concern for all."
The Saudi oil minister said in May that he wasn't worried about increased U.S. production from shale, and that OPEC had survived past increases in production from countries outside OPEC.
http://abcnews.go.com/Business/saudis-fear-us-shale-oil-boom/story?id=19820719
US shale threatens Saudi funding crisis and demise of OPEC
Saudi Arabia and the Opec oil states must wean their economies off energy exports immediately or spiral into decline as America’s shale revolution shatters the world order, a top Saudi business leader has warned.
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/10209822/US-shale-threatens-Saudi-funding-crisis-and-demise-of-OPEC.html
Pops wrote:look around the site, you can probably find some threads on this topic.
Meet The Oil Shale Eighty Times Bigger Than The Bakken
But as great as the Bakken is, I learned last week about another oil shale play that dwarfs it. It’s called The Bazhenov. It’s in Western Siberia, in Russia. And while the Bakken is big, the Bazhenov — according to a report last week by Sanford Bernstein’s lead international oil analyst Oswald Clint — “covers 2.3 million square kilometers or 570 million acres, which is the size of Texas and the Gulf of Mexico combined.” This is 80 times bigger than the Bakken.
http://www.forbes.com/sites/christopherhelman/2012/06/04/bakken-bazhenov-shale-oil/
ROCKMAN wrote:Yep…our shale production is really hurting them. LOL. First, we don’t buy much KSA oil. Second, we may be importing less oil now but the US is still the leading oil importer on the planet.
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