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Oil Industry

After two months of an almost uninterrupted increase, crude oil is set for even more volatility on a string of political events that could see it either touch US$80 or even higher by the end of June or, conversely, slump to deep lows again.

President Donald Trump will start unwinding the string today as he announced his decision on the Iran deal. The prevailing analyst opinion is that economic sanctions will be reinstated within the next couple of months.

While this would be naturally bullish for oil prices, some analysts note that the effect of the sanctions has already been factored into prices, so any immediate impact will be limited. What’s more, CNBC reported recently, that the effect of U.S. sanctions against Iran on the country’s international shipments of crude will also be limited: China and India are unlikely to reduce their intake of Iranian crude as are other buyers, who were previously on the U.S.’ side with regard to the sanctions.

MORE HERE

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Oil

The latest rally in oil prices ran up against a wall yet again, and the same fears about oversupply have not receded in the slightest. The expectation from most oil analysts is that there is very little room on the upside for oil prices and that we will have to wait until 2018 at the earliest before the market gets closer to “balance.”

But the one major wildcard for oil prices is geopolitics, which, however unlikely given the degree of supply overhang that still exists, could send prices up. But how high? The latest blockade of Qatar, which has mushroomed into a regional political crisis in the Middle East, would have caused a severe spike in oil prices in the past, even though Qatar is a relatively minor producer. However, the simmering standoff not only failed to register, but occurred at a time of falling oil prices.

MORE HERE

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‘On Oct. 20, 2011, Muammar Qaddafi was grotesquely murdered on camera. Secretary of State Hillary Clinton had said, “I want him dead,” and after his death she made her famously imperial boast, “We came, we saw, he died,” refiguring Julius Caesar’s message to the Roman Senate after one of his conquests in the same Mediterranean region.

WikileaksLess than a month later, in a Nov. 16, 2011, “Tripoli Situation Report” in Hillary Clinton’s e-mail archive, “country managers of the three U.S. firms comprising the Waha Group (Marathon, Conoco Phillips and Amerada Hess) said meetings with its Libyan joint venture partner and the National Oil Company [NOC] this week were ‘extremely positive’ and that they were encouraged by an apparent sea change in the NOC’s attitude toward its U.S. partners.”

One would have had to be extraordinarily naive to believe that the U.S. and NATO attacked Libya to “stop genocide and mass atrocities,” as Secretary of State Clinton, NSC advisor Samantha Power and U.N. Ambassador Susan Rice claimed at the time.’

Read more: Clinton e-mail on Libyan conquest: We came, we saw, we got oil

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‘One of the big indicators of the end of the “credit cycle” is the number of bankruptcies. During good times, so earlier in the credit cycle, companies borrow money. Then, overconfident and lured by low interest rates and overoptimistic rosy-scenario rhetoric emanating from all sides, they do what the Fed and Wall-Street firms want them to do: they borrow even more money. Then reality sets in, and they buckle under this pile of debt.
The bankruptcy filings of Ultra Petroleum and Midstates Petroleum on Friday and Saturday brought oil & gas bankruptcies of companies rated by Fitch and other ratings agencies to 59. These two companies piled $3.1 billion in defaulted junk bonds and another $1.5 billion in defaulted loans on top of the growing mountain of defaulted oil & gas debt.’

Read more: US Commercial Bankruptcies Skyrocket

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What’s Really Going on with Oil?


If there is any single price of any commodity that determines the growth or slowdown of our economy, it is the price of crude oil. Too many things don’t calculate today in regard to the dramatic fall in the world oil price. In June 2014 major oil traded at $103 a barrel. With some experience following the geopolitics of oil and oil markets, I smell a big skunk. Let me share some things that for me don’t add up.

On January 15 the US benchmark oil price, WTI (West Texas Intermediate), closed trading at $29, the lowest since 2004. True, there’s a glut of at least some 1 million barrels a day overproduction in the world and that’s been the case for over a year.

True, the lifting of Iran sanctions will bring new oil on to a glutted market, adding to the downward price pressure of the present market.

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However, days before US and EU sanctions were lifted on Iran on January 17, Seyyid Mohsen Ghamsari, the head of international affairs at National Iranian Oil Company stated that Iran, “…will try to enter the market in a way to make sure the boosted production will not cause a further drop in prices…We will be producing as much as the market can absorb.”  So the new entry of Iran post-sanctions onto world oil markets is not the cause for the sharp oil fall since January 1.

MORE HERE: http://www.globalresearch.ca/whats-really-going-on-with-oil/5503370

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On the first trading day of the year, stocks crashed after China shocked the world with a circuit-breaking market slide that was not contained by the government. On the second trading day, after the Chinese government intervened drastically, global equities stabilized if just barely.

Then overnight, even as Chinese stocks surged higher by 2.3% after the ban on major shareholder selling was extended, the global market was far more focused with what was going on in China’s currency, which as previously reported, plunged to new 5 year lows, while the spread between the onshore and offshore Yuan rose to a record wide, suggesting the depreciation in the currency is only going to accelerate from here, and a big payday for Kyle Bass is coming.  Then again, how this is surprising since China’s December 11 announcement it would devalue against a basket of currencies, not just the USD, is not exactly clear to us.

 

“China is for sure back in focus,” said Didier Duret, chief investment officer at ABN Amro NV’s wealth-management unit. “I’d say this is an echo of what happened in August maybe more than a replay. It’s making people nervous.”

MORE HERE: http://www.zerohedge.com/news/2016-01-06/carnage-returns-stocks-tumble-after-sharp-chinese-devaluation-brent-2004-lows-gold-s

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Why Saudi Arabia’s Pursuit Of Market Share Is Self-Defeating
The Saudi decision to maintain crude output levels and even grow them, could prove to be a decisive move that could undermine its economy for years to come
http://oilprice.com/Energy/Energy-General/Why-Saudi-Arabias-Pursuit-Of-Market-Share-Is-Self-Defeating.html

Is This The Breakthrough Fusion Researchers Have Been Waiting For?
A small, secretive company in California claims to have made a significant breakthrough in nuclear fusion technology, but is it just more hype in the space?
http://oilprice.com/Alternative-Energy/Nuclear-Power/Is-This-The-Breakthrough-Fusion-Researchers-Have-Been-Waiting-For.html

Decline In U.S. Oil Production Accelerates
The EIA has released its latest revisions of U.S. crude oil production for 2015 so far, and while they are down substantially, this is no reason for celebration in the markets…
http://oilprice.com/Energy/Crude-Oil/Decline-In-US-Oil-Production-Accelerates.html

With China Slowdown, Russia Looks To India
Russia has been extremely busy in negotiating energy deals not just with China and Europe but now India as well, as the oil and gas superpower seeks to salvage its economy
https://oilprice.com/Energy/Energy-General/With-China-Slowdown-Russia-Looks-To-India.html

California Oil Bill Defeated
California’s landmark energy bill succumbed to pressure from the oil and gas industry but proponents have vowed to fight on to achieve their original goals.
http://oilprice.com/Energy/Crude-Oil/California-Oil-Bill-Defeated.html

Oil Price Recovery Seems Far Away As U.S Stockpiles Increase
The crude complex is trying to rebound today after yesterday’s dip, but strong bearish news in the form of a possible one million barrel U.S stockpile build
http://oilprice.com/Energy/Energy-General/Oil-Price-Recovery-Seems-Far-Away-As-US-Stockpiles-Increase.htmll

Media Missing The Point On Platinum Supply And Demand Situation
The deficit in 2015 platinum supply was to be expected, given the miners strikes in South Africa last year, but this is not indicative of a long-term trend.
http://oilprice.com/Finance/investing-and-trading-reports/Media-Missing-The-Point-On-Platinum-Supply-And-Demand-Situation.html

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While the low price of gasoline has many in the United States considering a return to fuel-hungry vehicles, the price actually has been rising in the country’s car capital, California, for the past month.

The average pump price of gasoline soared by about 25 cents a gallon last week, from $2.98 for regular gas on Feb. 23 to $3.23 on Feb. 27. And the rise has been greater since Jan. 30, when refineries began shifting to a costlier premium fuel – mandated only in California and only to limit emissions in warmer months, according to Tom Robinson, the chief of Robinson Oil in South Bay.

On Feb. 26, some Southern California retailers, who had just paid premium wholesale prices for gasoline, passed that on to consumers as a price hike of 24 cents per gallon. The spike hit Northern California a day later, with service stations in the San Francisco area raising prices for regular gasoline by 20 cents a gallon to $3.19.

more @ http://oilprice.com/Latest-Energy-News/World-News/Despite-Oil-Price-Plunge-California-Gasoline-Prices-Soar.html

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Oil. The commodity. We know what it’s worth – at least we thought we did – but what does a barrel of the black stuff get you in real life? Before we get theoretical, let’s first consider how much oil you use.

If you’re in the United States, that figure is approximately 2.5 gallons of crude oil per day; roughly one barrel every seventeen days; or nearly 22 barrels per year. That’s just your share of US total consumption of course; the true number is harder to discern – minus industrial and non-residential uses, daily consumption drops to about 1.5 gallons per person per day. Subtract the percentage of the population aged 14 and below and the daily consumption climbs back above 2 gallons. This is big picture, and it’s quite variable, so let’s go further.

Read More @ http://oilprice.com/Energy/Crude-Oil/How-Much-Crude-Oil-Do-You-Consume-On-A-Daily-Basis.html

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The Origins of Oil and Petroleum

— — — — —
Date: Mon, 29 Jul 1996 17:54:57 PDT
From: “Daniel E. Reynolds”
Subject: Oil – A REWEWABLE and ABIOTIC FUEL?
http://www.prouty.org/oil.html

On June 20th, 1996 Col. Prouty stated…
“Oil is often called a ‘fossil’ fuel; the idea being that it comes from formerly living organisms. This may have been plausible back when oil wells were drilled into the fossil layers of the earth’s crust; but today, great quantities of oil are found in deeper wells that are found below the level of any fossils. How could then oil have come from fossils, or decomposed former living matter, if it exists in rock formations far below layers of fossils – the evidence of formerly living organisms? It must not come from living matter at all!”

Two days after I read his statement I encountered the following statement in a newspaper I deeply respect:

“Any geologist will tell you, well, most geologists will tell you that OIL IS CREATED BY THE MAGMA OF THE EARTH. The oil wells in Pennsylvania that were pumped out dry at the turn of the century and capped are now filled with oil again.”

Say what?

————————————————-

I would be honored if Col Prouty could provide me with just a few additional leads to MORE DOCUMENTATION BACKING UP HIS ASSERTION. A search of the US libraries (via computer) has turned up the name of Professor Thomas Gold who wrote a book entitled:

“Power from the Earth”.

I tried to contact Marc J. Defant, a Volcanologist who teaches at the University of Southern Florida, but he is in Russia — probably drilling for OIL PRODUCED BY MAGMA!!!

Professor Gold’s book has been requested via interlibrary loan.

I certainly believe Col Prouty is telling the truth — as he knows it — personally! Well, I seek the TRUTH — and when I find it — I teach it to all who desire to hear it — as best I can.

Thank you for taking time to read my request. If, Col Prouty can find the time to read it too — and he chooses to share additional information with me — I shall be most grateful.

Sincerely,

Daniel E. Reynolds July 29, 1996

— — — — — – — —

Here is Col. Prouty’s response.

— — — —

Date: Wed, 31 Jul 1996 21:16:04 -0400 From: Col. L. Fletcher Prouty To: len_osanic@mindlink.bc.ca Subject: RE: Reynolds letter

This response is for Daniel E. Reynolds, 29 July 1996 on the subject of “Oil – A renewable and abiotic Fuel?”

Dan, your use of the word “abiotic” is good. As a non-fossil fuel, petroleum has no living antecedent. It contains chemical elements found in living matter; but it is not “formerly living matter.” There has not been enough true “formerly living matter”through all of creation to account for the volume of petroleumthat has been consumed to date.

My background in this subject goes back to 1943. I was the pilot who flew a U.S. Geological Survey Team from Casablanca to Dhahran, Saudi Arabia. We met the Cal. Standard Oil team holding down that lease. Then we went back to Cairo to meet President Roosevelt during the Nov. 1943 “Cairo Conference” with Churchill and Chiang Kai Shek. FDR ordered the immediate construction of an oil refinery there for WW II use. This led to ARAMCO.

During the “Energy Crisis” of the 1970’s I was detailed to represent the U.S. Railroad industry as a member of the “Federal Staff Energy Seminar” program started by the Center for Strategic and International Studies, sponsored by Georgetown University. That began in Jan 1974 and continued for four years. It was designed to discuss “the working of the United States national energy system, and new horizons of energy research.” Among the regular attendees were such men as Henry Kissinger and James Schlesinger…most valuable meetings.

During one meeting we took a “Buffet Break” and I was seated with Arthur Kantrowitz of the AVCO Company…”Kantrowitz Labs” nearBoston. At the table with us were four young geologists busily talking about Petroleum. At one point one of them made reference to “Petroleum as organic matter, and a fossil fuel.” Right out of the Rockefeller bible.

Kantrowitz turned to the geologist beside him and asked, “Do you really believe that petroleum is a fossil fuel?” The man said,”Certainly” and all four of them joined in. Kantrowitz listened quietly and then said, “The deepest fossil ever found has been at about 16,000 feet below sea level; yet we are getting oil from wells drilled to 30,000 and more. How could fossil fuel get down there? If it was once living matter, it had to be on the surface. If it did turn into petroleum, at or near the surface,how could it ever get to such depths? What is heavier Oil or Water?” Water: so it would go down, not oil. Oil would be on top, if it were “organic” and “lighter.”

“Oil is neither.”

They all agreed water was heavier, and therefore if there was some crack or other open area for this “Organic matter” to go deep into the magma of Earth, water would have to go first and oil would be left nearer the surface. This is reasonable. Even if we do agree that “magma” is a “crude mixture of minerals or organic matters, in a thin pasty state” this does not make it petroleum, and if it were petroleum it would have stayed near the surface as heavier items, i.e. water seeped below.

My D. Van Nostrand “Scientific Encyclopedia” says “Magma is the term for molten material. A natural, complex, liquid, high temperature, silicate solution ancestral to all igneous rocks,both intrusive and effusive. The origin of Magma is not known.” My “Oxford English Dictionary” does not even have the word “Magma.”

Some years ago I wrote two or three pages that appeared in theMcGraw Hill Yearbook of Science and Technology, i.e. “Railroad Engineering.” Even that source is a bit uncertain about the”origin of petroleum” to wit:

“Less than 1% of the organic matter that originates in or is transported to the marine environment is eventually incorporated into ocean sediment,” and

“Most petroleum is formed during catagenesis (undefined anywhere). If sufficient organic matter is present oceanic sediments that undergo this process are potential petroleum sources. Deeply buried marine organic matter yields mainly oil, whereas land plant material yields mainly gas.” (Their idea of “deeply buried” is the “out.”)

All this leaves us no where. I still go with Kantrowitz. Since oil is lighter than water, everywhere on Earth, there is no way that petroleum could be an organic, fossil fuel that is created on or near the surface, and penetrate Earth ahead of water. Oil must originate far below and gradually work its way up into well-depth areas accessable to surface drilling. It comes from far below. Therefore, petroleum is not a “Fossil” fuel with a surface or near surface origin.

It was made to be thought a “Fossil” fuel by the Nineteenth oil producers to create the concept that it was of limited supply and therefore extremely valuable. This fits with the “Depletion”allowance philosophical scam.

During one of our C.S.I.S. “International Nights” (1978) the Common Market Energy boss, M. Montibrial of France, told us that while petroleum was being marketed then for $20.00 per barrel or more, it cost no more than 25 cents per barrel at the well-head. There is our petroleum problem! We were paying more than $1.50-$1.60 per gallon, one 42nd of a barrel, at that time. Interested folks need to learn more about the Chartered Institute of Transport, and not waste their time with OPEC, the “Cover” story.

Those who pumped the Pennsylvania wells “dry” during the late eighteen hundreds saved what they had for those better days.

L. Fletcher Prouty

— — — — — — — — — — FOLLOW-UP-LETTER— — — —

Subject: FACTS, FACTS, and MORE FACTS! To: Col Prouty <len_osanic@mindlink.bc.ca> Priority: Normal

Dear Len (and Col Prouty)

Stimulated by Col Prouty’s assertion that OIL IS A NON-FOSSIL FUEL — I put my roadster in high gear — and went prospecting for some SOLID support! Well, I’m hear to tell you both, I DO BELIEVE I’ve FOUND IT – in spades!

Item #1: A MAGNIFICENT BOOK!!!!

TITLE: Power from the Earth Deep Earth Gas — Energy for the Future by Thomas Gold [J.M. Dent & Sons, Ltd, London, 1987] ISBN 0-460-04462-1

May I quote a few lines from from the front cover of the book … a few words … on

JUST WHO THIS GUY THOMAS GOLD AND WHAT HE HAS TO SAY ON THIS SUBJECT!

“Professor Thomas Gold is one of the great scientific thinkers of our time and in Power from the Earth he puts forward a highly revolutionary and controversial theory.

According to Gold, there are within the Earth virtually limitless stores of energy in the form of gas and oil as yet untapped. This energy is of non-biological origin and there is far more of it in the Earth than geologists have ever imagined — and IT IS ACCESSIBLE!

— Score 1 for Col Prouty!

At a time when the future supply of traditional fossil fuels is said to be seriously limited and nuclear energy is becoming ever more suspect, Gold’s theory has vast implications for the future of the Earth’s energy supplies and is crucial to our understanding of the deep processes that cause earthquakes and volcanoes. His view also clearly has far reaching consequences for the economic and political shape of the world.

— Score 2 for Col Prouty!

In the past Professor Gold has explained the nature of pulsars and solar flares, proved that the Earth’s poles change position over time, made new discoveries about the workings of the human inner ear, and was the only scientist to predict that Moon’s surface consists of dust. His new theory has already been grabbing the attention of the international press and a drilling operation has been started in Sweden on the basis of his idea.

In Power from the Earth Professor Gold puts forward one of the most important scientific ideas of our age.”

— Well, having read the book, I can say I certainly concur with THAT OPINION. And guess what — Dr. Gold is a friend of Arthur K. of AVCO LABS, etc….! BULLSEYE!

— Score 3 for Col Prouty!

WHO IS THIS MAN….well listen up…

“Professor Thomas Gold, FRS, was born in Austria and educated in Switzerland and England, where he became famous as an astronomer at Cambridge in the post-war years. In 1956 he moved to the United States to become a professor at Harvard. He later became Professor of Astronomy at Cornell University, where he founded and directed the world-famous Center for Radiophysics and Space Research. He is a Fellow of the Royal Society and of the United States National Academy of Sciences, and in 1985 was awarded the Gold Medal by the Royal Astronomical Scoiety. He now lives in Cambridge, England and is an Honorary Fellow of Trinity College.”

Not bad. Not bad at all.

In fact, I’m honored to have made his acquaintance.

—- Score 4 for Col Prouty

& a Hearty THANK YOU TO DR. GOLD.

They say — he coined the term magnetosphere in ’59! I wonder what HE THINKS is causing those black outs out West??? Falling tree limbs? Now THAT’s an interesting hypothesis! Maybe a bird took out the TWA? Hey, it’s just a theory, just a theory…
—————–

Ok … now … I hear some one murmuring

… “Well, if his Ideas are so good, so right, so profound — SURELY THEY’VE MADE THE SCIENTIFIC LITERATURE …REFEREED JOURNAL ARTICLES … you know … and all that. I mean … if it’s REEEEEEAL SCIENCE surely it’s been recognized around the world!”

As a matter of fact, it has!

My I introduce you both (if you have not been so introduced prior to this letter) to the work and writings of P.N. Kropotkin…
Ref: Kropotkin, P. N. (1985) Degassing of the Earth and the Origin of Hydrocarbons, published in the International Geology Review, 27, 1261-1275

P.N. Kroptkin — who is with the Geological Institute of the USSR Academy of Sciences, Moscow, it says in the header “has long been a leading proponent of the INORGANIC ORIGIN OF PETROLEUM, a THEORY which has had a continuous tradition of support in Russia and the Soviet Union and a recent revival in the United States and Western Europe.”

Oh, well, better late than never!
————————————————————
THIS PAPER IS LOADED WITH FACTS! Anyone who thinks that Col Prouty or Dr. Gold are spinning some kind of yarn … HAD BEST READ IT — ASAP. WE ARE BEING OFFERED AN IMMORTAL SYMPHONY BY THESE MEN — and I for one LOVE the Sound of THIS MUSIC!

May I share just one quote from the work of P.N. Kroptkin… from page 1265 … just one of many many AWESOME FACTS IN THIS SCIENTIFIC DOCUMENT…

“Commerical oil pools in the basement rocks have been recorded in 267 oil and gas deposits on different continents. In some, oil is present at a depth of several hundred meters from its surface; in the USSR, such pools are known in a number of areas. A detailed analysis of the geological environment suggests that in some of these deposits, OIL COULD NOT HAVE ENTERED THE POOLS FROM THE OIL-BEARING STRATA OF THE SEDIMENTARY COVER AND, CONSEQUENTLY, PENETRATED FROM BELOW ALONG FAULTS.

—Score a HOME RUN for Col Prouty and Dr. Gold!!!!

Such is the Borolla deposit with pools in the Precambrian granites of the Shillong plateau (eastern India), the Peace River deposit in Western Canada associated with faults in the basin of the Athabasca River which border the zone of the pericratonic tough of the Canadian Shied, and the giganitc deposits of the Hugoton-Panhandle region of the USA and the Augila-Nafoora-Amal deposit in Libya. In the Hugoton-Panhandle deposit, the upper Paleozoic sediments and the basement rocks contain, in addition to oil, 2000 billion m^3 of fuel gases and 10 billion m^3 of helium and its concentration in such vast amounts over a small area may be explained, as earlier noted by V. I. Vernadskiy, solely by the migration of gas from a great depth, where faults drain huge volumes of rocks of the lithosphere.”
—————

May I make a simple REQUEST TO COL PROUTY…

Sir. Please continue to provide YOUR PROVOCATIVE MATERIAL…and OFFER US THE FACTS, as YOU KNOW THEM. Those of us out in this media-blitzed wilderness LOVE TO DO RESEARCH. WE WILL EFFORT to track down the details and WE WILL DO OUR PART but KNOW WE NEED GUIDANCE and we beg you to continue to shine YOUR VERY BRIGHT AND WISDOM FILLED LIGHT on the ROAD A AHEAD FOR US, OFFERING JUST A LITTLE DIRECTION, NOW AND THEN! We are OVER-UNITY ‘MACHINES’ … and WE SHALL NOT FAIL YOU!

THANK YOU.

My very BEST to you both of you & Len!

SALU.

Daniel Reynolds Joyously Walking the grounds on which the Wright Brothers grew to fame, and VERY HAPPLY to be able to say so — this day!



Petroleum Disscussion Update for March 1997
——————————-

FOSSIL-FUEL THEORY DEBUNKED: OIL, GAS DEPOSITS CALLED PRIMORDIAL by Toldedo Blade

SEATTLE – The public’s most widely known piece of geological knowledge–how petroleum and natual-gas deposts formed on Earth—is false, a noted scientist says. Surprisingly, his campaign to rewrite school textbooks and encyclopedias is getting grudging support from some geologists, who acknowledge that petroleum’s origins may be dramatically different than what people believe.

Millions of Americans learned in grade school that oil deposits originated in the age of dinosaurs, when vegetation in lush forests was buried and subjected to high heat and pressure. Those extreme conditions supposedly transformed the hydrocarbons in vegetation into the hydrocarbons of petroleum.

“That’s nonsense,” snapped Thomas Gold, a scientist at Cornell University. “There’s not a shred of evidence from chemistry, geology, or any other science to support it. It has no place in textbooks and school classrooms.”

In appearances at the annual meeting of The American Association for the Advancement of Science in Seattle here that ended Thursday, Gold repeatedly challenged geologists to reconsider and reject the conventional theory.

Gold also presented evidence that oil and gas deposits on Earth are primordial. That means they came with the planet. They were part of the original raw material that formed the sun and planets, and deposited deep below Earth’s surface when the planet formed 4.5 billion years ago.

Some of the oil gradually oozes upward from these original deposits 100 to 200 miles below the surface and collects where oil drillers can reach it.

In one presentation, Gold described shafts that he and associates drilled in an ancient meteorite impact crater in Sweden. They drilled into a kind of rock that was not sedimentary, not associated with the sediments believed to produce oil deposits.

At a depth of about 4 miles, they encluntered a hydrocarbon oil similar to light petroleum that Gold believes was primordial oil. He noted a variety of evidence to support the belief. Gold estimated that this single site contained “more petroleum than all of Saudi Arabia.” With current technology, however, pumping it out would be impossible, he added. Gold contended that many other planets and planetary bodies in the solar system have similar deep deposits of hydrocarbons, which are the stuff of oil and natural gas. Gold argues that a primordial origin for petroleum is the only way to explain its chemical composition.

Petroleum originating from plant matter decayed by bacteria, similar to bacteria that decay backyard garden-compost piles, would resemble a microbial product. Instead, petroleum is chemically similar to a pure hydrocarbon that has been contaminated with microbial material. That contamination, he argues, occurred as petroleum seeped upward through rock now known to contain enormous amounts of bacterial life. In moving upward, petroleum also collected helium, explaining why oil wells are such a rich source of helium.

“This is the only possible explanation,” Gold said. “The association of helium with petroleum has not been accounted for in any other way.”

How do geologists respond?

They’re beginning to listen, according to Michael Carr, who appeared on a panel where Gold presented his theory. Carr is a scientist with the U.S. Geological Survey in Reston, Va. “Dr. Gold has some very, very good evidence, especially that involving helium,” Carr said. “He certainly is challenging the geological community. There is a debate within the gological community.” Carr said geologists plan to reconsider the conventional theory about petroleum formation at a major meting later in the year.
——————————————————–
Once again, Prouty’s assertions are backed by solid, credible people, and the next time Warren Commission apologists pooh-pooh Prouty, citing Prouty’s “obviously ridiculous” views on petrol, just refer them to the above article.


Sustainable oil?
May 25, 2004
By Chris Bennett
© 2004 WorldNetDaily.com

About 80 miles off of the coast of Louisiana lies a mostly submerged mountain, the top of which is known as Eugene Island. The portion underwater is an eerie-looking, sloping tower jutting up from the depths of the Gulf of Mexico, with deep fissures and perpendicular faults which spontaneously spew natural gas. A significant reservoir of crude oil was discovered nearby in the late ’60s, and by 1970, a platform named Eugene 330 was busily producing about 15,000 barrels a day of high-quality crude oil.

By the late ’80s, the platform’s production had slipped to less than 4,000 barrels per day, and was considered pumped out. Done. Suddenly, in 1990, production soared back to 15,000 barrels a day, and the reserves which had been estimated at 60 million barrels in the ’70s, were recalculated at 400 million barrels. Interestingly, the measured geological age of the new oil was quantifiably different than the oil pumped in the ’70s.

Analysis of seismic recordings revealed the presence of a “deep fault” at the base of the Eugene Island reservoir which was gushing up a river of oil from some deeper and previously unknown source.

Similar results were seen at other Gulf of Mexico oil wells. Similar results were found in the Cook Inlet oil fields in Alaska. Similar results were found in oil fields in Uzbekistan. Similarly in the Middle East, where oil exploration and extraction have been underway for at least the last 20 years, known reserves have doubled. Currently there are somewhere in the neighborhood of 680 billion barrels of Middle East reserve oil.

Creating that much oil would take a big pile of dead dinosaurs and fermenting prehistoric plants. Could there be another source for crude oil?

An intriguing theory now permeating oil company research staffs suggests that crude oil may actually be a natural inorganic product, not a stepchild of unfathomable time and organic degradation. The theory suggests there may be huge, yet-to-be-discovered reserves of oil at depths that dwarf current world estimates.

The theory is simple: Crude oil forms as a natural inorganic process which occurs between the mantle and the crust, somewhere between 5 and 20 miles deep. The proposed mechanism is as follows:

  • Methane (CH4) is a common molecule found in quantity throughout our solar system – huge concentrations exist at great depth in the Earth.
  • At the mantle-crust interface, roughly 20,000 feet beneath the surface, rapidly rising streams of compressed methane-based gasses hit pockets of high temperature causing the condensation of heavier hydrocarbons. The product of this condensation is commonly known as crude oil.
  • Some compressed methane-based gasses migrate into pockets and reservoirs we extract as “natural gas.”
  • In the geologically “cooler,” more tectonically stable regions around the globe, the crude oil pools into reservoirs.
  • In the “hotter,” more volcanic and tectonically active areas, the oil and natural gas continue to condense and eventually to oxidize, producing carbon dioxide and steam, which exits from active volcanoes.
  • Periodically, depending on variations of geology and Earth movement, oil seeps to the surface in quantity, creating the vast oil-sand deposits of Canada and Venezuela, or the continual seeps found beneath the Gulf of Mexico and Uzbekistan.
  • Periodically, depending on variations of geology, the vast, deep pools of oil break free and replenish existing known reserves of oil.

There are a number of observations across the oil-producing regions of the globe that support this theory, and the list of proponents begins with Mendelev (who created the periodic table of elements) and includes Dr.Thomas Gold (founding director of Cornell University Center for Radiophysics and Space Research) and Dr. J.F. Kenney of Gas Resources Corporations, Houston, Texas.

In his 1999 book, “The Deep Hot Biosphere,” Dr. Gold presents compelling evidence for inorganic oil formation. He notes that geologic structures where oil is found all correspond to “deep earth” formations, not the haphazard depositions we find with sedimentary rock, associated fossils or even current surface life.

He also notes that oil extracted from varying depths from the same oil field have the same chemistry – oil chemistry does not vary as fossils vary with increasing depth. Also interesting is the fact that oil is found in huge quantities among geographic formations where assays of prehistoric life are not sufficient to produce the existing reservoirs of oil. Where then did it come from?

Another interesting fact is that every oil field throughout the world has outgassing helium. Helium is so often present in oil fields that helium detectors are used as oil-prospecting tools. Helium is an inert gas known to be a fundamental product of the radiological decay or uranium and thorium, identified in quantity at great depths below the surface of the earth, 200 and more miles below. It is not found in meaningful quantities in areas that are not producing methane, oil or natural gas. It is not a member of the dozen or so common elements associated with life. It is found throughout the solar system as a thoroughly inorganic product.

Even more intriguing is evidence that several oil reservoirs around the globe are refilling themselves, such as the Eugene Island reservoir – not from the sides, as would be expected from cocurrent organic reservoirs, but from the bottom up.

Dr. Gold strongly believes that oil is a “renewable, primordial soup continually manufactured by the Earth under ultrahot conditions and tremendous pressures. As this substance migrates toward the surface, it is attached by bacteria, making it appear to have an organic origin dating back to the dinosaurs.”

Smaller oil companies and innovative teams are using this theory to justify deep oil drilling in Alaska and the Gulf of Mexico, among other locations, with some success. Dr. Kenney is on record predicting that parts of Siberia contain a deep reservoir of oil equal to or exceeding that already discovered in the Middle East.

Could this be true?

In August 2002, in the “Proceedings of the National Academy of Sciences (US),” Dr. Kenney published a paper, which had a partial title of “The genesis of hydrocarbons and the origin of petroleum.” Dr. Kenney and three Russian coauthors conclude:

The Hydrogen-Carbon system does not spontaneously evolve hydrocarbons at pressures less than 30 Kbar, even in the most favorable environment. The H-C system evolves hydrocarbons under pressures found in the mantle of the Earth and at temperatures consistent with that environment.

He was quoted as stating that “competent physicists, chemists, chemical engineers and men knowledgeable of thermodynamics have known that natural petroleum does not evolve from biological materials since the last quarter of the 19th century.”

Deeply entrenched in our culture is the belief that at some point in the relatively near future we will see the last working pump on the last functioning oil well screech and rattle, and that will be that. The end of the Age of Oil. And unless we find another source of cheap energy, the world will rapidly become a much darker and dangerous place.

If Dr. Gold and Dr. Kenney are correct, this “the end of the world as we know it” scenario simply won’t happen. Think about it … while not inexhaustible, deep Earth reserves of inorganic crude oil and commercially feasible extraction would provide the world with generations of low-cost fuel. Dr. Gold has been quoted saying that current worldwide reserves of crude oil could be off by a factor of over 100.

A Hedberg Conference, sponsored by the American Association of Petroleum Geologists, was scheduled to discuss and publicly debate this issue. Papers were solicited from interested academics and professionals. The conference was scheduled to begin June 9, 2003, but was canceled at the last minute. A new date has yet to be set.


Related links:

Gas Origin Theories To Be Studied

The Mystery Of Eugene Island 330

Odd Reservoir Off Louisiana Prods Oil Experts To Seek A Deeper Meaning

Fuel’s Paradise


Chris Bennett manages an environmental engineering division for a West Coast technology firm. He and his wife of 26 years make their home on the San Francisco Bay.

 

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US troops in northern Kuwait gear up after receiving orders to cross the Iraqi border on March 20, 2003.

 
US troops in northern Kuwait gear up after receiving orders to cross the Iraqi border on March 20, 2003.
 

Water is to the twenty-first century what oil was to the twentieth century: the commodity that determines the wealth and stability of nations.

People who think that the West’s interventions in Iraq, Libya and Syria are only about oil are mistaken. Broadly speaking, Western interest in the Middle East is becoming increasingly about a commodity more precious than oil, namely water.

According to the US-based Center for Public Integrity, Western nations stand to make up to a US$1 trillion from privatizing, purifying and distributing water in a region where water often sells for far more than oil.

Although over two thirds of our planet is water, we face an acute shortage. This scarcity flies in the face of our natural assumptions. The problem is that 97 percent is salt water. Great for fish, not so good for humans. Of the world’s fresh water, only one percent is available for drinking, with the remaining two percent trapped in glaciers and ice.

Put differently: if all the water on earth was represented by an 11-litre jug, the freshwater would fill a single cup, and we can only access the last drop.

Nature has decreed that the supply of water is fixed; all the while, demand is rising as the world’s population increases and enriches itself. By 2030, climate change, population growth, pollution and urbanization will compound, such that the demand for water globally is estimated to outstrip supply by forty percent.

Increasingly, for water to be useful, it needs to be mined, processed, packaged, and transported, just like gold, coal, gas or oil. Unlike oil, there are no substitutes, alternatives or stopgaps for water.

There have been three waves of resource-driven imperialism in the modern era.

A quest for gold fueled the first wave. Old-fashioned colonialists, regal and unembarrassed, rode in on horseback, brutally took control of American territories, sent in ostrich-plumed governors, minted coins with the Queen’s head on them, and gazed proudly over natives toiling away in perilous mine-shafts. An unprecedented kidnapping of millions of Africans ensued, so as to replace the indigenous Americans that had initially been exterminated by their European conquerors. This coincided with white pioneers brutally conquering Southern Africa, also in search of gold.

The second wave of imperialism has been driven by an unquenchable, post-industrial thirst for oil.

Modern petro-imperialism, the key aspect of which is the US military’s transformation into a global oil-protection armed force, puts up a democratic facade, emphasizes freedom of the seas (or pipeline routes), and seeks to secure, protect, drill, and ship oil, not to administer everyday affairs. Nevertheless, the means by which the US is centering its foreign policy around oil is hardly new in spirit, albeit unprecedented in scope.

The third wave of imperialist wars is currently being fought over nature’s most valuable commodity: water. Prior to the invasion of Iraq in 2003, CIA analysts reported on a prediction of a new theater of war: hydrological warfare, “in which rivers, lakes and aquifers become national security assets to be fought over, or controlled”. These predictions became realized in quick succession, beginning with the recent wars in Iraq, Libya and Syria. It is now clear that the age of hydro-imperialism is upon us.

On April 17, 2003, in Iraq, the American company Bechtel received a no-bid reconstruction contract from US Agency for International Development (USAID) for US$100 billion; thus, making it the largest Iraq reconstruction contract. Therefore, the most lucrative Iraq reconstruction contract was not used to repair oil facilities, build schools and hospitals, or to repair bombarded infrastructure: it was used to source, process, and distribute water.

The secretive, opaque and no-bid nature of the water contract award process is made even worse by one incredible fact. Bechtel has botched many of its previous projects.

In California, Bechtel installed one of the nuclear power plant reactors backwards. In Boston, what promised to be a US$2.5 billion job for an infamous “Big Dig” project became the most expensive in US history costing US$14.6 billion. The tunnel project was plagued by charges of poor execution, corruption, criminal arrests, and even four deaths.

In Bolivia, Bechtel`s record is one of privatizing water by inflating prices by 35 percent. The inflation caused public riots, in which several people died. Bechtel was ousted from the country and tried to sue the Bolivian government for canceling their contract.

Since the turn of the century, Iraq was the first casualty of hydro-imperialism, and Colonel Gaddafi’s assassination marked the second. Libya sits atop a natural resource more valuable than oil: the Nubian Sandstone Aquifer, which is a vast underground reserve of fresh water, estimated to be the largest in the world. Mr. Gaddafi had invested $25 billion into the aquifer, which had the potential to turn a country that is 95 percent desert into an arable oasis. As it now stands, France’s global mega-water companies: Suez, Ondeo, and Saur, control almost half of the world’s $400 billion water market. They are poised to rake in billions of dollars from Libya’s eighth wonder of the world.

Mr. Gaddafi had intended the scheme to be designed by Libyans, constructed by Libyans, for the benefit of the Libyan population. Now it is being redesigned by Frenchmen and women at inflated costs, constructed by French contractors, largely for the benefit of French shareholders. Libyan taxpayers will undoubtedly be stuck with the bill and higher water bills.

The most recent case of hydro-imperialism is the war in Syria. Israel has been leading a Western campaign to support Syrian rebels; in part, because its leaders assert that the Syrian President, Bashar Al-Assad, poses an existential threat to Israel on the issue of water. Mr. Assad has vowed to reclaim the Golan Heights – a strip of land that Israel captured from Syria in the Six Day War of 1967. The Golan Heights provides a staggering 40 percent of Israel’s fresh water.

“Syrian control of half of our water poses more of a threat than Iran with one bomb”, once remarked ex-Israeli intelligence head, Meir Dagan.

Mr. Assad has also been reticent to privatize the water industry and expose the population to predatory pricing, thereby preventing the West from tapping into a multi-billion dollar revenue stream.

Mr. Assad`s refusal to play ball on water privatization and his choice to play hardball over the Golan Heights meant that the Syrian President, like Mr. Hussein and Colonel Gaddafi before him, is an obstacle to the West`s hydro-imperialist agenda.

Control of nature`s most precious and increasingly valuable commodity will, for any nation, spell the difference between greatness and decline. Mr. Hussein, Colonel Gaddafi and a defiant Mr. Assad know that all too well.

http://www.presstv.ir/detail/2014/05/29/364591/us-wars-a-new-age-of-hydroimperialism/

 

 

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US troops in northern Kuwait gear up after receiving orders to cross the Iraqi border on March 20, 2003.

US troops in northern Kuwait gear up after receiving orders to cross the Iraqi border on March 20, 2003.

These are the ‘best of times’ for the oil giants in Iraq.  Production is up, profits are soaring, and big oil is rolling in dough.  Here’s the story from the Wall Street Journal:

“Iraq’s oil production surged to its highest level in over 30 years last month, surprising skeptics of the country’s efforts to restore its oil industry after decades of war and neglect.”  (Wall Street Journal)

Mission accomplished?

You bet.  But for those who still cling to the idea that the US was serious about promoting democracy or removing a vicious dictator or eliminating WMD or any of the other kooky excuses, consider what we’ve learned in the last couple weeks. Here’s the story from Aljazeera:

“While the US military has formally ended its occupation of Iraq, some of the largest Western oil companies, ExxonMobil, BP and Shell, remain.

On November 27, 38 months after Royal Dutch Shell announced its pursuit of a massive gas deal in southern Iraq, the oil giant had its contract signed for a $17bn flared gas deal. Three days later, the US-based energy firm Emerson submitted a bid for a contract to operate at Iraq’s giant Zubair oil field, which reportedly holds some eight million barrels of oil.

Earlier this year, Emerson was awarded a contract to provide crude oil metering systems and other technology for a new oil terminal in Basra, currently under construction in the Persian Gulf, and the company is installing control systems in the power stations in Hilla and Kerbala. Iraq’s supergiant Rumaila oil field is already being developed by BP, and the other supergiant reserve, Majnoon oil field, is being developed by Royal Dutch Shell. Both fields are in southern Iraq.” (“Western oil firms remain as US exits Iraq”, Dahr Jamail, Aljazeera.)

If it sounds like the big boys are dividing the spoils among themselves; it’s because they are. Exxon, BP, Shell; they’re all here. They all have their contracts in hand, and they’re all drilling their brains out thanks to the American servicemen and women who gave their lives for some trumped up baloney about WMD. Isn’t that what’s going on?

Sure it is. And even now – after all the reasons for going to war have been exposed as lies – the farce continues. Nothing has changed. Nothing. There’s still no talk of reparations, no official investigation, no indictments, no prosecutions, no trials, no penalties, no nothing. Not even a stinking apology. Just a big “up yours” Iraq. We’re way too important to apologize for killing a million of your people and reducing your five thousand year old civilization to a pile of rubble. Instead, we’ll just screw you some more and paper it over with a little public relations, like Obama did a couple weeks ago when he promised to “leave behind a sovereign, stable and self-reliant Iraq, with a representative government that was elected by its people”.

Oh yeah. Obama’s all about sovereignty and stability, everyone knows that.  That’s why Baghdad is the terror capital of the world, because Obama’s so committed to security.

These PR blurbs are effective though, they provide the necessary cover for leaving enough troops behind to protect the oil installations and pipelines.  That’s the kind of security Obama cares about. Security for the oiligarchs and their stolen property.  Everyone else can fend for themselves, which is why Baghdad is such a bloody mess.  Here’s more from Aljazeera:

“Prior to the 2003 invasion and occupation of Iraq, US and other Western oil companies were all but completely shut out of Iraq’s oil market,” oil industry analyst Antonia Juhasz told Al Jazeera. “But thanks to the invasion and occupation, the companies are now back inside Iraq and producing oil there for the first time since being forced out of the country in 1973.” (Aljazeera)

Yeah, thanks for that invasion, Mr. Bush. We couldn’t have done it without you, guy. Hope you have a great retirement painting pictures of poodles and stuff while people continue to get blown to pieces in the terrorist Hellhole you created. Here’s more Al Jazeera:

“Juhasz, author of the books The Tyranny of Oil and The Bush Agenda, said that while US and other Western oil companies have not yet received all they had hoped the US-led invasion of Iraq would bring them, “They’ve certainly done quite well for themselves, landing production contracts for some of the world’s largest remaining oil fields under some of the world’s most lucrative terms.”

Dr Abdulhay Yahya Zalloum, an international oil consultant and economist …(said) he believes Western oil companies have successfully acquired the lions’ share of Iraq’s oil, “but they gave a little piece of the cake for China and some of the other countries and companies to keep them silent”. (Aljazeera)

How do you like that? These guys operate just like the Mafia. The Bossman pays off China with a few million barrels, and China keeps its mouth shut. Nice. Everyone gets “their cut” so they don’t go blabbing to the media about the ripoff that’s taking place in broad daylight. The stench of corruption is overpowering.

And here’s something else you won’t see in the media. In a White House press release,  the Obama administration announced that they would continue to support Iraq’s “efforts to develop the energy sector” in order  to “help boost Iraq’s oil production.”….

According to Assim Jihad, spokesman for Iraq’s ministry of oil, “Iraq has a goal of raising its oil production capacity to 12m bpd by 2017, which would place it in the top echelon of global producers.” (Aljazeera)

“12 million barrels-per-day by 2017″?

That makes this the biggest petroleum heist in history. And we’re supposed to believe that the oil bigwigs didn’t know anything about this before the war? What a crock! I’ll bet you even money the CEOs and their lackeys figured out that Saudi Arabia was running out of gas, so they decided to pick up stakes and move their operations to good old Mesopotamia. That’s why they put their money on Bush and Cheney, because they knew that two former oil men would do the heavy lifting once they got shoehorned into the White House.  The whole thing was a set-up from the get-go, right down to the 5 shady Supremes who suspended the voting in Florida and crowned Bush emperor in 2000. The whole thing was probably mapped out years in advance.

Big oil runs everything in America. People talk about the power of Wall Street and Israel, but oil is still king. They run it all, and they own it all. And “what they say, goes.”  Here’s more:

“Juhasz explained that ExxonMobil, BP and Shell were among the oil companies that “played the most aggressive roles in lobbying their governments to ensure that the invasion would result in an Iraq open to foreign oil companies”.

They succeeded,” she added. “They are all back in.” (Aljazeera)

Hooray. Big oil wins again, and all it cost was a million or so Iraqis who got blown to bits air raids or shot up at checkpoints, or beaten to death with a rubber hose at Abu Ghraib or any of the other democracy reeducation centers that dot the countryside. But, hey, look at the bright side: At least production is up, right? Can you see how sick this is? Here’s more:

“Under the current circumstances, the possibility of a withdrawal of Western oil companies from Iraq appears remote, and the Obama administration continues to pressure Baghdad to pass the Iraq Oil Law.” (Aljazeera)

And what is the “Iraq Oil Law”, you ask?

It’s a way to privatize the oil market using Production Sharing Agreements (PSAs) which disproportionately benefit the corporations.  Obama’s a big backer of the law since it means even heftier profits for his thieving friends.  In other words, the humongous profits they’re already skimming off aren’t quite good enough. They want more. They want to own the whole shooting match lock, stock and barrel.

This is really an outrage. What other country behaves like this?

No one. No other country in the world goes out and kills a million people, destroys their country, and leaves them to scrape by on next to nothing just so they can pad the bank accounts of voracious plutocrats have more dough than they know what to do with. No one else would even dare to act like that for fear that they’d get bombed into annihilation by the world’s biggest bullyboy, the US of A.  Only the US can get away with this type of crap, because the US is a law unto itself.

The US decimated Iraq; blew it to bits, bombed its industries, its bridges, its schools, its hospitals, leveled its cities, polluted its water, spread diseases everywhere, killed its kids,  pitted brother against brother, and transformed a vibrant, unique country into a dysfunctional cesspit run by opportunists, gangsters, and fanatics.

And, here’s the corker:  No one gives a rip. Face it: No one gives a flying fu** about Iraq. The American people lost interest long ago, the politicians can’t be bothered, and the UN is too afraid of the US to lift a finger to help. They’d rather stamp their feet and scold Putin over Crimea than utter a peep about the genocide in Iraq.  That’s the state of things today, right?  No accountability for the men who started the war, and no justice for the victims. Just the infrequent (phony) pronouncement of support from the White House or the all-too-frequent sectarian bombing that leaves an untold number of civilians dead or wounded. This is all the US leaves behind; hatred, death and destruction.

Here’s a clip from a poem by Iraqi writer who wants readers to take a minute and think about all the suffering the United States has created. The poem is titled “Flying Kites”:

“Come and see our overflowing morgues and find our little ones for us…

You may find them in this corner or the other, a little hand poking out, pointing out at you…

Come and search for them in the rubble of your “surgical” air raids, you may find a little leg or a little head…pleading for your attention.

Come and see them amassed in the garbage dumps, scavenging morsels of food…

Come and see our little ones, under-nourished or dying from disease. Cholera, dysentery, infections…

Come and see, come….”  (“Flying Kites” Layla Anwar)

A million people were killed so a few rich fu**ers could get even richer. That’s a hell of a legacy.

Mike Whitney lives in Washington state. He is a contributor to Hopeless: Barack Obama and the Politics of Illusion (AK Press).

http://www.counterpunch.org/2014/05/23/iraq-the-biggest-petroleum-heist-in-history/

 

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Surf’s up! The Navy appears to have achieved the Holy Grail of energy independence – turning seawater into fuel:

After decades of experiments, U.S. Navy scientists believe they may have solved one of the world’s great challenges: how to turn seawater into fuel.

The new fuel is initially expected to cost around $3 to $6 per gallon, according to the U.S. Naval Research Laboratory, which has already flown a model aircraft on it.

Curiously, this doesn’t seem to be making much of a splash (no pun intended) on the evening news. Let’s repeat this: The United States Navy has figured out how to turn seawater into fuel and it will cost about the same as gasoline.

This technology is in its infancy and it’s already this cheap? What happens when it’s refined and perfected? Oil is only getting more expensive as the easy-to-reach deposits are tapped so this truly is, as it’s being called, a “game changer.”

I expect the GOP to go ballistic over this and try to legislate it out of existence. It’s a threat to their fossil fuel masters because it will cost them trillions in profits. It’s also “green” technology and Republicans will despise it on those grounds alone. They already have a track record of trying to do this. Unfortunately, once this kind of genie is out of the bottle, it’s very hard to put back in.

There are two other aspects to this story that have not been brought up yet:

1. The process pulls carbon dioxide (the greenhouse gas driving Climate Change) out of the ocean. One of the less well-publicized aspects of Climate Change is that the ocean acts like a sponge for CO2 and it’s just about reached its safe limit. The ocean is steadily becoming more acidic from all of the increased carbon dioxide. This in turn poisons delicate ecosystems like coral reefs that keep the ocean healthy.

If we pull out massive amounts of CO2, even if we burn it again, not all of it will make it back into the water. Hell, we could even pull some of it and not use it in order to return the ocean to a sustainable level. That, in turn will help pull more of the excess CO2 out of the air even as we put it back. It would be the ultimate in recycling.

2. This will devastate oil rich countries but it will get us the hell out of the Middle East (another reason Republicans will oppose this). Let’s be honest, we’re not in the Middle East for humanitarian reasons. We’re there for oil. Period. We spend trillions to secure our access to it and fight a “war” on terrorism. Take away our need to be there and, suddenly, justifying our overseas adventures gets a lot harder to sell.

And if we “leak” the technology? Every dictator propped up by oil will tumble almost overnight. Yes, it will be a bloody mess but we won’t be pissing away the lives of our military to keep scumbags in power. Let those countries figure out who they want to be without billionaire thugs and their mercenary armies running the show.

Why this is not a huge major story mystifies me. I’m curious to see how it all plays out so stay tuned.

UPDATE:

People have been asking for more details about the process. This is from the Naval Research Laboratory’s official press release:

Using an innovative and proprietary NRL electrolytic cation exchange module (E-CEM), both dissolved and bound CO2 are removed from seawater at 92 percent efficiency by re-equilibrating carbonate and bicarbonate to CO2 and simultaneously producing H2. The gases are then converted to liquid hydrocarbons by a metal catalyst in a reactor system.

In plain English, fuel is made from hydrocarbons (hydrogen and carbon). This process pulls both hydrogen and carbon from seawater and recombines them to make fuel. The process can be used on air as well but seawater holds about 140 times more carbon dioxide in it so it’s better suited for carbon collection.

Another detail people seem to be confused about: This is essentially a carbon neutral process. The ocean is like a sponge for carbon dioxide in the air and currently has an excess amount dissolved in it. The process pulls carbon dioxide out of the ocean. It’s converted and burned as fuel. This releases the carbon dioxide back into the air which is then reabsorbed by the ocean. Rinse. Repeat.

http://www.addictinginfo.org/2014/04/12/navy-ends-big-oil/

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Global energy markets are jostling between the return of Libyan crude oil and lingering tensions over Ukraine. It’s domestic supply and demand issues, however, that are weighing on U.S. gasoline prices, AAA said Monday.

Prices waxed and then waned amid dueling overseas developments. Last week, Russian President Vladimir Putin warned European energy security was at risk because of Kiev’s debt obligations. The state-run oil firm in Libya, however, said the port of Zawiya and associated oil infrastructure were open and operating normally after protesters there ended their blockade.

West Texas Intermediate traded Monday morning at $103.74, up 0.34 cents from the previous session, while Brent crude, the global benchmark, traded down 0.13 cents to $107.33.

Crude oil prices account for about 70 percent of the price U.S. consumers pay for a gallon of gasoline. AAA reported a national average price for a gallon of regular unleaded gasoline of $3.64, up nearly 6 cents from last week.

Related Article: U.S. Oil Boom Makes Gas Cheaper, but not by Much

Michael Green, a spokesman for AAA, told Oilprice the national average price for Monday was the highest reported since July 27 because of domestic supply and demand issues. The U.S. Energy Information Administration reported gasoline stocks declined to 210 million barrels, the lowest since November. The onset of warmer temperatures after a long winter season, meanwhile, meant more people were taking to the roads.

“As a result, drivers now are paying more than a year ago with the national average 11 cents per gallon more expensive than last year,” Green said.

Last week’s increase was the largest since February and, while overseas issues were influencing global energy prices, the end of a period of seasonal refinery maintenance at home didn’t mean much for U.S. consumers looking to cure their cabin fever.

Green said most producers have got rid of their winter blend of gasoline stocks in order to make room for the summer blend, which is more expensive to produce. This has resulted in a depletion of gasoline supplies in some parts of the country.  California drivers paid more than $4 per gallon Monday, while Illinois drivers saw their state average go above the $3.90 mark.

Related Article: Spring Fever Could Lead to Increase in Gas Demand

“Unfortunately for drivers, supplies have dropped more precipitously than expected, which is sending prices higher,” said Green.

EIA later this week is expected to release its petroleum statistics, which could push gasoline prices even higher if supplies are shown to be limited. If the supply situation stabilizes, prices at the pump could start to ease, though Green warned international factors may still come into play.

“The U.S. petroleum market is never fully isolated from events overseas,” he said. “Crude oil is a globally traded commodity, which means that U.S. consumers often pay more at the pumps because of international political instability.”

By Daniel J. Graeber of Oilprice.com

http://oilprice.com/Energy/Gas-Prices/U.S.-Gas-Prices-Rise-but-not-because-of-Global-Factors.html

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