Wednesday, August 10, 2005
Tuesday, August 09, 2005
Petrodollar Warfare: Dollars, Euros and the Upcoming Iranian Oil Bourse (More Iran Attack Rumors)
usa.mediamonitors.net
Oh boy. Here we go again. Before the invasion of Iraq I read something very similar which led me on my quest in early 2003 to try and elect change in the government (I wasn't aware of peak oil at the time, either). This is very ominous (actually, he whole article is shuddering):
Despite the complete absence of coverage from the five U.S. corporate media conglomerates, these foreign news stories suggest one of the Federal Reserve's nightmares may begin to unfold in the spring of 2006, when it appears that international buyers will have a choice of buying a barrel of oil for $60 dollars on the NYMEX and IPE - or purchase a barrel of oil for €45 - €50 euros via the Iranian Bourse. This assumes the euro maintains its current 20-25% appreciated value relative to the dollar – and assumes that some sort of US "intervention" is not launched against Iran. The upcoming bourse will introduce petrodollar versus petroeuro currency hedging, and fundamentally new dynamics to the biggest market in the world - global oil and gas trades. In essence, the U.S. will no longer be able to effortlessly expand credit via U.S. Treasury bills, and the dollar's demand/liquidity value will fall.
It is unclear at the time of writing if this project will be successful, or could it prompt overt or covert U.S. interventions – thereby signaling the second phase of petrodollar warfare in the Middle East. Regardless of the potential U.S. response to an Iranian petroeuro system, the emergence of an oil exchange market in the Middle East is not entirely surprising given the domestic peaking and decline of oil exports in the U.S. and U.K, in comparison to the remaining oil reserves in Iran, Iraq and Saudi Arabia. What we are witnessing is a battle for oil currency supremacy. If Iran's oil bourse becomes a successful alternative for international oil trades, it would challenge the hegemony currently enjoyed by the financial centers in both London (IPE) and New York (NYMEX), a factor not overlooked in the following (UK) Guardian article:
Iran is to launch an oil trading market for Middle East and Opec producers that could threaten the supremacy of London's International Petroleum Exchange.
…Some industry experts have warned the Iranians and other OPEC producers that western exchanges are controlled by big financial and oil corporations, which have a vested interest in market volatility. [emphasis added]
The IPE, bought in 2001 by a consortium that includes BP, Goldman Sachs and Morgan Stanley, was unwilling to discuss the Iranian move yesterday. "We would not have any comment to make on it at this stage," said an IPE spokeswoman. [14]
I may be wrong, but with people saying it's madness to commit to two wars at the same time, I will predict that before the 2006 elections, our troops will be pulled out of Iraq, and the stage will be RE-set with Iran as center stage. Not good. Whether we like it or not, we're fighting for the last drop guys.
peak oil
Oh boy. Here we go again. Before the invasion of Iraq I read something very similar which led me on my quest in early 2003 to try and elect change in the government (I wasn't aware of peak oil at the time, either). This is very ominous (actually, he whole article is shuddering):
Despite the complete absence of coverage from the five U.S. corporate media conglomerates, these foreign news stories suggest one of the Federal Reserve's nightmares may begin to unfold in the spring of 2006, when it appears that international buyers will have a choice of buying a barrel of oil for $60 dollars on the NYMEX and IPE - or purchase a barrel of oil for €45 - €50 euros via the Iranian Bourse. This assumes the euro maintains its current 20-25% appreciated value relative to the dollar – and assumes that some sort of US "intervention" is not launched against Iran. The upcoming bourse will introduce petrodollar versus petroeuro currency hedging, and fundamentally new dynamics to the biggest market in the world - global oil and gas trades. In essence, the U.S. will no longer be able to effortlessly expand credit via U.S. Treasury bills, and the dollar's demand/liquidity value will fall.
It is unclear at the time of writing if this project will be successful, or could it prompt overt or covert U.S. interventions – thereby signaling the second phase of petrodollar warfare in the Middle East. Regardless of the potential U.S. response to an Iranian petroeuro system, the emergence of an oil exchange market in the Middle East is not entirely surprising given the domestic peaking and decline of oil exports in the U.S. and U.K, in comparison to the remaining oil reserves in Iran, Iraq and Saudi Arabia. What we are witnessing is a battle for oil currency supremacy. If Iran's oil bourse becomes a successful alternative for international oil trades, it would challenge the hegemony currently enjoyed by the financial centers in both London (IPE) and New York (NYMEX), a factor not overlooked in the following (UK) Guardian article:
Iran is to launch an oil trading market for Middle East and Opec producers that could threaten the supremacy of London's International Petroleum Exchange.
…Some industry experts have warned the Iranians and other OPEC producers that western exchanges are controlled by big financial and oil corporations, which have a vested interest in market volatility. [emphasis added]
The IPE, bought in 2001 by a consortium that includes BP, Goldman Sachs and Morgan Stanley, was unwilling to discuss the Iranian move yesterday. "We would not have any comment to make on it at this stage," said an IPE spokeswoman. [14]
I may be wrong, but with people saying it's madness to commit to two wars at the same time, I will predict that before the 2006 elections, our troops will be pulled out of Iraq, and the stage will be RE-set with Iran as center stage. Not good. Whether we like it or not, we're fighting for the last drop guys.
peak oil
Monday, August 08, 2005
Oil, gas prices both jump to new records
MSNBC.com
$2.37 is the high? It went up to $2.50/gal here today! Question, question! (hand raised in the air) Why is it that suddenly we are being told about all of the refinery problems? Is all of the refinery equipment going bad at the same time? I know they're old and in need of repair but there had to be breakdowns at the refineries before gas prices became so high. Does it mean that oil supplies are just this tight right now? Why all of a sudden are we seeing all of this in the headlines? Are they going to build the new refineries yet? We've only been waiting....(tapping foot). Is it true, then, that it's not worth it to build new refineries because we aren't going to have the oil anyway? That it'll just be too expensive and not worth it? If that's the case, then why aren't we kicking *ss right now trying to switch over to renewables? D*mn market.
This really makes me feel like it is too late. Why do we always wait until the last minute!? This is clearly not a time for waiting until the last minute! People seem to be waking up with the rise in gas prices but they don't understand the scope of it all! You other peaknikers and I know that switching to ethanol/biodiesel/fuel-cells/hybrids/etc. are not going to solve the problem ultimately. It's wishful thinking (which I'm guilty of) and it may prolong the course of things but we know it will definitely make the landing alot harder. I think it'll be impossible to make the landing softer.
I also wonder why, sometimes, I'm making an effort to conserve? I have to stop myself sometimes and remember why. I forget where I read it but if only half the world conserves, it still won't do any good because the other half will just keep using the non-renewable energy up anyway. What do you think of this concept? It makes sense. In conclusion, the ONLY purpose I'm attempting to conserve and to learn to live more simply is because eventually we will have to. And I'd rather learn now, with room for mistakes, than when the crunch hits. Other people that don't know about peak oil theory and the die-off concepts will not be trying to conserve for these purposes. That's sad. It could be so much easier if everyone grasped the concepts.
peak oil
Save $3,000 on a hybrid -- if you hurry
Sunday, August 07, 2005
Premium
Odograph.com
Odograph has a good blog entry based on an article about a "rebellion" of drivers who are switching from premium to regular gasoline!
I didn't realize anyone still bought premium? Well, not unless you're a car nut! I bought this Neon a few years ago and the owner left the next buyer of the vehicle a note specifying to use only synthetic motor oil and premium gas which would make it run better and where you would get better performance. Needless to say, I'm not that technical. I went ahead and did what he said. I no longer have the car (it was totaled by my daughter) but if I did, I'd surely be questioning the use of the premium gasoline at this point in time!
Odograph has a good blog entry based on an article about a "rebellion" of drivers who are switching from premium to regular gasoline!
I didn't realize anyone still bought premium? Well, not unless you're a car nut! I bought this Neon a few years ago and the owner left the next buyer of the vehicle a note specifying to use only synthetic motor oil and premium gas which would make it run better and where you would get better performance. Needless to say, I'm not that technical. I went ahead and did what he said. I no longer have the car (it was totaled by my daughter) but if I did, I'd surely be questioning the use of the premium gasoline at this point in time!
Saturday, August 06, 2005
The "Minimum" Solar Box Cooker
solarcooking.org
I thought this was interesting and looks easy-to-make even for me! Cheap, too, in case I make any mistakes, I wouldn't be losing out on too much. This is a keeper.
I thought this was interesting and looks easy-to-make even for me! Cheap, too, in case I make any mistakes, I wouldn't be losing out on too much. This is a keeper.
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