Al Qaeda drives oil price to all time high

by DoE Fri Aug 13, 2004 07:41

http://www.bloomberg.com/energy/

by Hilaal Tue Aug 10, 2004 00:48

Due to the army of Al Sadre closing down the last remaining pipeline out of Iraq today in the south of the country prices shot up again.

by E$$O Boy Thu Aug 05, 2004 19:39

It's not just the attacks on oil pipelines, which, particularly in Iraq seem to have inflicted a financial cost to the occupiers without blowing up people (at least the reports I've seen only mention casualties as being suspected pipe saboteurs)

the sabotage wouldn't have such a large effect on prices if it wasn't for the fact that there's no spare capacity to replace it.
The Saudis have been lying about what they're producing, and have used the recent smokescreen of 'increasing production' to legitimise the 1.2 million barrels they were selling on to the black market. this accounts for 70% of OPEC's 'increase' of 2 million barrels.

Attacking pipelines to stop Bush's oil buddies stealing Iraqi oil is taking a lot of the profit (motive) out of the occupation.

Whereas the imminent decline in world oil production is triggering new imperial adventures, not just to secure the oil for their own use, but to deny it to rivals.

We've used probably more than half the world's supply of conventional oil, and our demand for it is increasing. We're prolonging our use on fossil fuels by using tar sands and heavier oil -

These are harder and more expensive to process, and there are no spare refineries capable of doing the job.

Besides the vast oil reserves of Iraq, we should also be paying attention to the Caspian Sea area, and also Saudi Arabia.

Estimates of oil reserves in the Caspian Sea basin vary wildly, with some claiming it will hold more oil than Saudi Arabia.

A lot of the conlfict in the Caucasus (Chechnya, Abkhazia, Armenia, Azerbaijan) is due to the fact that the area has a lot of oil and natural gas pipelines.

Take note that the Russians are sore about a US sponsored Baku -Supsa pipeline passing to the south of Russia's territories, which opened in 1999 signifying the end of Russia's hegemony over Caspian oil.

Getting the oil through Turkey is not as hotly favoured as before following the recent earthquakes which reminded us that geolically unstable ground is not great for pipelines.

Another route would be to run the pipes through Afghanistan, which Unocal is doing, with the approval of former Unocal employee, Hamid Karzai 'president' of Afghanistan.
Afghanistan being landlocked, it is hoped to end the pipe in a deepwater port in Pakistan (if not Iran)

But for the moment, the biggest producer is
Saudi Arabia. And when I say for the moment, I mean we could be in for a BIG shock in the next three years.

In an effort to get the last drops from their oil fields including the Ghawar oil field, (the largest field in the world) the Saudis have resorted to injecting water and 'bottle-brush' drilling to maintain production. This will keep production high, but damages the reservoir and of course, the oil will run out faster.

In 1975, it was estimated that the Ghawar field had 60 billion barrells of recoverable oil.
At the start of 2004, it had already been drained of 55 billion barrels, and is producing
1.8 billion barrels annually.
Do, the math - the Saudi oil fields will soon go into terminal decline just like the Syrian and Yemeni oil fields.

Because of the laws of supply and demand,
These last remaing drops are very precious, and the Saudi regime is very nervous about what happens if it runs out or they lose control.
The US also wants to strengthen its presence in the middle east to be in a stronger position when this happens.

Because big government is run by big business, and big business is obsessed with short term returns, share prices and growth, this bad news has been hidden for a long time, and there was little effort to prepare the rest of us, by weaning the economy, transport and power off of fossil fuels, into renewables and even - heaven forbid, simply using less energy!

The smartest members of the resistance in Iraq are the ones who are sabotaging the oil pipelines. Washington doesn't care about innocent victims in suicide bombings, but they are very concerned that the main pipelines out of Iraq are not operating at full capacity. (if they don't sell the oil, who is going to pay Halliburton for all those overpriced meals they sell to soldiers, or all those reconstruction projects they've hardly bothered to start on?)

The best way for peace activists around the world to support the resistance is to stop buying oil that has been stolen from Iraq.

No oil = No occupation.

Bush and Cheney pay only lip service when some stranger's son or daughter is blown up in a foreign country, but when they see people boycotting their favourite oil companies, THEN they will get worried.

Now, we can sit and moan on our sorry asses that its inconvenient to drive an extra half mile to the Statoil station (or wherever - North sea oil may be in decline, but at least there are no bombing raids on north sea villagers)

or you can think about the inconvenience of having one's country occupied, one's family destroyed and the futility of protesting Bush while at the same time lining the pockets of his oil company financial donors.

Switch oil companies, drive less, use public transport when you can, but DO something...
It's not like they can arrest you for it.

by Hilaal Thu Aug 05, 2004 07:40

More history oil prices was reached yesterday both in New York and London.

$44.34 for New York sweet crude!

With world governments facing economic disaster from an oil crisis that will make the 1970's oil crisis look like a minor event, and economic mealtdown that will make the Wall Street crash look like a walk in the park, OPEC was summoned to make a statement to "save the day".

Earlier yesterday OPEC had made a true statement: that there were no more supplies to turn up and that stocks in storage were very low indeed, due to an already disrupted supply and high demand. This is what sent markets into freefall, wiping trillions off world economies .

The US also came out with another bag of lies to claim reserves in the US were much larger than previously declared and there was indeed , "no need to panic". One is reminded of Royal Dutch Shells lies about reserves.

Oil analysists have already accounted for all global supplies and reserves and know both statements to be utter lies lies. They didn't even pull a rabbit out of the hat, they told us they had !

The world now has a tough decision to make:

It can follow the US and Israel and continue it's policy of occupation and murder in Muslim countries, which will worsen the situation or........

They must immediately start to withdraw Crusader armies from all occupied muslim countries: Afghanistan, Iraq, and especially Saudi Arabia. They must cease support for Israel and it's policy of murder and occupation in Palestinian lands.

Compensation must be agreed for the murder of almost 2 million Iraqis and the destruction of their country. Compensation must be paid to Afghanistan and Palestine.

This would be a start and would signal a new attitude of friendship and respect instead of , "let them hate us as long as they fear us".

Perhaps the words of Osama bin Laden best signify this choice.......

"What America is tasting now is something insignificant compared to what we have tasted for scores of years. Our nation (the Islamic world) has been tasting this humiliation and this degradation for more than 80 years. Its sons are killed, its blood is shed, its sanctuaries are attacked, and no one hears and no one heeds."

"Millions of innocent children are being killed as I speak. They are being killed in Iraq without committing any sins, and we don't hear condemnation from the rulers. In these days, Israeli tanks infest Palestine and other places in the land of Islam, and we don't hear anyone raising his voice or moving a limb."

"To America, I say only a few words to it and its people. I swear by God, who has elevated the skies without pillars, neither America nor the people who live in it will dream of security before we live it in Palestine, and not before all the infidel armies leave the land of Muhammad, peace be upon him."

by Gunther Thu Aug 05, 2004 03:55

It's the only thing that get's results.

by unclesama bin liner Wed Aug 04, 2004 19:26

Let us not forget that the CIA financed and trained extreme right wing alciaeda terrorists in the first place, so its not surprising that they've all conspired to create instability in the middle east, in order to hike oil prices and make bigger profits for multinational oil companies.

by berniebird Wed Aug 04, 2004 01:08

.... isn't the price hike because of the scare of the Yukos foreclosure by the Russian government last week? ...they've been given a one-month extension to pay all back taxes, but the oligarchs are pissed, one of their mightiest will be doing time, and they have been flexing muscle to put the shits up Putin, economically... Russia supplies over 12% of the worlds oil, Yukos, 3%...

by the_watcher Tue Aug 03, 2004 23:05

That's what Mr J Kerry says. Send Me. G.W.Bush 11.

by Becks Tue Aug 03, 2004 22:07

as blasts rock American and Israeli embassies in Tashkent Uzbeckistan

by Starstruck - UCD Left Mon Aug 02, 2004 18:01

Boo Hoo...
Shut down the terrorist Bush and his p[als who are creating the atmosphere of terror and prices may fall.
CODE ORANGE!!!!
AAAAAH

by whisha now Mon Aug 02, 2004 16:46

well done for this hard hitting expose, the award for raving mentalist of the year is in the post