Recorded Oct 6, 2009 – 8:30 EDT
On the Front Page of today’s Independent – The demise of the dollar:
http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html
I have an image of today’s Front Page of the Independent on my blog at http://feveriam.blogspot.com
Iran replaces Dollar with Euro in FX:
http://presstv.com/detail.aspx?id=106669§ionid=351020102
Dollar’s demise plotted by oil producers, China and France, report says:
http://www.telegraph.co.uk/finance/currency/6263992/Dollars-demise-plotted-by-oil-producers-China-and-France-report-says.html
Potential end of dollar-based oil deals helps gold shine:
http://www.marketwatch.com/story/potential-end-of-dollar-based-oil-deals-lifts-gold-2009-10-06
Banks brace for Latvia’s collapse:
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/6263039/Banks-brace-for-Latvias-collapse.html
Ireland votes ‘Yes’ to EU Lisbon Treaty:
http://www.telegraph.co.uk/news/worldnews/europe/ireland/6257640/Ireland-votes-Yes-to-EU-Lisbon-Treaty.html
The result in Ireland shows that Europe’s usurpers have succeeded:
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/6259211/The-result-in-Ireland-shows-that-Europes-usurpers-have-succeeded.html
Michael O’Leary admits that Ryanair’s Yes campaign is to get Aer Lingus:
http://www.youtube.com/watch?v=uSAIAhMVFzc
Irish vote sends Tony Blair racing to EU presidency:
http://www.guardian.co.uk/world/2009/oct/04/tony-blair-eu-presidency-race
Web-bot predictions of ‘Economic Collapse’:
http://urbansurvival.com/nl20091003.htm
The mystery investor who is turning the tin market on its head:
http://www.telegraph.co.uk/finance/markets/6259436/The-mystery-investor-who-is-turning-the-tin-market-on-its-head.html
Goldman Sachs, CIT in talks to amend loan terms-WSJ:
http://www.reuters.com/article/bondsNews/idUSN0539416220091005
Just for a laugh:
Why women have sex:
http://www.guardian.co.uk/lifeandstyle/2009/sep/28/sex-women-relationships-tanya-gold
Peace and Love
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MSN : المسنجر
UAE@UAE.NET
Abu Dhabi (Arabic: أبو ظبي transliteration: abū ẓābī, literally Father of gazelle) is the capital and second most populous city in the United Arab Emirates (UAE), after Dubai. It is also the seat of government of the emirate of Abu Dhabi. Abu Dhabi lies on a T-shaped island jutting into the Arabian Gulf from the central western coast. Approximately 1.45 million people live in Abu Dhabi as of 2008, of whom 80% were expatriates. One of the world’s largest producers of oil, Abu Dhabi has actively attempted to diversify its economy in recent years through investments in financial services and tourism. Abu Dhabi is ruled by Khalifa bin Zayed Al Nahyan, who is also the President of the UAE.
Parts of Abu Dhabi were settled in the 3rd millennium BC and its early history fits the nomadic herding and fishing pattern typical of the broader region. Modern Abu Dhabi traces its origins to the rise of an important tribal confederation, the Bani Yas, in the late 18th century, which also subsequently assumed control of the town of Dubai. In the 19th century the Dubai and Abu Dhabi branches parted ways.
Into the mid-20th century, the economy of Abu Dhabi continued to be sustained mainly by camel herding, production of dates and vegetables at the inland oases of Al Ain and Liwa Oasis, and fishing and pearl diving off the coast of Abu Dhabi city, which was occupied mainly during the summer months. Most dwellings in Abu Dhabi city were, at this time constructed of palm fronds (barasti), with the wealthier families occupying mud huts. The growth of the cultured pearl industry in the first half of the twentieth century created hardship for residents of Abu Dhabi as pearls represented the largest export and main source of cash earnings.
In 1939, Sheikh Shakhbut Bin-Sultan Al Nahyan granted petroleum concessions, and oil was first found in 1958. At first, oil money had a marginal impact. A few lowrise concrete buildings were erected, and the first paved road was completed in 1961, but Sheikh Shakbut, uncertain whether the new oil royalties would last, took a cautious approach, preferring to save the revenue rather than investing it in development. His brother, Zayed bin Sultan Al Nahyan, saw that oil wealth had the potential to transform Abu Dhabi. The ruling Al Nahyan family decided that Sheikh Zayed should replace his brother as ruler and carry out his vision of developing the country. On August 6, 1966, with the assistance of the British, Sheikh Zayed became the new ruler. [1]
With the announcement by the UK in 1968 that it would withdraw from the Persian Gulf area by 1971, Sheikh Zayed became the main driving force behind the formation of the United Arab Emirates.
After the Emirates gained independence in 1971, oil wealth continued to flow to the area and traditional mud-brick huts were rapidly replaced with banks, boutiques and modern highrises.
The emirate of Abu Dhabi is located in the oil-rich and strategic United Arab Emirates and is an active member of the Gulf Co-operation Council (GCC). It borders with the Kingdom of Saudi Arabia (south) and the Sultanate of Oman (east). The emirate borders the emirate of Dubai to its northeast. In the north is the Arabian Gulf.
Abu Dhabi city is on an island located less than a quarter-kilometer from the mainland and is joined to the mainland by the Maqta and Mussafah Bridges. A third bridge, designed by Zaha Hadid, is currently under construction. Bridges connecting to Reem Island and Saadiyat Island are also under construction.
Most of Abu Dhabi is located on the island itself, but it has many suburbs on the mainland for example: the Khalifa Cities, Between Two Bridges, and Mussafah Residential.
Sheikh Khalifa bin Zayed Al Nahyan is the hereditary ruler of Abu Dhabi (UAE). He is the son of Sheikh Zayed bin Sultan Al Nahyan, the first president of the United Arab Emirates.
Abu Dhabi is the wealthiest emirate of the UAE in terms of Gross Domestic Product (GDP) and per capita income. The average net worth for Abu Dhabi’s 420,000 citizens is AED 62 million (US$ 17 million), and more than $1 trillion is invested worldwide in this city alone. The GDP per capita also reached $63,000 [2], which is far above the average income of the United Arab Emirates and which ranks third in the world after Luxembourg and Norway. Abu Dhabi is also planning many future projects sharing with the Cooperation Council for the Arab States of the Gulf (GCC) and taking 29% of all the GCC future plannings. The United Arab Emirates is a fast-growing economy: in 2006 the per capita income grew by 9%, providing a GDP per capita of $49,700 and ranking third in the world at Purchasing power parity. Abu Dhabi plays a large role in the world economy. Abu Dhabi’s sovereign wealth fund, the Abu Dhabi Investment Authority (ADIA), currently estimated at US$ 875 billion, is the world’s wealthiest soverign fund, in terms of total asset value.
Duration : 0:9:49
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from the Ohio Oil and Gas Energy Education Program (OOGEEP).
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And why?
Here are a few points to ponder:
Corn prices are nearing all time highs, it’s $4.00 a bushel now. And other grain prices are on their way up.
Burning oil produces greenhouse gasses.
Plowing a field releases greenhouse gasses from the soil.
Millions of acres of land will be taken out of conservation programs and planted with grain next spring.
America produces 75% of the world’s corn and approx 20% will be used for ethanol production next year, up from less than 5% 3yrs ago.
U.S. corn exports are down this year, mainly due to the higher prices. Poor countries cannot afford it anymore.
Corn is the primary feed for U.S. pork, beef, and poultry production, so their prices will be rising also. Corn accounts for roughly half of the cost to raise an animal to market size.
With increased ethanol production, everyone will be paying more for food.
With higher food prices, many more people around the world will go hungry or starve to death.
So, what is the solution?
I favor continued primary dependence on oil but with displacement of demand using a combination of (1) plug in hybrid cars with "vehicle-to-grid" (V2G) efficiency gains, and (2) a very specific biofuel option. The only biofuel option I support is one that produces bio-char and the use of it to create terra preta nova. Sequestering the bio-char in soil allows the energy generated from the bio-char producing pyrolysis to be carbon negative. An important benefit of bio-char is dramatically increased crop production. Check it.
A small economy has three industries: Machinery, Electricity and Oil. Machinery requires inputs of 0.2 units from Electricity. The Electricity does not require inputs from the other two industries and 0il requires 0.2 unit of electricity
Machinery, Electricity and oil producers want to raise their target levels of final demand to 1000, 2000 and 100.
Find the total production of machinery, electricity and oil of a small country that satisfies the mentioned targets.
M is 1000.
O is 100.
E is 2000 + 1000*0.2 + 100*0.2 = 2220.
THE FACT THAT THE US ALREADY HAS 510,000 wells is just one reason why we cannot simply "drill more wells" to achieve a fictional energy independence, as many Americans naively suggest. Most of the oil in the US has already been found and produced – the peak of US oil production happened in 1970, and it can NOT be achieved again.
I have noticed that the lead on stories in the news about offshore drilling refer to the present debate as one to allow offshore drilling. We presently have over 4000 active producing wells in the gulf of Mexico and there is still a substantial portion of the leased territory that has not been explored or drilled. Would it not be wise to drill in the area already allocated before adding additional areas not now open to drilling
There is another fact that is being overlooked, and that is the availability of drilling equipment to drill deep water wells and the age of the Riggs already in use. I am told that the life expectancy for an oil drilling rig is about 25 years and a substantial number of the Riggs in active use are already over that age
T Boone Pickens is the quentisential oilman. He has made billions of dollars drilling for oil, and he has stated infactically that more drilling will not reduce the price of oil or gasoline, and there is no way we can drill our way out of this mess. He does favor more drilling, he is an oilman, and his primary interest is in making money and there is no doubt that oil comopanies will make more money with additional wells.
That being the case and allowing that there is still areas untapped , would it not seem probable that the oil companies would be drilling more wells already given the high price of oil, if they had the capabability
Crypt. The first paragraph is a fact. I am trying to address this subject in a serious way, and anything you might have to offer to contravene the information is welcome. Other than uninformed opinion that is. There are plenty of other similar questions available for you to vent if that is what you are about
September 10 : Pickens is investing billions of his own money in Wind and Natural gas Kind of strange for an oilman wouldn’t you say Unless of course there is no future in oil..
TYCHICUS: Its pretty obvious by your response that you have not looked at any of the statistical data put out by the oil companies themselves. You haven’t listened to T. Boone Pickens either. He just testified before Congress on the subject of Energy. If you had listened to what he has to say, you would know that he doesn’t support corn based ethanol .
As for drilling new wells. You aren’t paying attention. In order to drill new wells you need the equipment. You also need to explore. The oil companies have been putting their profits into buying back their own stock to increase profits instead of pursuing new oil and drilling .
The remarks on the peak production are a statement from oil companies, not speculation on my part
What you think constitutes Fascism is irrelevant. If you can read, you should look the word in your dictionary, its meaning is not subjective. You show your ignorance by making such statements
Nancy Pelosi is not the head of our Government , George Bush is. and if you feel that Fascism is alive and well in this country, who am I to disagree. All of the symptoms do seem to be present. You have just not correctly identified the dictator.
Peak oil source
http://www.energybulletin.net/primer
Source: oil companies buy back stock to increase profit instead of exploring and drilling new wells.
http://www.newsobserver.com/110/story/1149732.html
Stock buy back. Alan Greenspan made the same observation in an interview on CNBC.
Guess he must be one of those flaming liberals eh.
No. They don’t want to hear any actual facts in this regard. It’s too scary. All they know is that it is killing their budget to fuel up their giant SUVs so they can commute 2 hours by themselves to work and back every day. They are ignorant sheep who go by this logic: Drilling produces oil, so, more drilling must be better. Let’s do it!!!
http://news.yahoo.com/s/nm/20080221/pl_nm/energy_congress_legislation_dc;_ylt=AqRbUgIBEVPn4iTqjOqt1msPLBIF
your opinions please.
My own is that the present system is not improving and not moving fast enough w/ regards to alternative energy research (the $18 billion might be better spent on alternative energy tax break for everyone)….my own personal opinion is that any money given to oil companies is not guaranteed to be invested in oil/gas production or alternative power and is simply a political reward
You are correct.
An oil well in a reservoir has a drainage area of 1000 acres (assume circular cross section, 1 acre = 43560 ft2). Oil is being produced at steady state condition. The well is water driven and the hydrostatic pressure at the reservoir boundary is 6000 psi. The bottom hole (well bore) pressure is 4500 psi. The skin effect is 10. The vertical permeability of the reservoir is 10 md. The reservoir net thickness is 50 ft. The oil viscosity at the reservoir conditions is 1.7 cp (assume constant viscosity). The formation volume factor is 1.1. If well radius is 0.328 ft. calculate the steady state production rate of crude oil.
It has been decided to increase the oil production rate by 30% in two ways:
1-Decrease the well bore pressure.
2-Change the skin effect “s”.
a) Determine the reduction in wellbore pressure to increase the flow rate.
b) Determine the change in skin effect.
c) Although theoretically both methods should be applicable, which method is preferred (considering practical issues).
In above, an error was found in estimation of the drainage area. The actual drainage area was 50% lower. What would be the effect of this change in production rate? Calculate the new production rate.
Prepare a graph of production rate against drainage area and explain the result.
Is the production rate lower for a larger reservoir? Why? Explain
As a result of a number of wells drilled in the surrounding area of the well in above, the drainage area has been decreased by 20 percent and it is triangular (equilateral) in shape with the oil well at the center. Calculate the production rate. The average pressure is assumed to be 15% less than the reservoir boundary pressure.
I can see why you are having a problem with your question. You need to pay closer attention. This is not about oil refining at all but rather oil production.
Video describing my home veggie oil filtration set up. Specifically the dewatering step.
I filter used cooking oil from a local restaurant and burn it as fuel in my 2001 diesel Volkswagen Jetta TDI. And I’m about to explain and show everything I did to accomplish this.
More info at http://smellslikefries.blogspot.com/
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Opium from Afghanistan provides more than 90 percent of the worlds total supply, funding international drug syndicates with billions of dollars in profits every year.
According to a recent report issued by the United Nations and the World Bank, the U.S.-installed government has established a complex pyramid of protection and patronage, effectively providing state protection to criminal trafficking activities.
this is total corruption and a false war
with underlying motives,
nothing to do with 911 as this was a false flag attack,
the british forces fighting on 2 fronts in iraq and afghanistan,with a sizeable force in the falkland islands,
and smaller units in other parts of the world is designed to weaken british forces and except the euro army
Afghanistan could be more important to America’s oil supply than even Saudi Arabia. In 1997 BBC News reported that the American Oil company UNOCAL tried to construct a pipeline from The Caspian Sea.
The Caspian Sea is a California-size body of salt water — the world’s largest landlocked body of water — that may sit on as much as 200 billion barrels of oil, which would be 16 percent of the Earth’s potential oil reserves. Even at today’s low prices, that could add up to $3 trillion in oil. (compared to Saudi’s 250 billion barrels of oil and America’s own 22 billion barrels – New York Times.)
The pipeline was to run from Turkmenistan via Afghanistan to the Port of Karachi. However the Taleban refused. Until now America has not been successful in persuading the Taleban to change its mind.!!!!
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