Oil Production » ron

UN Calls for the Creation of Global Reserve Currency

admin — Sun, 11 Apr 2010 23:22:20 +0000

(Bloomberg) — The dollars role in international trade should be reduced by establishing a new currency to protect emerging markets from the confidence game of financial speculation, the United Nations said.

UN countries should agree on the creation of a global reserve bank to issue the currency and to monitor the national exchange rates of its members, the Geneva-based UN Conference on Trade and Development said

http://www.bloomberg.com/apps/news?pid=20601087&sid=aSp9VoPeHquI
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The following is a summary of the main economic events from the Asia-Pacific and European sessions:

*UN Trade and Development Agency proposes setting-up a new world reserve currency based on a basket of global FX mediums.

*Former Feds Greenspan tells audience in Mumbai, India, that U.S. banks need to hold higher capital ratios than they do currently to offset any future crises.

*Gold breaks above the $1000-per-ounce mark for the first time since late February 2009.

*Chinese Finance Ministry says it will sell CNY 6.0 billion in government bonds; they will be issued in Hong Kong on September 28.

*PBOC Vice Governor Su tells audience at a finance conference that the central bank will continue providing appropriately loose monetary policy.

*UK Chancellor Darling tells audience in Cardiff, Wales, that while the government will not back away from cutting public spending, it will properly signal the move to market agents.

*Expansion interview: ECBs Gonzalez-Paramo says markets could be overreacting to the recent global wave of positive economic data; adds that excesses are always bad.

*UK industrial production rises 0.5% month-over-month in July, beating calls for a 0.2% increase and below the previous 0.6% gain; annual production contracts 9.3% compared to forecasts for a 10.1% fall and following the previous 10.7% decline.

*UK manufacturing production surges 0.9% month-over-month in July, beating forecasts for a 0.3% increase and the previous 0.6% gain; annual production declines 10.1% compared to forecasts for an 11.1% decline and after the previous 11.3% fall.

* German trade surplus rises to €13.9 billion in July, despite calls for a decline to €11.3 billion from €12.1 billion; current account surplus falls to €11.0 billion, a smaller drop than forecasts for a contraction to €10.0 billion from €13.5 billion the month prior.

*Swiss unemployment rate rises to 4.0% in August, despite calls for an increase to 4.1% from 3.9% the month prior.

*Japanese Eco Watchers current economic index falls to 41.7 in August, despite calls for an increase to 43.0 from 42.4 the month prior.

*Japanese trade surplus (BOP basis) drops to ¥437.3 billion in July, more than the expected fall to ¥495.1 billion from ¥602.2 billion in June; meanwhile, current account total increases to +¥1265.6 billion in July from +¥1152.5 billion, disappointing the consensus call, however, for a rise to +¥1452.6 billion.

*Australian NAB business conditions index rises to a +4 reading in August from +1 the prior month; meanwhile, business confidence component increases to +18 from +10 in July.

*UK BRC retail sales monitor declines 0.1% in August, worse than the expected flat reading but improving upon the prior 8.1% drop.

*Kraft Foods says it will continue its £10.2 billion ($16.7 billion) hostile bid to acquire Cadbury, after the chocolate maker rejected an offer by the American foods giant; Kraft is offering 300 pence, or slightly more than a quarter-of-a-share in Kraft, for every Cadbury share.

*British regulators fine Barclays £2.45 million ($4.0 million) for failing to provide accurate transactions information.

*Toyota announces it will hire 800 temporary employees in Japan in October due to improving auto sales.

*Taiwans PM Liu resigns due to the controversy over the governments response to the deadly typhoon last month.

*BBC: Reyes Heroles, the head of Mexicos state-owned oil company Pemex, is replaced by Juan Jose Suarez; Mexican Attorney General Eduardo Medina Mora, integral to the countrys war on drug cartels, also loses his position.

http://www.fxstreet.com/fundamental/market-view/the-overnight-express-north-american-edition/2009-09-08.html
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The United Nations Conference on Trade and Development said in a report published Monday that the U.S. dollar should be replaced as the worlds standard reserve currency, giving rise to a new global currency managed by an as-yet undetermined financial regulatory organization.

http://rawstory.com/08/news/2009/09/07/united-nations-calls-for-new-world-currency/
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Duration : 0:4:6

[youtube tXoACHN4QA0]

Crash Course: Chapter 17b – Energy Budgeting (1 of 2) by Chris Martenson

admin — Sun, 14 Feb 2010 04:17:05 +0000

Chapter 17b – Energy Budgeting (1 of 2): Petroleum has supplied the surplus energy that has allowed for social complexity, industrialization, and the modern conveniences that we enjoy. In this chapter, Dr. Chris Martenson explains that in the future our supply of surplus energy will decline due to the fact that increasing amounts of energy will be required to produce new energy. When poor net energy (ERoEI) returns are paired with peak oil production, it points to a return to a less complex society.

http://www.chrismartenson.com

Duration : 0:6:48

[youtube ASO8izbYNYc]

Congressman Roscoe Bartlett on Peak Oil [Part 5]

admin — Thu, 28 Jan 2010 14:53:43 +0000

(April 4th, 2008) Congressman Roscoe Bartlett [R-MD] takes the floor of the U.S. House of Representatives to speak about Energy.

Congressman Roscoe Bartlett on Peak Oil [Part 1]
http://www.youtube.com/watch?v=7lwkyqFB-34
Congressman Roscoe Bartlett on Peak Oil [Part 2]
http://www.youtube.com/watch?v=506-2_zxYns
Congressman Roscoe Bartlett on Peak Oil [Part 3]
http://www.youtube.com/watch?v=YyliwrgbLvo
Congressman Roscoe Bartlett on Peak Oil [Part 4]
http://www.youtube.com/watch?v=DwEZqOek0KQ
Congressman Roscoe Bartlett on Peak Oil [Part 5]
http://www.youtube.com/watch?v=QNYNuGlDXLo
Congressman Roscoe Bartlett on Peak Oil [Part 6]
http://www.youtube.com/watch?v=llQIfZXt_88
Congressman Roscoe Bartlett on Peak Oil [Part 7]
http://www.youtube.com/watch?v=WvAdLvaCx70

TRANSCRIPT
http://www.c-spanarchives.org/congress/?q=node/77531&id=8519674

Not exactly Jeffersonian, is he? Keep in mind Ron Paul’s tip: price of gold and price of oil, parallel lines, fiat-money and price of oil, a roller coaster (fasten your paper-belts).

HIGHLIGHTS

- Ratio of energy available and growth in population… an imbalance between supply and demand [and a debased currency].

- Peak of oil production and compound interest. The U.S. has 2% of the known reserves of oil in the world and uses a fourth [25%] of the world’s oil. China is buying up oil reserves wherever they can find them.

- The Hirsch Report by SAIC: The world has never faced a problem like this [Psycho screeching violins].

- Alternatives. Nuclear. Solar and wind energy. Wood. Conventional hydro. Alcohol fuel. The hydrogen economy and the corn ethanol bubble. Geothermal. The tar sands in Canada. The tides. Oil shales. Coal. Breeder reactors. Nuclear fusion. Biomass.

- The Drive Act [will make things worse]. Can’t get no satisfaction.

SIDE NOTE: $42 a gallon

“Last year alone, the American forces in Iraq burned through more than 1.1 billion gallons of fuel… A study produced by the U.S. Military Academy estimated that delivering one gallon of fuel to U.S. soldiers in Iraq cost American taxpayers $42 — and that doesn’t include the costs of the fuel itself… the U.S. is spending $923 million per week on fuel-related logistics in Iraq.”
http://www.wealthdaily.com/articles/oil-iraq-war/1208

Duration : 0:7:28

[youtube QNYNuGlDXLo]

Congressman Roscoe Bartlett on Peak Oil [Part 4]

admin — Fri, 18 Dec 2009 15:52:11 +0000

(April 4th, 2008) Congressman Roscoe Bartlett [R-MD] takes the floor of the U.S. House of Representatives to speak about Energy.

TRANSCRIPT
http://www.c-spanarchives.org/congress/?q=node/77531&id=8519674

Not exactly Jeffersonian, is he? Keep in mind Ron Paul’s tip: price of gold and price of oil, parallel lines, fiat-money and price of oil, a roller coaster (fasten your paper-belts).

HIGHLIGHTS

- Ratio of energy available and growth in population… an imbalance between supply and demand [and a debased currency].

- The Hirsch Report by SAIC: The world has never faced a problem like this [Psycho screeching violins].

- The Drive Act [will make things worse]. Can’t get no satisfaction.

SIDE NOTE: $42 a gallon

Duration : 0:10:9

[youtube DwEZqOek0KQ]

Congressman Roscoe Bartlett on Peak Oil [Part 3]

admin — Thu, 10 Dec 2009 16:07:32 +0000

(April 4th, 2008) Congressman Roscoe Bartlett [R-MD] takes the floor of the U.S. House of Representatives to speak about Energy.

TRANSCRIPT
http://www.c-spanarchives.org/congress/?q=node/77531&id=8519674

Not exactly Jeffersonian, is he? Keep in mind Ron Paul’s tip: price of gold and price of oil, parallel lines, fiat-money and price of oil, a roller coaster (fasten your paper-belts).

HIGHLIGHTS

- Ratio of energy available and growth in population… an imbalance between supply and demand [and a debased currency].

- The Hirsch Report by SAIC: The world has never faced a problem like this [Psycho screeching violins].

- The Drive Act [will make things worse]. Can’t get no satisfaction.

SIDE NOTE: $42 a gallon

Duration : 0:9:31

[youtube YyliwrgbLvo]

Congressman Roscoe Bartlett on Peak Oil [Part 6]

admin — Sun, 06 Dec 2009 19:40:20 +0000

(April 4th, 2008) Congressman Roscoe Bartlett [R-MD] takes the floor of the U.S. House of Representatives to speak about Energy.

TRANSCRIPT
http://www.c-spanarchives.org/congress/?q=node/77531&id=8519674

Not exactly Jeffersonian, is he? Keep in mind Ron Paul’s tip: price of gold and price of oil, parallel lines, fiat-money and price of oil, a roller coaster (fasten your paper-belts).

HIGHLIGHTS

- Ratio of energy available and growth in population… an imbalance between supply and demand [and a debased currency].

- The Hirsch Report by SAIC: The world has never faced a problem like this [Psycho screeching violins].

- The Drive Act [will make things worse]. Can’t get no satisfaction.

SIDE NOTE: $42 a gallon

Duration : 0:9:0

[youtube llQIfZXt_88]

Congressman Roscoe Bartlett on Peak Oil [Part 2]

admin — Sun, 29 Nov 2009 16:53:12 +0000

(April 4th, 2008) Congressman Roscoe Bartlett [R-MD] takes the floor of the U.S. House of Representatives to speak about Energy.

TRANSCRIPT
http://www.c-spanarchives.org/congress/?q=node/77531&id=8519674

Not exactly Jeffersonian, is he? Keep in mind Ron Paul’s tip: price of gold and price of oil, parallel lines, fiat-money and price of oil, a roller coaster (fasten your paper-belts).

HIGHLIGHTS

- Ratio of energy available and growth in population… an imbalance between supply and demand [and a debased currency].

- The Hirsch Report by SAIC: The world has never faced a problem like this [Psycho screeching violins].

- The Drive Act [will make things worse]. Can’t get no satisfaction.

SIDE NOTE: $42 a gallon

Duration : 0:8:54

[youtube 506-2_zxYns]

Congressman Roscoe Bartlett on Peak Oil [Part 7]

admin — Sun, 22 Nov 2009 13:21:27 +0000

(April 4th, 2008) Congressman Roscoe Bartlett [R-MD] takes the floor of the U.S. House of Representatives to speak about Energy.

TRANSCRIPT
http://www.c-spanarchives.org/congress/?q=node/77531&id=8519674

Not exactly Jeffersonian, is he? Keep in mind Ron Paul’s tip: price of gold and price of oil, parallel lines, fiat-money and price of oil, a roller coaster (fasten your paper-belts).

HIGHLIGHTS

- Ratio of energy available and growth in population… an imbalance between supply and demand [and a debased currency].

- The Hirsch Report by SAIC: The world has never faced a problem like this [Psycho screeching violins].

- The Drive Act [will make things worse]. Can’t get no satisfaction.

SIDE NOTE: $42 a gallon

Duration : 0:10:32

[youtube WvAdLvaCx70]

Congressman Roscoe Bartlett on Peak Oil [Part 1]

admin — Wed, 18 Nov 2009 11:27:20 +0000

(April 4th, 2008) Congressman Roscoe Bartlett [R-MD] takes the floor of the U.S. House of Representatives to speak about Energy.

TRANSCRIPT
http://www.c-spanarchives.org/congress/?q=node/77531&id=8519674

Not exactly Jeffersonian, is he? Keep in mind Ron Paul’s tip: price of gold and price of oil, parallel lines, fiat-money and price of oil, a roller coaster (fasten your paper-belts).

HIGHLIGHTS

- Ratio of energy available and growth in population… an imbalance between supply and demand [and a debased currency].

- The Hirsch Report by SAIC: The world has never faced a problem like this [Psycho screeching violins].

- The Drive Act [will make things worse]. Can’t get no satisfaction.

SIDE NOTE: $42 a gallon

Duration : 0:9:48

[youtube 7lwkyqFB-34]

Congressman Bartlett and Peak Oil Revisited [Part 2]

admin — Mon, 09 Nov 2009 15:41:08 +0000

[May 8th, 2008, U.S. House of Representatives] Congressman Roscoe Bartlett and Peak Oil, back together for the x[th] time.

—————————————————————-

Congressman Bartlett and Peak Oil Revisited [Part 1]
http://www.youtube.com/watch?v=Gtkq5DdcgYA
Congressman Bartlett and Peak Oil Revisited [Part 2]
http://www.youtube.com/watch?v=N2M-_5oQCik
Congressman Bartlett and Peak Oil Revisited [Part 3]
http://www.youtube.com/watch?v=q6hzZ1w-1As
Congressman Bartlett and Peak Oil Revisited [Part 4]
http://www.youtube.com/watch?v=hbReYdVOigs
Congressman Bartlett and Peak Oil Revisited [Part 5]
http://www.youtube.com/watch?v=Mbm7Fd3E0b4

—————————————————————-

(Transcript)

After that, the last half which reasonably would be more difficult to get, was more difficult to get and production was slower. And so he rationalized that if he could add up all of the little oil fields in the
United States and make a good prediction as to how many more we would find, he could have one big bell curve which is basically the shape of that curve, and he could then predict when the United States would reach its maximum oil production. He was right on target.

Using that same technique, he predicted that the world would be peaking in oil production about now. Now I say that we have known this for 28 years. I say that because by 1980 it was very obvious that M. King Hubbert was right about the United States. We were already well over the peak and sliding down the other side of what is called Hubbert’s peak. What did we do? We have done as a world, as a country, absolutely nothing to prepare for the inevitability that M. King Hubbert would probably be
right about the world because he was right about the United States.

Now as the next chart shows, the two entities which track oil production and consumption, and it is essentially the same thing, very little oil is stored in the world compared to the amount that we use, that is the EIA, the Energy Information Administration, a part of our Department of Defense, and the IEA, the International Energy Association, both of those track very well the production of oil. And you can see they have the production of oil about flat for the last 3 years.

Now when I first came here, and I think that was 43 times ago, I think this is the 44th time I have been to the floor, when I was here in 2005, oil was about $50 a barrel, a little over $50 a barrel. Using the predictions of M. King Hubbert, I with some confidence have been saying now for these 43 times, 44 times including tonight, that we were going to get here, that the world was going to reach maximum oil production.

(…)

[ http://www.c-spanarchives.org/congress/?q=node/77531&id=8565724 ]

Duration : 0:9:58

[youtube N2M-_5oQCik]