Elaine Meinel Supkis
Finally a news service makes an open connection between Israel/US war talk and war games and the price we pay for oil! The NYT, on the other hand, has an editorial demanding we sue OPEC because of high oil prices. Well, prices were low when the US invaded Iraq! Also, thanks to the high cost of oil, new technologies and research takes off and not a minute too soon! We have burned nearly half of all the world's oil. There is still half of it left but this doesn't give us an excuse to burn it all in a few years.
(Bloomberg) -- Crude oil rose as the weaker dollar enhanced the appeal of commodities as a currency hedge and the New York Times reported that Israel held a rehearsal for a potential bombing attack on nuclear targets in Iran.
Oil prices have nearly doubled in the past year as investors sought refuge from a declining dollar, which fell again today after traders pared bets the Federal Reserve will raise rates on June 25. Iran, OPEC's second-biggest oil producer, would respond to an Israeli attack with a ``heavy blow,'' a senior cleric said.
The dynamics of the dying dollar and wars in the oil pumping nations is hard for people to understand especially when there is a blizzard of propaganda designed to confuse and confound us all. Inflation in the US takes off when oil is expensive. And oil gets expensive because of wars and boycotts! The years of the boycott of Iraq under Saddam was mitigated very cleverly by the 'oil for food' scam set up by the G7 at the UN. They knew that if they had a true boycott, there would be raging inflation, Iran would become very rich and the US would go bankrupt.
For some horrid reason, our rulers have decided to NOT have oil export markets for Iran. The boycott is serious now and time is running out. There can't be a 15 year boycott like with Iraq. It has to be ending very, very soon or else! The war talk, the boycotts, everything is worsening inflation. At first, I suspect that the banking gnomes wanted all inflation to flow to gold. The reason is simple: nothing is connected with gold. When gold went up and up and up before the war talk got serious, this was OK since it ISOLATED dollars and kept them out of markets such as food and fuel.
Note that food and fuel have risen very rapidly since gold has stagnated in value! Gold bug sites can't understand this. They think the big agents want cheap gold. Why, in heaven's name? Cheap gold doesn't move markets. Once money flows into gold, it ceases to circulate. This is because no one does business in gold. Gold futures don't change anything for consumers. It doesn't make the price of food go up! It doesn't make the price of oil go up! How simple is this?
If I wanted popularity rather than truth telling, I would lie about gold. There are many gold bug sites that cling to a mythology about gold as being 'real money.' I have explained that gold is useful only as a regulator and guardian of banks. When it is held privately, it has less power. If it is needed due to war, a gun or control of armies and militias make much more sense. Then one can steal gold. Which is used to buy arms!
Back to oil: Israel has scared the Iranians into taking hostile actions. This means they will destroy oil facilities in the Gulf. And if the US joins in this criminal escapade then we might get WWIII as the other empires move to prevent the US from taking over OPEC entirely. Europe wants Israel and the US to take over OPEC since they are major OPEC customers. Right now, they need Russian energy and this scares them since Russia is powerful and well armed. The Arabs are not.
High oil prices are a war tax. The US people can't understand this since no one talks about it on TV. Here is the odious NYT editorial demanding we sue OPEC for selling oil to us at a price determined by speculators and war profiteers:
THE president of the United States has the power to attack, and perhaps destroy, the Organization of the Petroleum Exporting Countries, the illegal cartel that has driven the price of oil over $130 per barrel. This can be accomplished without invasion or bombing. No special legislation is needed. The president need simply allow the states to seek relief in the Supreme Court under our antitrust laws.
Even an adverse decision in this suit would draw attention to OPEC’s destructive behavior. An informed and aroused public would demand action from whichever branch the court identified as having the authority to act against the cartel. The Supreme Court’s decision would determine the constitutional path to redress.
Moreover, confronted with the likelihood of huge damages and restraint of its illegal conduct, OPEC, or some of its members, might seek a settlement establishing production goals that would provide a price closer to actual costs. The probable reduction in the price of heating fuel and gas at the pump might exceed the amount of the current federal stimulus package.
If the president allowed the states to sue OPEC, his actions would undoubtedly anger political leaders in the Middle East and create the need for diplomatic initiatives to limit the fallout. But how stable is the Middle East right now? And isn’t starting a lawsuit better than starting a war?
Thomas W. Evans, who was an adviser to Presidents Ronald Reagan and George H. W. Bush, is the author of “The Education of Ronald Reagan.”
This clown knows perfectly well that the US and Israel as well as Europe are conspiring to bomb, bomb, bomb all the OPEC countries one by one. We got our claws into Iraq. Now perhaps dear Mr. Evans can talk about suing his Exxon Mobile buddies? Put them in prison, I say! With those hedge fund liars. But no, Evans blames high prices on OPEC. OPEC should pump more and more oil! As fast as possible! Right!
Talk about a fast road to hell. This will drive us over the Hubbert Oil Peak in no time flat. Just publishing trash like this editorial is dangerous. They already suspect we plan to destroy them in the Apocalypse. They, in turn, are rapidly buying us out and hope to own us just like the Chinese now own us. Both the Chinese and Arabs know this would be the 'soft landing' that would prevent WWIII which neither party wants.
( Xinhua) -- China and the United States signed a 10-year energy and environment cooperation framework here Wednesday after the two nations concluded their fourth round of Strategic Economic Dialogue, or SED.
Speaking to reporters before the signing ceremony at the U.S. Treasury Department, visiting Chinese Vice Premier Wang Qishan said the deal was "a major achievement of the meeting," which will influence future bilateral economic cooperation and contribute to the sustainable development of the world.
The framework also highlights the great importance and strategic influence of the SED mechanism, he added.
U.S. Secretary of Treasury Henry Paulson said through the framework, "we will address some of the most important and difficult challenges facing our nations and the world today -- energy security, environmental sustainability and climate change."
As the US frets about OPEC, we struggle to set in stone all sorts of cartels and deals with other empires. We hope this will tie everyone's hands for when we invade Iran, Saudi Arabia and other nations with oil. But China will bankroll this only if we die but they collect the cheap oil! So the world hangs on a very fine thread. The US wants to dominate China but we need cheap oil to do this. China wants cheap oil, too. But China intends to dominate the US. Will this lead to war? It is very possible. This is so similar to the situation between Germany, Japan and England in 1914.
According to Rep Peter DeFazio (D-Or), the entity that owns the most oil in the United States right now is not ExxonMobil or Chevron or Valero: it’s Morgan Stanley. So what’s Morgan Stanley doing with all that oil? Speculating on the petrofraud bonanza.
2. There is no reason for oil prices to be what they are, because there is no shortage. If there were a shortage, there would be rationing and/or gas lines. We have been through genuine shortages, most recently in 1979. In 1979, the price of gasoline increased from 69¢/gallon to 99¢/gallon, while an OPEC embargo was keeping the flow to a trickle. That was an increase of 43%. With no embargo, why has gasoline gone up over 100% in the past year (it is roughly $5/gallon in Los Angeles today, and was less than $2.50/gallon a year ago)?
So, as Evans rages against OPEC, he overlooks hoarding and price gouging in the US. Our own people are a bunch of sex-mad gnomes who want to get rich no matter who they destroy or even if they betray their own neighbors and doom them to death and destruction. They will talk about wars and then hoard oil and then charge us all an arm and leg for it and then blame the Arabs, of course. This tribal warfare is conducted while ignoring non-tribal members. We are tools, not fellow citizens, in this business.
Turbulent conditions have made the crude oil market vulnerable to illegal activity, US regulators on Tuesday warned as they imposed limits on the speculative positions on some trades made on overseas exchanges.
Walter Lukken, acting chairman of the Commodity Futures Trading Commission, said the environment was "ripe for those wanting to illegally manipulate the markets" and that the agency was "taking constructive steps . . . to make sure there is not excessive speculation driving the markets".
Instead, why not arrest the guys running Goldman Sachs? And their agents within our government starting with the head of the Treasury? This kills two birds with one stone. But of course, this article doesn't mention the business about Goldman Sachs making up for lost profits by oil speculating and hoarding!
By Jeffrey H. Birnbaum
Washington Post Staff Writer
Wall Street banks and other large financial institutions have begun putting intense pressure on Congress to hold off on legislation that would curtail their highly profitable trading in oil contracts -- an activity increasingly blamed by lawmakers for driving up prices to record levels.
Representatives of Goldman Sachs and Morgan Stanley, along with the trade associations for hedge funds and other financial groups, have lobbied the offices of key legislators, briefed senior staffers on committees that oversee pivotal parts of the energy markets and distributed research materials explaining their view about oil and how it's traded.
HAHAHA. Imagine the bribes they are handing out to politicians to allow them to speculate in oil futures and drive the price far and beyond that which OPEC has asked for! The more Congress talks about this, the more money flows into their bank accounts! So they will talk and talk but do nothing except paper over the crime and Goldman Sachs will talk sweet and do some hat trick and then life will go on....with the talk turning to war. War will fix high oil prices!
Gads! Anyone looking at the timelines of wars and oil prices can see that never do wars cause oil prices to drop. Peace does that. It doesn't matter who wins, either. War=high oil prices, peace=low oil prices.
The International Monetary Fund will prepare an analysis of the real and financial factors behind the recent surge in oil and commodity prices, their volatility, and the effects on the global economy, Managing Director Dominique Strauss-Kahn said.
Responding to a call by the Group of Eight (G8) major industrial nations, Strauss-Kahn said that as part of the analysis, the IMF would look into the possible role of financial market speculation in the recent price hikes.
"How important it is and what kind of influence it has on the market and futures is something we have to investigate," he told reporters in Osaka, Japan after the June 13-14 meeting.
Strauss-Kahn said it was not clear if speculators were a factor, but that some G8 ministers wanted this looked into. Separately he said that he expected the slowdown in the world economy to rein in oil prices that have touched record highs.
See how the other G7 leaders can't figure out the obvious? If Strauss-Kahn were to read my news service, he would understand exactly what is going on! How can a person who is very deep in the heart of the ruling elites in Europe not know that all the big investment banking houses in Europe and America are all ganging up in the oil futures markets and driving up the cost of oil? Of course, he knows. Everyone knows. HE IS LYING. And the FBI should arrest him. Or Interpol.
A biological, fermentation-based process starting from renewable sugars offers the most compelling economics. However, petroleum products could not be made in this way. Until now.
LS9 Renewable Petroleum™ technology enables the rapid and widespread adoption of renewable transportation fuels. Patent-pending DesignerBiofuels™ products are custom engineered to have higher energetic content than ethanol or butanol; to have fuel properties that are essentially indistinguishable from those of gasoline, diesel, and jet fuel; and to be distributed in existing pipeline infrastructure and run in any vehicle.
There are all sorts of clever ways to produce high-energy fuels. And improving vehicles so they run better and more efficiently. After all, even with today's skills, we don't have totally aerodynamic vehicles! They are not made light at all. They have to crash into each other and thus must be heavily armored. There are no spring bumpers on them, for example. About 45 years ago, I suggested the 'bumper car' type of perimeter that would absorb all shocks and cause no damage. Instead, now we have NO bumpers at all on any vehicles, not even trucks. They have fancy quarters that shatter easily and cost a fortune to repair.
So I hope that not only new fuels arise but a whole new system of making cars work. We can't afford this expensive and incompetent style of vehicles for much longer. I really resent paying $1,000 a year on insurance for fixing these stupid, fragile, useless car bodies.
THE ASAHI SHIMBUN
Sumitomo Electric Industries Ltd. has developed an electric vehicle with a motor that uses superconducting technology.
The car will be displayed at an environment fair in Sapporo from June 19 to 21. Boasting a high motor torque, it has a maximum speed of 85 kph. At 30 kph, it can run for 2 hours.
Applying superconductivity technology, so far used for linear motor trains, to road vehicles is a world first, according to officials who unveiled a prototype car here Thursday.
I hope this creativity increases. It will, so long as we realize there are limits to cheap oil and cheap credit.