Tag Archives: Oil

News

Are we ever going to run out of oil and natural gas?

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Story from Sweden’s Royal Institute of Technology. (H/T Stop the ACLU via ECM)

Excerpt:

Researchers at KTH have been able to prove that the fossils of animals and plants are not necessary to generate raw oil and natural gas. This result is extremely radical as it means that it will be much easier to find these energy sources and that they may be located all over the world.

“There is no doubt that our research has shown that raw oil and natural gas occur without the inclusion of fossils. All types of rock formations can act as hosts for oil deposits,” asserts Vladimir and adds that this applies to areas of land that have previously remained unexplored as possible sources of this type of energy.

“With the help of our research we even know where oil could be found in Sweden!” says Vladimir Kutcherov, Professor at the KTH Department of Energy Technology in Stockholm.

Together with two research colleagues, Professor Kutcherov has simulated the process of pressure and heat that occurs naturally in the inner strata of the earth’s crust. This process generates hydrocarbons, the primary elements of oil and natural gas.

According to Vladimir Kutcherov, these results are a clear indication that oil supplies are not drying up, which has long been feared by researchers and experts in the field.

Maybe this will help some of the overpopulation/resource scarcity people on the left to stop trying to impose totalitatarian government on the rest of us? I don’t mind if they obsess over the end of the world, but could they please engage in their religious speculations in private? Leave the energy policy to the grown-ups.

News

Obama blocks drilling at home, makes loan to Soros-backed firm to drill in Brazil

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Story from the Wall Street Journal. (H/T This Ain’t Hell via ECM)

Excerpt:

The U.S. is going to lend billions of dollars to Brazil’s state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil’s Tupi oil field in the Santos Basin near Rio de Janeiro. Brazil’s planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan.

The U.S. Export-Import Bank tells us it has issued a “preliminary commitment” letter to Petrobras in the amount of $2 billion and has discussed with Brazil the possibility of increasing that amount. Ex-Im Bank says it has not decided whether the money will come in the form of a direct loan or loan guarantees. Either way, this corporate foreign aid may strike some readers as odd, given that the U.S. Treasury seems desperate for cash and Petrobras is one of the largest corporations in the Americas.

Why create jobs and cheaper energy here at home, when you can create jobs and cheaper energy in Brazil?

Blocking energy production is the Democrats’ energy policy

Gateway Pundit adds:

Team Obama approved a nuclear energy program for the UAE in May.
But, Obama and the Pelosi-Reid Democrats will not allow nuclear energy expansion in the United States.

Already this year democrats banned offshore drilling, scrapped oil and gas leases in Utah and opened the 111th Congress by introducing a bill to permanently prohibit drilling in the Arctic National Wildlife Refuge (ANWR).
But, Team Obama is going to lend billions of dollars to Brazil to finance exploration of its huge offshore oil field discovery.
Unreal.

[…]Over the past 30 years:

Democrats have blocked the development of new sources of petroleum.
Democrats have blocked drilling in ANWR.
Democrats have blocked drilling off the coast of Florida.
Democrats have blocked drilling off of the east coast.
Democrats have blocked drilling off of the west coast.
Democrats have blocked drilling off the Alaskan coast.
Democrats have blocked building oil refineries.
Democrats have blocked clean nuclear energy production.
Democrats have blocked clean coal production.

If there is no energy crisis, how can the Democrats trick the public into letting them take control of the free market? You commoners don’t really need fancy light bulbs and gas-powered carriages. Those are only for your betters in Washington!

George Soros is heavily invested in Petrobras

Check out this Bloomberg article dated last Friday: (H/T Hot Air)

His New York-based hedge-fund firm, Soros Fund Management LLC, sold 22 million U.S.-listed common shares of Petrobras, as the Brazilian oil company is known, according to a filing today with the U.S. Securities and Exchange Commission. Soros bought 5.8 million of the company’s U.S.-traded preferred shares.

Soros is taking advantage of the spread between the two types of U.S.-listed Petrobras shares, said Luis Maizel, president of LM Capital Group LLC, which manages about $4 billion. The common shares were 21 percent more expensive than preferred today, according to data compiled by Bloomberg. …

Petrobras preferred shares have also a 10 percent additional dividend, said William Landers, a senior portfolio manager for Latin America at Blackrock Inc.

“Given that there will most likely never be a change in control in the company, I see no reason to pay a higher price for the common shares.” Brazil’s government controls Petrobras and has a majority stake of voting shares.

Ed Morrissey writes:

This story is from last Friday.  Is it a coincidence that Obama backer George Soros repositioned himself in Petrobras to get dividends just a few days before Obama committed $2 billion in loans and guarantees for Petrobras’ offshore operations?   Hmmmmmmmmmm.

On her Facebook page, Sarah Palin is extremely displeased.

Commentary

New Heritage Foundation study says cap-and-trade will kill jobs and the economy

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New study from The Heritage Foundation, my favorite think tank! (H/T Hot Air)

This image tells all:

Job losses per year if cap and trade passes.
Job losses per year if cap and trade passes.

Summary of the effects: (adjusted for inflation to 2009 dollars)

  • Cumulative gross domestic product (GDP) losses are $9.4 trillion between 2012 and 2035;
  • Single-year GDP losses reach $400 billion by 2025 and will ultimately exceed $700 billion;
  • Net job losses approach 1.9 million in 2012 and could approach 2.5 million by 2035. Manufacturing loses 1.4 million jobs in 2035;
  • The annual cost of emissions permits to energy users will be at least $100 billion by 2012 and could exceed $390 billion by 2035;
  • A typical family of four will pay, on average, an additional $829 each year for energy-based utility costs; and
  • Gasoline prices will rise by 58 percent ($1.38 more per gallon) and average household electric rates will increase by 90 percent.

FYI, current GDP is around 14 trillion per year. The current labor force is around 130 million (non-farm).