Archive for May, 2012
News we don’t need. Do it in the Tenderloin; I’m sure the Gays would love it…
“Address by General of the Army Douglas MacArthur to the Members of the Association of Graduates, U.S.M.A., the Corps of Cadets and Distinguished Guests upon his acceptance of The Sylvanus Thayer Award. United States Military Academy, West Point, New York, 12 May 1962.”
Copyright so I can’t post; apparently, there is no supply shortage, just corporate chicanery.
It isn’t Drill, Drill, Drill that’s needed.
It’s SUPPORT YOUR OWN COUNTRY – QUIT EXPORTING FUEL FOR HIGHER PROFITS OVERSEAS AT OUR (DOMESTIC) EXPENSE!
Some time ago, I mentioned an old friend who I referred to as “center left”; fed up with the Dems, he is a registered Independent voter. I would not want to face off with him in a debate. For example, from a conscience point of view, (not trusting banks) he sides with the “occupy” movement. Unlike many libs, the expression “don’t confuse me with the facts” doesn’t apply here. The only sad part in all this is (my opinion) due to legalistic teachings in the corporate church, he has become an agnostic. But -thank God- he hasn’t comitted the unpardonable sin; so there is still hope. I haven’t seen him for over thirty years, have known him from my teens.
I had received a petition via e-mail from him in regard to the use of fracking in NY state. It was my time to feel as I had in the late 60’s. A good example of my concern, and this blog, is the Cuyahoga River. At one time it was one of the most polluted rivers in the United States. The reach from Akron to Cleveland was devoid of fish. Lest any of you have forgotten – From Wikipedia:
The 1969 Cuyahoga River fire helped spur an avalanche of water pollution control activities resulting in the Clean Water Act, Great Lakes Water Quality Agreement, and the creation of the federal Environmental Protection Agency and the Ohio Environmental Protection Agency (OEPA).
Since I am conservative, the thought trend is that it’s about time to cut to the chase, and start tapping our own oil and gas resources; that rabid environmentalists had helped hamstring everything by getting Gov’t to enact this regulation and that.
However, I was also a bit perturbed; this is in an area of great population density, reliant on many nearby reservoirs. Allegations in regard to the safety of this supply, as well as other concerns, in the use of this technology is only part of the story.
NOTE- Today (5-15) he sent this item, exactly what I was looking for: http://www.usatoday.com/money/industries/energy/story/2011-12-31/united-states-export/52298812/1#.T7L3y5lF5JM.email
This link is one of a few references to fracking in NY that I found using the Startpage search engine; apparently some people in the area have allowed mining on their land and are paid royalties, but haven’t been notified of violations.
The Marcellus Shale formation, has locals both for and against the mining operations. Just seems weird that a big reserve is located there. I feel as if I was living under a rock -so to speak- just didn’t know that a large operation, enough to cause controversy, was being conducted… some on farmland?!
Fracking in New York: Risk vs. Reward (see video)
So there are two sides to every story. The resulting dialogue between us is rather lengthy. I don’t to expect all of you to read through it; safe to say, other issues were brought up, and … I decided to just put out some information on oil, and associated findings I investigated after my friends objections to the fracking issue. His accusation was that gas was our #2 EXPORT. I didn’t exactly find what is referred to as “empirical evidence”; however, here are some facts that are both frustrating, and a reminder of the profit motive being ahead of everything else. YOU decide:
The Bakken is the spark so that we can (potentially) make ourselves independent of foreign oil. However, shale oil, was only remotely economically feasible till recently. Fracking doesn’t necessarily mean that this substantial resource will lower oil prices, given the cost of recovery, and refining. It is merely an opportunity to obtain local petroleum resources. Moreover:
As regards the Bakken, I found an ugly item. The Williston basin is just a part of the Bakken sucess; but check this out:
Norwegian oil and gas company Statoil ASA (NYSE: STO) has agreed to purchase Brigham Exploration Co (NASDAQ: BEXP), a Texan company that has a large stake in the Williston Basin in both North Dakota and Montana.
The Norwegian giant offered Brigham $4.4 billion, or $36.50 per share, for the company and its assets.
As the Wall Street Journal reports, this deal will include Brigham’s 375,000 acres in the Williston Basin as well as 40,000 acres elsewhere.
Statoil is looking to expand its stake in unconventional resources in the United States, and as Chief Executive Helge Lund said, this will be the perfect opportunity to do so.
Statoil already has a stake in Chesapeake (NYSEL CHK), giving it access to the Marcellus shale, -This is the NY and PA area folks- and it is working with Talisman (NYSE: TLM) in the Eagle Ford shale.
Helge Lund is excited about what this brings to the company, as he told Reuters:
“Marcellus is primarily dry gas, Eagle Ford is a combination of dry gas and liquids and this [Brigham’s assets] is oil. We now have a good, deep position in the U.S. in unconventionals.”
Reuters further reports that Brigham’s production in the Williston Basin is 21,000 barrels per day. It has the potential, however, to increase to a daily production between 60,000 and 100,000 barrels.
Brigham was up 19.81% at noon trading to $36.38 on Monday.
No argument – corporations have no conscience.
FROM REUTERS, this item:
US Oil Import Bill to Top $400 billion this Year, Says Petroleum Intelligence Weekly
* Reuters is not responsible for the content in this press release. < note the date as well as their cute disclaimer… “X”
NEW YORK–(Business Wire)– With the run-up in oil prices over the past four years, the United States is paying dearly for its dependence on imported oil, Petroleum Intelligence Weekly (PIW) reports in its latest issue. The US oil import bill last year came to some $327 billion, and should easily top $400 billion this year. That’s an increase of some 300% since 2002, according to PIW. Last year, PIW reckons that the US paid out a record $245 billion for about 10 million barrels per day of crude oil imports, and another $82 billion for about 3.5 million b/d of imported oil products. This year it looks like paying out even more, with domestic crude production continuing to fall, demand for imports of high-priced transport fuels remaining strong, and oil prices around 30% higher year-on-year so far in 2008. The increase to an estimated $440 billion for 2008 is based on an average $90 per barrel crude oil price for the year. In 2002, before the current bull market for oil began, US oil imports cost less than $103 billion.
Folks, there is too much speculating on oil, (thanks wall st) which does not help with the continual price fluctuations. The recent excuse for the ($4.17 per gal in my local area as of 5-14) price is several refineries that shut down to change over to the “summer mixture”. Effin CA!
U.S. Dep’t of Commerce International Trade Admininistration
Top U.S. Export markets – Free Trade Agreement, Country Fact Sheets (PDF file)
Unfortunately, dated 2008; This showed well over ten countries, (I didn’t keep count) many “third world”, from about $250 million to several billion in gas [“refined petroleum”] being #1 or 2; though other categories, such as Aircraft, Semiconductors and other computer items, Pharmaceuticles, Diamonds, and weird – Gold to Switzerland and the UK- are all high on the list. We export considerable food items.
The PDF is lengthy, and the Country Fact Sheets are at 90 degrees, making reading problematic; zooming blurs the print when enlarging for better viewing, so I compiled a list:
2007 Bar graph; so amounts are approximate, and change in % from 2006; # 1 for perspective. M = million, B= Billion.
Refined Petroleum Exports to:
Bahrain – $17 M, +3614% 4th on list. #1 Passenger vehicles, 120Mil +32%
Dominican Republic – 2.4 B; +28% #1 on list
Colombia – $250M, +43% 4th on list #1 Corn, 530Mil +41%
Israel – $300M, +56% 4th on list # 1 Diamonds, 4.9B +21%
“Nafta Region” – Canada and Mexico are the first and second largest export markets for U.S. goods:
$9B, +23% 4th on list #1 Motor Vehicle Parts, 27B +4%
Panama – Just short of 1.2B +37% #1 on list
Peru – $500M, +83% #1 on list
Singapore – 1.5B 3rd on list #1 Integrated Circuits, $3.75B +26%
——- Country fact sheet———– +, – % to hard to read so are omitted.
Argentina – $300M 2nd on list #1 ADP [Automatic Data Processing] Machines, $340Mil
Canada – $3.5B, 6th on list #1 Motor Vehicle Parts, $18B
Chile – Just short of $1.6B, #1 on list
Ecuador – $590M, #1 on list
Guatemala – $650M, #1 on list
Honduras – $740M, #1 on list
Mexico – $5.5B, 2nd on list #1 Motor Vehicle Parts $8B
Nigeria – $75M, #1 on list
Other countries listed, no petroleum exports noted.
As U.S. Exports Soar, It’s Not All Soybeans
By FLOYD NORRIS Published: February 11, 2011
EXCERPT: American exports of goods rose 21 percent in 2010 to $1.28 trillion, as the world trading system shook off the effects of the financial crisis, according to figures released on Friday.
[But this link – U.S. Bureau of Economic Analysis- dated Mar 2012, actually shows a deficit: “In March, the goods deficit increased $6.5 billion from February to $67.6 billion..”]
I didn’t find out that oil is #2; but it is “way up there”. I wasn’t able to find a more recent Dep’t of Commerce list, but my friend wasn’t blowing smoke. What I DID find: