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Joshua Roberts / Reuters
A long protest against a pipeline through Nebraska appears to have been resolved.
U.S. oil prices surged Wednesday, closing at a five-month high of more than $100 a barrel after a Canadian energy company ended a standoff by agreeing to shift the route of a planned oil pipeline out of an environmentally sensitive area of Nebraska.
The agreement has two companies, Enbridge Inc. and TransCanada Corp., racing forward with new pipeline plans in a fierce battle to unclog a yearlong U.S. oil bottleneck.
A glut of oil that has built up in the Midwest has created what has been described as an unprecedented distortion in crude markets, with the global Brent crude benchmark trading for about $9 a barrel more that domestic West Texas Intermediate. The gap, which had been more than $12, narrowed Wednesday as U.S. crude rose about $3 to $102.59, while Brent fell 51 cents to $111.67.
Several developments helped send domestic oil prices higher Wednesday, but they add up to energy companies racing to ship oil in the Midwest to Gulf Coast refineries, where it can fetch a premium.
The Nebraska legislature Wednesday voted unanimously to advance a proposed law that would reroute the controversial TransCanada Keystone XL pipeline to avoid the sensitive Sandhills and Ogallala aquifer.
The news followed TransCanada's agreement Monday to find a new route, something it previously had said would be impossible.
Gas prices rose about 4 cents to $2.63 a gallon on futures markets Wednesday although gas prices fell sharply last month, more than offsetting other price increases, according to the latest monthly inflation figures. Crude oil prices peaked in April at nearly $114 a barrel on turmoil in the Middle East before falling to as low as $76 last month. Since then crude has been rising sharply.
Our friends at The Motley Fool note that oil prices have surged by one-third over the past month and suggest the commodity could be on its way to $200 a barrel, as some experts once predicted.
David Lee Smith writes:
A number of game changers can -- and probably will -- occur as we move into the impending new year. I'm wagering that a host of the potentially catastrophic events could involve Iraq and its neighbor to the east, Iran. The result, almost certainly, would be a steep escalation of crude levies.
Smith sees four factors leading to a potential run-up in oil prices next year:
- The complete withdrawal of U.S. troops from Iraq, opening the way for a closer alliance with Iran.
- ExxonMobil's move into the Kurdistan region, which has riled the Iraqi government.
- Iran's effort to develop nuclear weapons.
- The potential for renewed civil war in Iraq.
The Middle East and North Africa -- and especially the all-important Iraq-Iran-Saudi Arabia region -- remain very much a tinderbox, with the potential to drive crude prices to stratospheric levels
Click here for the full story.
Leave a Comment:
WHo cares abotu crude lets invest in cleaner/new technology to stay ahead of those who control the crude.
Read the European reports on clean energy. (BBC reports about 3 weeks ago)Expectations are 100% increase over the next 5-7 years. Cost per Kwh for solar and wind are dramatically more. Allow drilling for natural gas and oil within the US territory. Or we can subsidize the Brazilian company to drill off our shores and buy the oil from them,
We should do just that but there are too many knuckle-draggers for anything enlightened to occur this century. Perhaps evolution will catch up with the cave men and next century will be for progress.
Excellent, forward thinking at its best. Reminds me of the past 40 years of both Democrat and Republican ideas for a Energy Policy or Plan. Sort of lacking! Sort of reassembles a Ostrich running about wildly in search of a sandbox.
Yes, it is wise to pursue "Cleaner Energy". But, how clean will it be when you find people burning anything they can get their hands on for heat in the dead of winter if we have no other energy? It doesn't happen overnight. There is no "Clean Energy Fairy" ready to drop out of a bad dream and help power my car to generate income for our government to tax me and feed the leaches. Both Democrat and Republicans are guilty of NO PLAN, which could mean NO FUTURE!
Take a look at Boone Pickens plan for a "Cleaner Energy" and note A PLAN!!! We must start somewhere but it is clear that the government is not the answer. Let market forces drive it. Watch as the price of Petroleum goes up you will see other sources become more evident and possible.
Pickens is recently on record stating the Obama administration is NOT engaged in any sort of rational energy plan. Pickens has tried to get their attention to no avail.
And the 1% gets 1%ier.
Heck of a job, Plutocratic States of America.
Boys,
There is NO ENERGY PLAN and there hasn't been one for over 40 years. The last mention of a proposed plan was via Carter in April, 1977. Google it and read it. Sure, Carter is a putz but you can't steal this one from him. He actually made sense at one point in his career. It was an act of forward thinking, something our esteemed INCUMBENT representatives are with out a clue or ability to engage. For those that want clean energy, I pray you don't imagine Ethanol as an answer. It consumes huge quantities of water and produces 25 % fewer BTUs from the energy required to produce it. Another act of intelligence from our esteemed INCUMBENTS.
So much for bringing Libya down ... the hell with Wall Street ... the "Gas Folks" have had their teeth clamped on out butts forever ............
Raging capitalist. Renewable energy is one of our fastest growing segments in the economy. I understand that most of you "capitalists" have your money invested in China but you are definitely missing the boat with "oil is grand" ideas.
Advances in technology in the renewable sector will be the growth industry in spite of the oil industry bad mouthing.
The cave man went extinct because the smarter species told him to shove off.
I'll tell you what , from the white house to wall st and the oil company's.
you are all a bunch of thieving sons of bitches.
older people can't afford their meds when they have to spend 4 to 5 dollars a gallon for heating oil ,
you bunch of maggots.
Obama is a real disappointment.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1
We should let those folks in Nebraska do without ALL petroleum based products then.
spike in oil but no change in supply...just a shift in an incomplete pipeline? sounds like speculation working its hardest to f*** us with out taking us to dinner first.
Thanks Obama! No really, Thank You So Much For All You Have Done... Oh wait, let me pull this knife out of my back and groin...
Next time you have to get in a car or on a bus repeat out loud what you just wrote. Your right other sources are needed but that just isn't going to happen overnight.
Its nice how we are arguing about oil sands when NG is readily available. We could use NG for fuel in the next 15 years, and spend that time researching more cost effective ways of exploiting wind, solar, and other forms of clean energy.
Unfortunately our government is overrun with oil lobbyists.
Do some research and look at producing viable oil from oil sands, and extracting NG.
I've got a better idea than all you guys. How about prices stop being manipulated on what someone "speculates" might happen. There problem solved. Just imagine pricing being based on facts such as how much oil we actually have, which is more than we have had in a long time sitting off our shores because we don't know where to put it.
Speculation is the key.
Gotta love the speculators. The damned pipeline isn't even built yet.
This is the most ludicrous thing I've heard of... America has the 2nd largest Oil Reserve in the World! We have oil refineries and oil fields from Alaska to Texas, and Bakersfield California to Nebraska; SOMEBODY EXPLAIN TO ME WHY, IN GOD'S NAME, ARE WE SELLING OUR OIL OVERSEAS AND BUYING OIL FROM THE MIDDLE EAST FOR OUR USE!
This is wrong on so many different levels! We are placing our nation's well-being in the hands of Middle Eastern Government bent on squeezing every dime they can from the American People. Our economy is in very bad condition; why doesn't the government lighten the load, by releasing some oil, lowering gas prices and allowing this money to flow back into our economy.
Furthermore, I am sick and tired of Banks, Oil Companies and everyone else under the Sun getting bailed out at our expense; only to turn around with record breaking profits and CEO millions of dollar bonuses.
No, it's time to wake up Washington... This selling our oil overseas for a profit and placing the imported oil/gas prices on the backs of hard working Americans has got to stop...
Nothing will change, if you keep your head buried in the sand; and don't voice your complaints.... If politicians won't listen to you; remember them on election day... Trust me, they will get the message loud and clear...
The Nebraska Public was pretty split on this issue, but in the end a majority of Nebraskans (an even larger majority who live in the sandhills) supported moving the pipeline east. The problem is, there were 3 years to bring up these issues and reroute the pipeline and no one spoke up. Now it is last minute and will prove costly (time and money) to reroute the pipeline. Now it is essentially back to the drawing board and we will have to wait another 3 years for the environmental impact study to be completed on the reroute, leaving open the possibility for further objections 3 years in delaying the project even more. This is SOP for most environmental groups. Even though most Nebraskans were against the proposed route, I question the timing of the objections, not the validity.
This is also a state's rights issue. By passing this law Nebraska was essentially telling the Federal Government that it doesn't matter whether they approve the project or not, the state should get the final say in where the pipeline can and cannot go. The feds most likely would have won the argument in the courts (Fed law has precedent over state law).
Anyone have a problem with Nebraska voters not being able to object to a pipeline going over a groundwater supply in their own state? It is ridiculous that the State Department can approve a project that goes right through Nebraska and leave Nebraskans with no say in the matter. The State department should only be able to allow the line to come across the boarder and then butt out, leaving it up to the states to approve the path, etc.
There already is a pipeline running through the eastern part of the state, and that is most likely where this one will be rerouted to. TransCanada thought with a state of the art safety system on the pipeline that they would be able to run it the most economical route, the Nebraska public disagreed and it will end up costing TransCanada more in the long run. Notice TransCanada is now willing to re-route the pipeline.
In summary:
A win for the State of Nebraska. A majority of the public did not like the current route.
A loss for the entire public due to ever increasing oil prices. It would have been nice to have the objections raised earlier, so the environmental impact could have been amended for the alternate route. TransCanada did have state of the art safety plans and did guarantee landowners would be reimbursed cleanup costs for any spills.
A wake up call for all other states. The federal government can and will use their power to dictate what happens in your state, regardless of objections by local landowners etc. Luckily the State Dept. put it on hold and TransCanada is looking at changing the proposed route, otherwise a majority of Nebraskans could have been told to "Pound Sand" in the sandhills.
Volvo has recently put its new methane powered S-60 sedan into production for its European market.
Now... trivia question for the day... Anybody know where methane comes from? (Hint: Landfills, sewage plants, livestock holding facilities, rotting vegetation, your farts, and on and on.)
Trouble is its so cheap to produce you can capture it with your own equipment if you so desire. Therefore those really running OUR country want nothing to do with it. NOT ENOUGH PROFIT MARGIN POTENTIAL IF WORD GETS OUT.
Yes let it go to $200.00. It will force another major recession. The only ones profiting will be big oil, and those trading on oil (Wall Street). Way to go. Just recently congress said it will act to avoid cuts to military spending in case the famous committee of baboons cann't agree on cuts. Lets see if they will do anything to avert a created oil crisis. A congress with a 9% approval rate will surely rescue main street. You can betcha!
I don't care if the entire "Atlantic ocean" became crude next week. The price of fuel will not fall appreciably, at least not for very long. We are gonna be screwed one way or the other. Same with "health care". Get sick and really need it, we're gonna pay through the nose, until we can't pay any more. Then we suffer and live or suffer and die. It's the new and improved "capitalistic system".
I've got a better idea than all you guys. How about prices stop being manipulated on what someone "speculates" might happen
That is a good idea, but I have one even better. How about putting serious resources into alternative energy sources and put these oil bums out of business for good. There are a lot of people with good ideas that need some research and financing. But alas, the oil companies would squish the first one that looked like it would take off. Much like the Big 3 did to the Tucker Automobile Co. They won't quit until the very last drop is squeezed out of the earth.
Has no one considered that once OPEC and other countries are out of oil, they will not be able to grow foods in the desert? They will have no trade-able commodities. So where do you think that will leave The US, in a generation or 2? Also, if you use theirs first, then American oil will be all that is left and then they will be paying us like 500 dollars a barrel :)
I am so sick of all these oil problems. Drill here, no don't drill here. Oil Spills (9 in 2011), Drill baby Drill..................it never ends. The more I hear a bout freaking oil THE MORE I RIDE MY BIKE..........Pedal Bike.
We need alternative energy sources, and this country and the entire world should be working on alternative sources, because IF AND WHEN the oil does run out, we will be all of a sudden blind sided........when in all reality it has been predicated for many years....... Progress for alternative energy has STALLED in the US because of this countries addiction to oil and denial that any other sources could be more viable..............
EQUAL RIGHTS...
OK... may I ask a really simple question? W-T-F do we do for the next 10 or 20 years until we have alternative energy sources?
I'm all for energy independence and alternative sources. But what do we do in the interim? Simple question. Do you have an answer?
Equal Rights,
You mean like wind turbines that people don't want to look at (reference Nantucket Sound) and that do not produce 100% of the time? or Solar panels that are still nowhere close to economically feasible? Or do you mean bio fuels that take food out of peoples mouths and put it in our gas tanks?
"The Middle East and North Africa -- and especially the all-important Iraq-Iran-Saudi Arabia region -- remain very much a tinderbox, with the potential to drive crude prices to stratospheric levels"
Obama will use that as an excuse to score some political points by selling some of our Strategic Petroleum Reserve - just before the election.
Ironically, it's Obama's policies of moratoriums and red tape on drilling for our own energy resources (a) that is causing the run-up in prices in the first place.
(a) - According to the Congressional Research Service, the United States has the largest reserves of recoverable fossil fuels in the entire WORLD. The link is at;
http://www.humanevents.com/article.php?id=34233
Michael Coats
In a way it no longer matters, the price of petroleum will only continue to go up as there is only so much of it on this planet and it is currently put into a global pool so the price is consistent on the market worldwide. You can drill, baby drill forever but with the worlds population growing exponentially, putting a demand on fuel and the resulting pollution you will never have enough. Our latest computer projections show that within a scant 80 to 90 years the world will be to hot due to the burning of fossil fuels to grow enough food to support the worlds population. Including the US I won't be here but just consider the consequences
buckeyenut-2225921 said
- You mean like wind turbines that people don't want to look at (reference Nantucket Sound) and that do not produce 100% of the time?
Do your homework before you spout of BS. As for not wanting to look at it, DON'T! Not everyone feels the same way you do. Did you know that Iowa Farms have tons of windmills? They stand in a cornfield and do not hurt anyone eyes, and let them continue to farm.
As of the third quarter of 2011, the cumulative installed capacity of wind power in the United States was 43,461 megawatts (MW),[2] making it second in the world, behind China. In 2010 wind power accounted for 2.3% of the electricity generated in the United States.[3] This amounted to 94,650 thousand megawatt-hours of electricity.[4] - Wikopedia
or Solar panels that are still nowhere close to economically feasible?
Once again, DO YOUR homework. There is a cost up front, but once that is in place.. Do you know that places like Texas, that get over 200+ days of sunshine could benefit from this production? Of course you don't
Solar power in the United States is an area of considerable activity and there are many utility-scale solar power plants. The largest solar power installation in the world is the Solar Energy Generating Systems facility in California, which has a total capacity of 354 megawatts - wikopedia;
Or do you mean bio fuels that take food out of peoples mouths and put it in our gas tanks?
Again do your HOMEWORK. Do you know, that Iowa, produces enough food to feed the entire world for 1 day? That's over what 9 billion mouths? We have food to feed this country.
The United States became the world's largest producer of ethanol fuel in 2005. The U.S. produced 13.2 billion U.S. liquid gallons (49.2 billion liters) of ethanol fuel in 2010,[1] and together with Brazil, accounted for 88% of that year's global production.
So.... should we do what you say, continue to burn fossil fuels, assume we have an endless supply, continue to make ourselves dependent upon foreign oil, be at the mercy of SPECULATORs who drive up the price? or should we invest in our future. The choice is clear, its because of idiots like you that know nothing about it that is the problem.
Its About Time: You are absolutely correct. I applaude the passion in your post. Thank you. Regards
The solar energy industry in the United States seems to be doing fairly well.
http://idealab.talkingpointsmemo.com/2011/08/us-solar-energy-exports-rise-posting-positive-trade-balance-with-china.php
Keep in mind there was not a market for iPods a few years ago, either. Like it or not, fossil energy is competing with 'alternative' energy. The consumer will decide ...
The Chevy Volt is an example of an excellent investment in 'alternative' energy. Competition with hybrids are resulting in more efficient IC autos. The idea is not to convince everyone to use 'alternative' energy. The goal is to reduce use of fossil energy - and it is working.
Reynolds and all you who like to use the new catch phrase. " Raging Capitalist". It is truly amazing how so many people are so ignorant to what it truly means to have a capitalist society. I am sorry what you see is not a true " Free Enterprise Market.' Otherwise many other citizens of this great country would and could break into the market and make money. I am not rich. Yet I do understand Free Enterprise.
Yes in a truly equal society Socialism which truly is Marxism, which is called communism would be the better choice for the masses. The basis for Socialism to work is that all will be totally equal when it comes to monies, property etc. That would work if all people where willing to be kind to their fellow man and not be upset when someone else of society is not pulling their weight in this collective society. Many countries have tried it and it has ended up in totalitarianism or an oppressive dictatorship. Why is this. Because deep in a mans heart is evil and the lust for riches and power.
In a Capitalistic society each individual has the equal opportunity to be successful and work your way up through your own hard work. Yes it has been proven when those who succeed in a Capitalistic Society tend to be more charitable. This I can agree with, because when I was earning 6 figures. I was all the time helping others directly that needed help.
Yet why is China moving towards a pseudo form of Capitalism. In fact most here probably did not know that China was once the leading Capitalistic Society during the Ming Dynasty and had been for many centuries afterward. Interesting that they are heading back to Capitalism and the people of China are loving it. While we here in the US are being pushed towards Socialism. Why? Well look at all Socialist Societies and who are those who truly profit. Yes you got it the same politicians who are pinning us against each other.
There is know real reason for the price of fuel to go up other than total greed. Yes I believe we can move towards a clean energy plan. Yet we still will have oil and other non clean fuels. We have more oil under this nation than what is in the Middle East. Yet our Politicians can't seem to get their act together and put together a plan that will free us from this ridiculous dependency on foreign oil. We need leadership that sees this. Take a look at North Dakota. They have a 4.2% Unemployment rate. Why is this. Shale Oil and natural gas finds.
We don't need to end capitalism. We just need to fix it and lift some regulations that don't allow us to compete or even drill for our own oil. We are crying for jobs. Then why is this President giving Stimulus money to Companies who bankrupt after taking a government loan, or why did he send monies to a Brazilian Company that will drill for oil and sell it back to us for a profit. Who gets those jobs? The problem is not Capitalism it is all the Politicians in Washington DC who seem to think they know whats best for the USA.
It is time for us to become more protectionist. We need to rebuild our infrastructure before we can even move forward with any Energy Plan. We have the best technology in Nuclear Power and its much safer than before as long as you don't place it on a fault line or near the ocean. Yet so many environmentalists will scream. We can't have it all. We need to compromise in some areas and preserve other areas. Yet we need to replace the whole lot on the Hill before we will ever move forward in this area. I mean all of them from the White House to the Senate.
We've wasted too much time as it is. We are way behind the curve on this. We need to become truly energy independent. Otherwise we will not survive the rising oil prices.
Ronz,
You had better check you facts on oil reserves and how they calculate them. Here is a little data you may find interesting:
Although the IEA insists on Canada's Reserves as being listed as 178 billion barrels, many experts including CEO of Shell Canada, Clive Mather estimate it to actually be 2 Trillion barrels or more, essentially 8 times more than Saudi Arabia.
Iraq is estimated to be the first oil reserve in the world with more than 360 billion barrels.
Most of oil reserves in Venezuela are extra-heavy petroleum, with high amounts of sulfur.
US ranks 14th among recoverable reserves.
I'll post it again, watch the News and Information (movies section) of HULU for FREE: "GAS HOLE", it shows were SHELL oil company had a car getting 149.3 MPG, they talk about Tom Ogle fixing a his car to 100 MPG and the SHELL offered him several millions and he said "NO!!", they MURDERED him. They tell of another man who designed his car to get close to 100 MPG and he sold. Then it shows ALL the BIG OIL CEO's before congress and the Alaska Senator would not give them an OATH and you hear them spewing their LIES. "GAS HOLE" for FREE on HULU, watch it, just the first 30 minutes tells you a lot.
Hahahahahhaha.....The truth is just the opposite. They are all going bankrupt as the world is awash in solar panels they can't sell. Their biggest demand was the socialists in Europe who have now run out of other people's money. Their stocks have halved in the last year and analysts are predicting bankruptcy within the next two years. Solyndra was only the beginning. Amat just came out with their quarterly results last night and their Solar business was down 83% year over year. First Solar was expanding their facilities but just stopped in mid stride. I could go on and on. Suffice it to say Obama threw away a @!$%#load of taxpayer's money on a dead industry and temporary jobs.
Mac Forrester Thank you for the post. I truly believe we can do great things with renewable resources, its just setting the wheels in motion. My Aunt works for a non profit organization in Minnesota. Her building is 100% self sufficient, generates its own power and often sells energy back on the grid.
Four FAILED years of the Alternative Energy Act of 2007 (signed off on by "conservative" President Bush) with 2 $4 a gallon price spikes followed by two economic downturns and yet there is no sign that anyone is considering ending this idiotic piece of legislation that uses a food grain to make ethanol, with the side benefit (besides the fuel price spikes) of causing an enormous run up in food prices !! It is high time our politicians found their backbone and end this garbage piece of legislation !! We need to work to develop all domestic sources of oil as we also seek to reduce our dependency on oil as the primary source of fuel in transportation !!
LOL...apparently now, to some people, Obama controls speculation of oil prices.
I love it
@Weaselyone: No, I don't have a problem with Nebraskans deciding whether or not a pipeline can cross their state, they should be able to vote on it...and those of us in oil producing states should be able to vote on whether or not we want to sell our gasoline to them!
REALLY? 100 years huh? Well,......WTF are people going to do after that? What is going to happen in a few years when these ultra rich moron's (and the rest of us) go to turn on the water tap in their home and NOTHING comes out but orange sludge!?? Whats going to happen after a couple of years of massive crop failures in the USA, Europe, Asia (don't worry about Africa because they have not been able to feed themselves for dacades now) because of extreme heat and drought!?? Whats going to happen after Europe crashes and China calls in our debt!??
Think this can't happen? REALLY?? Read the news, look at the markets, look at the environment and climate change (yes, that means you right wing in denial idiots!) The time of anarchy is upon us! The time to stock up on food, water, ammo (make sure you keep a bullet for yourself and any loved ones you don't want to speak Mandarin), first aid supplies....etc, etc, is now!
what,
no, the real reason is that China is subsidizing their own solar industry to the tune of $30 billion a year, undercutting everyone else.
Its about time - OK so iowa can feed the world for one day with what it produces, what about the other 364 days? We only have 50 states. Regardless, food production is dependent on growing conditions, and even though our nations farmers have access to technology and equipment to produce great quantities of food mother nature still has the final say.
As for your other points please do a little research yourself on the time it takes to bring those systems online, let alone cost. We still need to get from A to B. Like the poster above said, we aren't talking about flipping a switch and voila, it is done.
The China subsidy problem came on after the Europeans killed the buyers subsidies last April. Europe was 80% of the solar market thanks to the subsidies and caused US companies fueled by Obama's stimulus to ramp capacity until the socialist fueled bubble burst. Now there is only a small boutique market and way too much capacity. Even China's panels cost too much to make fiscal sense to purchase. Until they can get the cost per watt down to the point where it makes fiscal sense at least in sunny areas there will be few buyers.
Solar modules are viable today IF you own them, not the power company, and you DIY the installation, too many companies will rip you off for what is a rather simple job. Payback for my system should be under 10 years, perhaps 7, then electricity is free.
We will need oil for at least 25 years, more likely 50. It takes 17 years to turn over the fleet so even if we stopped selling gas cars tomorrow there would still be gas cars on the road almost two decades from now.
Electric cars will become viable, probably in five or so years. After that they should become main stream.
While I wouldn't want a wind turbine anywhere near me, farm fields are a great place. Since it will take some time for wind and solar to really make a dent, we need to continue with coal and natural gas. Don't kill one horse until you can ride another.
Great another nail in our coffin. Hey lets not build the Canada USA pipeline. OK Obozo lets all go socialists. God deliver me back to the 60's
God will deliver all of us back to the stone age if we don't invest heavily in the R,D,&I(implementation) of clean and renewable technology.
"Great another nail in our coffin. Hey lets not build the Canada USA pipeline. OK Obozo lets all go socialists. God deliver me back to the 60's"
______________________________________________________--
What a garbage post! Maybe it is time to bring back the Alien and Sedition Acts? Wish we could send you back to the 60's. You have no respect for your country, period! And that the h-ll does this issue have anything to do with socialism? Never mind that the president has almost zero influence as to energy prices. And that pipeline you mention is almost surely going to be built (with a few detours that make perfect sense).
While you deride Obama the GOP pushes "fracking" and oil sand production, two things that are potentially huge environmental issues. But who needs drinkable water or the "mountains majesty above the fruited plains"? And let's open up even more areas for drilling despite the hundreds of previously approved sites that haven't even been probed.
You apparently want to live in a filthy country where your meat isn't checked and drugs don't require independent testing and the rich continue to fleece the poor.
Take a look at this important Aquifer the proposed pipeline runs across and follow it north to south. How many pipelines do you suppose run across it? Do you have a sense of comfort in knowing the early generation pipelines might be less safe yet you have failed to bring that to our attention? Oil is not the long term solution but it is obvious it will be the solution for many more years. The market will thrive and it will bring the solution in the form of a "Cleaner and more efficient Energy".
Canada could build a pipeline to the coast, put it on a tanker and just sell it to China where everything is much cleaner??? Reality is hard to shirk.
Ren,
The 1960's...oh, when there were about 3 billion folks on the planet. Note that the increase in oil prices since the 1960s is not due to the ability of any one company (or lack thereof) to build a pipeline. It's due to increased demand...both because there are more than twice as many people on Earth now and because many countries have developed and become users of petroleum since the 1960s.
Also, I'm not sure how unwillingness to allow a pipeline in a particular area means we're socialists. Care to elaborate?
The answer is one. One crude oil pipeline crosses the aquifer. There is a nice map, here:
http://www.pipeline101.com/Overview/crude-pl.html
I imagine it was put in place before regulations caught up with it. I'm glad TransCanada will re-route the new one.
a nail or HELL
voxrationis YOURS is a garbage post. Your turn.
Canada needs the US to much to sell their oil to China. Their economy is conjoined to ours. And that's a fact. The whole they will just sell to China if we dont build them a pipeline is untrue. They need to use many US refineries to get a working product. They wont sell it to China to buy it back refined at a ton more then the cost in the US just cause a pipeline isnt built
Kill the speculators !!! Then the lawyers are next !!!
I wonder how many miles of Oil Lines and Gas lines run through the Ogallala Aquifer now.
Voxrationis#2.2: You told it right. Fracking is all over the place out west. Too, oil extraction from sands is expensive as hell. Both are environmentally wicked. Thank you. Regards
YES!!! this Oil Pipeline WELL BE BUILD, to much MONEY TO BE MADE!!! and I'm going to weld on it, or do some other type of job if I can't weld, I will make my THOUSANDS and move back to my home state and retire. Until GREEN ENERGY can hire me doing something or anything, I WILL WORK FOR DIRTY ENERGY!!!!!!!!!!!!!!! I have to LIVE AND PAY BILLS, I HAVE A FAMILY. Unless someone on this thread vine will give me a J.O.B., then I will work for you, ALL I KNOW IS IRON WORKING, PIPE WELDING, AND CDL TRUCK DRIVING. I can not get a school loan to reinvent myself, I HAD TO FILE BANKRUPTCY. So I am stuck with the trades I know. I would LOVE to be a NURSE and move to another country, BUT this wonderful CHRISTIAN COUNTRY will not let me because I was in prison 34 years. ago.
Hopefully Obama's oil friends are happy. Isn't that what the left said about Bush when the price of crude oil went up??
If this ja**off would just approve the Keystone pipeline, which has already been studied and studied and studied, we could be on our way to energy independance. But no. He's worrying about the 2012 election. What a piece of s**t. If he was so worried about getting Americans back to work, this would have already been a done deal.
This president is a shame to all Americans who love this country.
How does Canada's oil make the US energy independent?
That's what I'd like to know James.
Europe for years pushed alternative energy subsides, and then had to back off handing them out the past couple years because Europe socialist agenda was failing. When the subsidies stopped, the price of solar panels plummeted since there was such a glut from all the inventory. I believe there is ONLY one solar company in the world that is making a bit of profit and that one is in China. Solar is still not competitive. It certainly cannot replace oil that has multiple uses. Wind is not possible in many parts of the nation due to lack of wind. It also needs another energy system as a back-up when the wind stops. So it really is expensive since it is a dual system.
Canada is a civilized country. I don't think they will use their oil revenue to enable terrorist religious groups to fly airplanes into our buildings.
America needs to stop supporting its enemies like Ahmadinejad and start supporting its friends. I had rather be dependent on Canada for energy that Saudi Arabia or Iran.
It was Bush Cheney who had the oil friends, remember?
The Keystone pipeline is intended to pipe in tar sands oil which produces less energy than it takes to refine it.
It's like processing raw sewage because somewhere in it is crystal clear spring water.
Tar sands oil also has the same negative energy output as ethanol made from corn, another Bush presidency product.
True energy independence means wind and solar power, which Obama promotes and the TP-GOP rejects.
Wind and solar energy does not provide profits for the good old boys of the petroleum and coal industries.
Hear,hear finally a voice of sanity,cornmeal hit the nail on the head.
bfcfj What are you talking about? Canada has been extracting oil from the sands for over 20 years . I'm pretty sure it's a viable product.
I love how people keep saying it will create all these jobs. It will create a few thousand jobs to build the pipeline and then no one will work on it again other then a handful of inspectors. The oil companies will make more. But the idea of the pipe is no one needs to work on it once its built. The job thing is a total crock.
Exxon and Shell need Christmas money.....mama needs new diamonds.
It does not take more energy to extract oil from oil sands than it produces. It takes more than conventional oil rigs. But NOt more than it produces. Sounds like you are an idiot.
What's wrong titty baby liberals, can't leave a comment you don't like up. Well then, up yours.
It's a start to energy independance. A start is better than buying it from the middle east or south america constantly. Green Energy is a joke. It's not affordable. It will never create enough energy to meet all of the demands for energy in this country, or the world for that matter.
Tw1sted- At least jobs will be created. The president talks about jobs a lot. Unfortunatly, he has no idea how they are created. And these are actual shovel ready jobs, and the govt. doesn't have to spend taxpayer money.
It's sad to see how far left the democrats have gone. I've got a great idea to solve both sides problems. All democrats and their policies move east of the Mississippi River. All republicans and their policies move West of the Mississippi River. I'll bet all the money the democrats have spent over budget (opps, i forgot, the democrats haven't produced a budget in 3 years), the last 3 years that people east of the Mississippi would move west within a few years after the democrats tax and spend governing collasped upon itself.
I am not a democrat. And giving someone a job for a month is not creating a job. Its creating a month of work and then giving more profit to oil companies who dont even need to pay the shipping anymore or people who transport their oil.
And how far left Democrats have moved? They have not moved much at all. The Tea Baggers sent the GOP so far right Obama is an 80s republican. Whats amazing is to say the Dems have gone left when its the GOP and tea baggers who won on creating jobs in 2010 and since it have created 0 job bills but have brought 9 abortion bills uo. Who swung which way? I am an independent who would vote for a GOP member if they stood for something and not ust anything anti Obama even if its in their interest. Anyone who signs a pledge to a a civilian to never raise taxes on anyone at all ever even corporations even if it destroys the country...Like Grover. Is someone who has no care for America but 1 man and the money to keep the top at the top and separate them even more. Hermain Cain leading the GOP. A guy who wants to run a tax code like selling Pizza that raised taxes on all but people making over 439,000 a year. Yea thats perfect. But the Dems have swung. Amazing
tw1sted
I am not a democrat. And giving someone a job for a month is not creating a job.
You need to examine obama's jobs bill really close because what you just stated is exactly what he is proposing in that bill. Now why is this pipeline such as bad thing if it creates the exact same type of job that the jobs bill creates?????????????
@twisted:just can't stand to see a black republican can you?
Sounds to me like the Koch brothers were feeling a little tapped for the Christmas season. A litle hedge fund priming of the pump and TA DA they have their Christmas stockings full.
Yep, that sounds right.
James Reynolds,
If you take a fleeting glance at Mr. Pickens ideas, you might discover "Renewable Energy" is a huge part of the plan. You fail to recognize forward thinking as you latch on to the mindset of the Occupy Likes.
Yes, I am a Capitalist. No, I make every effort to shop for products that are not of Chinese origin and find it impossible. If it wasn't for the little minds and their need for immediate gratification and cheap prices forgiving of long term consequences, China would not be the power it is today. It is those little minds that help Walmart thrive. Sam Walton would not be proud of that. Perhaps I should have focused on the selfish act of investing away from our shores.
I regret that I focused on the United States while all of our representatives focused on only the special needs of African Americans, Gay People, Illegal Guests, Handicapped People, People of the Muslim Faith, whether immigrant or organic via our prison system, and forgot what is most important, the Tax Payers and Employers of the people of America. It is the Tax Payer and Employer that are invested in America to your benefit and you speak with a blindfold over your eyes?
Before you condemn someone for something you are completely uninformed of, do your homework first. "It is best to keep ones mouth shut and have people think him an idiot than to open your mouth and remove all doubt". If you read into Mr. Pickens past and present plans you will find "Renewable Energy" is a big part of it. Now, you are informed.
Raging Captialist...take your sheet off and put down the burning cross!
Ok, let me get this straight. The pipeline is actually Canadian for the purpose of bringing Canadian crude to Texas for refining and the US will be dealing with any problems with leaks, odors, possible water pollution etc, but we will be paying a higher premium for the privilege of facilitating Canadian companies profit.
We are being squeezed between Canada and Mexico due to the North American Free Trade agreement and not benefiting one bit, well except the corporations.
Really? After the US has benefitted the most from Free Trade in the last 30 years, suddenly the shoe is on the other foot and you get all pissed off. Heaven forbid that maybe someone else should be able to make a few bucks off of your backs for a change. It's my understanding that the pipeline will be built by local workers and maintained and repaired by local workers. If that's the case, then who's to blame if there's a leak? The company 2000 miles away that's producing the oil, or the local company whos job it is to moniter and maintain the pipeline.
For the sake of full disclosure I'm from Frot McMurray Alberta (where the oil sands come from) and if you really want to get in to the game, invest in the oilsands companies like Suncor and CNRL. Their stock prices are less affected by turbulence in the middle east and when the price of a barel goes up, their stock goes up. In the '08 run up to $140 per barrell, CNRL's stock price tripled. Also understand that production here is not going to slow down any time soon. We currently produce 1.5 million barrels per day and that is expected to double in the next 10 years.
Commodities including oil are priced extremely high from a historical perspective. Speculators have been driving them higher. They are artificially high at the moment and there will be a correction over this next decade back to more sustainable levels. The speculators have been looking for any reason possible to drive prices higher. I can't tell you when this bubble will burst over this next decade, but it will.
You know a bunch of well placed and timed boycotts could put an end to some of this speculation. If the rug is pulled out from under them a few times they might stop feuling their greed. I say lets start by boycotting Exxon they seem to be the ones that jerk the prices first and their profits per year are always the highest in the world.
Maybe just a two day strike where every one doesn't go to work, and doesn't drive.
Full House#5: You're correct. The new capitalism thrives on economic bubbles. Fact, it is addicted to bubbles, and especially loves to create them among essentials. Remember . com? Y2k? Housing? Our economy and that of the EU is dragging, mostly due to the lack of a broad based bubble. Until big business can create one, essential commodities are the easiest pickin's. Thank you. Regards
Lately I've been feeling that there must be price collusion going on for gas prices. It wouldn't be a bad idea for the federal government to do a secret investigation on this. It wouldn't surprise me if there was and at the very least it wouldn't hurt to keep big business on their toes, especially the oil companies.
In general I have faith in the free markets, but when there is manipulation of these markets then they are not free. We definitely need regulatory bodies to keep greed in check.
This has nothing to do with withdrawing from Iraq, oil pipeline, or the lack of oil supplies! Do anyone anymore look at the real culprits why oil prices spike within the last 11 years; look deeper at the speculators on Wall Street and the politicians that are being bought off by them. It's common sense if you want to be in the real world and not live in fantasy land like these people want you to live in!
While the middle class is NOT growing here in the US, it is elsewhere at a pretty good clip. That upward pressure means middle class wants which includes cars and a lifestyle that has a much greater dependency on energy. I also do think speculators have a hand in oil pricing, but anyway you look at it cheap oil is gone and the price of oil will rise hurting any economic recovery worldwide.
Hmmm, India has a car that runs on compressed air.....hmmm......
Exactly tt04 -
Doesn't the article say that the pipeline from Canada IS GOING TO GO AHEAD and that there is a GLUT of oil in the Mideast? I thought the next sentence was going to say "so oil is going to drop in price now". But noooooo. This means oil is going up. WTF? Is this Bizzarro world we are living in?
Iran and Iraq, together they comprise about 7% (6M barrels per day) of global production (85M barrels per day). Currently trading near $100 a barrel, but reaching as high as $200 within the following 24 months? Total Middle East production fell by a TOTAL of 3M barrels in midst of the last Iraq war, and sold far below the 2008 price...
energyinsights.net/cgi-script/csArticles/uploads/85/Oil%20Production%20in%20Middle%20East%20%20from%201995%20and%20forecast.gif
upload.wikimedia.org/wikipedia/commons/1/1e/WTI_price_96_09.PNG
I'm sure we'll get the same 'clear' explanation for this $200 that we given for the 2008 rise...
en.wikipedia.org/wiki/2000s_energy_crisis
Just more proof that oil prices are complete fiction.
They have AGREED on the route to construct a new pipeline which will EASE the bottleneck in U.S. supply. Yet, prices go up. Exxon/Mobil (an American company) goes into a new region (i.e. taps new supplies). Yet, prices go up.
Bullsh!t. Occupy Wall Street all you want. You're wasting your time. Start taking out some of the speculators on the Chicago Mercantile and other commodities markets and I might actually donate to the cause.
It's your choice Odumbo, either $4.00 gasoline and a stagnant economy at best, or take the steps needed to provide the US with affordable gasoline. By opening new lease tracts, building pipeline and refineries, energy speculators won't have a leg to stand on. Truealternative energy is decades away not weeks. Your mighty mouth and pen can make it happen, now do whats right for once. OH and 1 more thing, admit Obamacare is a huge mistake and get your lackeys in congress to repeal it .... Yesterday! Do these two thing, and you might get re-elected.
It takes about 10 years to get a new well functioning and bringing up oil. How is that going to help us right now? It's the speculators and oil companies that are driving the overpriced crude/gas. When crude was down in the low $80's a couple of months ago, same price a year ago and gas averaged $2.50/gal., while it never really dropped below $3.50 this year.
Your utter disrespect to the President (Odumbo?) negates any part of your argument. As for the health care -- that law doesn't go in affect completely until 2014. The costs in health insurance is the continued greed of the insurance companies -- the TP/GOP's good friends.
yea vote for koke cain and build bomb shelters
Cathy, your argument has been said for at least 10 years or more that I know about. Do you realize how lame it sounds now? So unless something helps us right at this minute we shouldn't be investing now for the future?
Obamacare does not address rising health care costs. That was never the intention. The intention was to add at risk people to our health care system that were not insured by adding them to medicaid. Medicaid is shouldered by states that are BANKRUPT. The idea was to get those not insured out of the ER and insured so that they would address their health issues before they needed emergency care. It was also the intention to stop insurance companies from capping benefits. So not only have we added at risk people to the insurance rolls and thus drastically increasing premiums for those of us that pay them, but capping benefits will drastically raise premiums as well. It already is happening at an alarming rate.
I wish it was just insurance companies being greedy that was causing the rise in health care costs, but it just is not so. It is the last 2 years of a person's life that is skyrocketing costs. I am a cancer survivor. I have sat in the hospital and looked around to see the other patients. They are OLD and getting chemo and radiation and operation after operation.
We have no health care budget. We just write the checks, and keep adding to our debt. Obamacare is a absolute failure and will cause all aspects of health care to rise.
yea just die
hardtostarboard...
What a cutsie name.
I wonder if it means something?
in a emergency room with a 2 hundred thousand dollar bill
with no insurance
and go to HEAVEN
I am working in an oilfield near Houston. There are drilling rigs all over this place punching holes for oil. Valero refinery in Corpus has one gasoline unit shut down for 2 years now because of lack of demand. So where do you people get off saying there is no drilling, stop listening to Hannity. The article says there is a glut of oil right now so why again is the price going up due to the supposed no drilling. The pipeline is a drop in the bucket to what we use every day. The company trying to build the pipeline already said the numbers of jobs they said was triple the reality. Hell Limbaugh tried to say 100,000 jobs from the pipeline. What planet is he from.
just vote the lesser of two evils
Nice post offtheoil.
What will it take before America wakes up and figures out the number of wells that have been drilled and capped in the US, just waiting for the $$$ to rise?
Isn't nice to think that oil companies have enough $$ to keep their permits active on a well capped?
Business as usual for Washington, and lets' let the oil speculator's RAPE, PILLAGE, and BURN the economy.
The oil speculators will use any excuse they can think of to drive oil prices higher. Oops, someone just farted. Lets raise the price of oil. Let oil go to say 5 bucks a gallon and see how fast we can sink further into the never ending rescission.
..and you pay 20 cents more for gas in the afternoon than you did this morning, even though it's the same exact gas in the same underground storage tank. Makes perfect sense. I think we're all just used to being screwed now, so we just live with it. Some of us even defend it.
Tom-1135481 is right about speculators but I believe it runs deeper than that. No matter how this story is spun it obvious the oil companies are up to their old tricks again. We can expect more of this price gouging leading up to the 2012 election. When prices are pushed up to artificially high levels the Republicans will blame it on Obama, even though there is no shortage of oil in the market place. The GOP politicians know that their allies the oil companies are causing these phony price increases. One day one of these crooked GOP politicians will be caught with his hand in the oil company cookie jar and the truth will finally become public. The GOP and the oil companies are in bed together constantly plotting ways to screw the American consumer. So while the oil companies rip off billions Republican politicians will continue to have their secret off shore bank accounts stuffed with oil company pay off money.
Higher oil prices, less oil used, less pollution, less human generated CO2. Works for me
Except Brian for the fact that China and India will continue to buy and burn more as long as Americans keep buying their shoddy products esp at Wal-Mart.
Hoops - maybe you better check out stores other than WalMart - they all carry mostly Chinese products.
LOL - even "redneck heaven" the local ATV businesses - sell either Japanese or Chinese products. It is extremely funny that those who sell Japanese ATVs deride the Chinese ones - remember when Americans derided Japanese VCRs and other electronics? Now they hold them up as the best you can buy.
The US Government needs to take steps to force manufacturing back home. And - it is strange that big computer businesses are giving millions to other enterprises in other countries. They need to take some of that money they give to others to develop businesses at home.
what happened to the oil boom in south dakota and the oil sans in caNADA. I MEAN EVEN IF THEY HAd to send the sands to the moon it still should bring the price down. OCCUPY WALL STREET EVERY STREET.
lets see, economy is in the tank, oil companys posting HUGE profits,most of us having trouble making ends meet.....IDEA: raise the oil and gas prices. i guess stupid is as stupid does.
More like greedy is as greedy does.
Thanks, Obama for convincing the Canadians to sell their oil to China instead of us and tanking thousands of US jobs. Your laser like focus on the economy is as sharp as a bag of wet hair.
China needs it more than us. They're building things. What do we need it for? We'll just waste it sitting in the McDonald's drive through.
I still see long lines at McDonald's as people are too fat and lazy to park their cars and walk into the store. They still like to drive ten MPH over the posted speed limits in large SUVs. Lots of extra money being thrown down the old gas tank.
Especially the states where restaurants can take food stamp cards.
yabeco - I guess you didn't read the article where it says that the oil pipeline is in fact going to be built. How stupid are you, anyway?
they are also fracking up our water where we'll have to buy that. it will be high at thanksgiving and christmas too like gas because the more yu eat the more water yu will have to drink. just like the monsanto seeds that yu have to have to grow food on and on just vote republican and commit suicide yu'll be better off. BUT DON'T HAVE KIDS
It's also causing earthquakes in Oklahoma and Texas. Earthquakes are unheard of in Texas and Oklahoma, or at least they used to be.
Great, the gas companies are using up all of our water to create earthquakes.
i was being sarcastic all im saying is they are trying to mess up our eco system so they can sell us everything for more
I wasn't being sarcastic. Gas fracking is causing earthquakes in Texas and oklahoma.
i know its causing worst than earth quakes its going to cause total earth inilation if yu vote these radical republican nut cases
From news to OpEd.
MSNBC's douchebag 'journalists' go from reporting facts to speculation in a single sentence.
How about 'Oil Spikes to $100, could go lower': That statement would be equally 'true'.
Idiots.
How about this: Oil spikes to $100. Oil companies reap windfall.
what if yu can't afford to drive yu'll ride a bike
And dont forget. Unregulated trading of oil. I think not sure tho bush jr allowed unlimited trading of oil on the market. I fell out of my chair one day when one person sold 1 million barrels within 5 minutes of the market opening.
But here is the simple sad truth. We dont buy goods for christmas. Our markets will fail even faster. It fell last year. But one the bright side china wont get as much money from us either. It will take china to stick a foot up someones behind before anything is done. We as Americans are not on the top of the food chain no more. So get used to it.
People screamin for renewable energy picture this. We have loads of natural gas that is renewable. We have methane gas also. There are ways to produce electricity from moving cars.
So as ya scream. ohh my!! They might have a bad spill !!! It could happen!!! Thats speculation also. So the same tree huggers will cry when they start paying $5 a gallon for milk. $3 for bread. And I would exspect that before the end of next year.
America has drove off so many companies from our shores because of tree huggers that go to the exstream. There is nothing wrong with precaution. but comeon folks. Us some common sense.
In other words. stop your speculations like Al Gore on something that cant be proven. History tells us the planet changes. Has anyone ever considered mybe just mybe. over the course of so many years planet earth moves closer and farther from the sun? Never mind the new China made GPS says no way
were closer to canada than china even if yu have to go to california first
The Xl pipe line oil has always been destined for China.
If you would read up on it instead of just a quick one liner you would be better informed.
Great job by Oblahbo. OPEC is eating our lunch and nothing is being done to stop them.
Dave
Put your Hummer SUV in mothballs, buy a bicycle and shut up.
The pipelines and drilling are needed whether you like them or not. Right now I can buy asphalt in bulk at wholesale cheaper than the majors will sell it. They are stupid to sell it at wholesale for East Coats delivery when they can get retail. The number of tank farms is growing weekly until this stops.
To the conservatives posting in this section:
I would like to remind you that the area in Nebraska in question is not "environmentally sensitive"; rather, Republicans in the state of Nebraska were suddenly struck with rampant environmentalism after many of their constituents cried about the XL pipeline cutting through their area. It's funny how everyone there wanted the pipeline and all it's dividends so bad, they just didn't want it in their backyard.
BTW, Hillary Clinton endorsed the pipeline, while, again, Nebraska Republicans kowtowed to the corn-humping crybabies in their state. For the record.
Remember not to buy anything resulting from these corn humping cry babies work ethic; but you'll get awfully hungry.
You just made that entire post up. Rerouting a pipeline to miss an aquifer is a rock solid reason to take action. You might think that oil and water mix well in your universe, but they don't. Here's the Reuters lead from 1 hour ago:
"LINCOLN, Neb (Reuters) - The Nebraska legislature on Wednesday voted unanimously to advance a proposed law that would reroute the controversial TransCanada Keystone XL pipeline to avoid the sensitive Sandhills and Ogallala aquifer."
If your post is intentionally written to persuade others to your way of thinking with no regard as to the truth--do you feel better about posting it? Can you spare a little truth? I was born at night, but not last night.
I'm a conservative in every sense, but even I agree that the pipeline must be rerouted. There are no "do-overs" if a catastrophic accident happens in that area. Drill, yes: we've got to lift the moratorium -- but we also need to be sensible about it.
@sandtrich:
Yeah, I guess I made it up. Or, you're just an illiterate.
www.economist.com/node/21530988
There's a little truth for you. And don't even try to attack the reputation of the Economist for fair reporting - it's about a sterling as it comes. Perhaps even better than yours, I would imagine. Thanks for scolding, though.
Perhaps it was God's plan for us to use the technology given to us and create all our types of fuel , as you know electric is only good while it is cheap , many people have boatloads of concerns about wind on the environment ... there is nothing that is fool proof and nothing that is immune from escalating expense ...our only protection we have to ensure energy independence is to harvest what we have here and now !!!!
? If it's the god that you speak of, he said to be good stewards of the land. Pumping millions of gallons of carcinogenic toxic fluids into the earth to scab up some substandard crude is wrong. There's no "oops" once you fracture an aquifer.
It defies nature and every premise of what a "god" of the Abrahamic world would want. I live off grid and know the limitless possibilities that we have for clean, renewable energy.
Go ahead and drive up prices, still won't stop people from protesting this economic tyranny.
GRRR! Nothing like milkin' it for all it's worth.... Just gotta stick it to the average American.
If you don't take delivery of a product you should have some restrictions in trading on the commodities exchanges. This recent increase is mostly due to speculators.
Simple fact:
Oil prices down? Cut the flow!
Oh my..we have a shortage now! Raise the price!
Who is making the $$$ ? It isn't the soon to vanish middle class!
It is the F'ing speculator's that buy this and never lift a finger to store or distribute it. If this was the case, who in the Hampton's of NY, or any rich place else would allow storage of oil in their neighborhood?
BTW: Tanker's just sit off shore until the price of their load either beaks even to cost's, or at a profit. Look it up people! This has become Atlantic and Pacific freighter policy from the ship's owner's. And guess who that might be? Not the middle class!
In just my opinion.... I think that the OWS might go into hibernation due to the season/weather, but it will just get more people pissed come spring.
This world is getting more @!$%#ed up by the day !
From my personal experience, crude oil is very toxic. My family would visit and swim in the Florida pan-handle in the late 1970's. The water was warm and blue, but somewhat cloudy and had this very distinctive abhorrant toxic smell to it (worse than gasoline). It was the very small seepage of the multiple oil wells just off shore.
Crude oil naturally flows to the surface of the earth in some very rare places, but its air toxic is so powerful it kills most all biological life close to the natural flow. A pipeline is a rational concern due to the most likely occurance of even small seepage
Wow,, I wish I knew how to say this, without someone telling me to put my tin foil hat on, but We Are Screwed,,, I think all the anti and pro OWS people should do a little research on this, 'cause the end might be near,,, In a Link earlier on a different comment section ( http://problembanklist.com/fdic-to-cover-losses-on-trillion-bank-of-america-derivative-bets-0419/ ) I read something that shook me to the core,,, I have been trying to research economic theory for quite a while now trying to understand what was happening before the '07/'08 collapse,,, In the early start of the downturn I warned many times about the FDIC,,, At that time there were many banks, 120-1000+ depending on who you read in danger of collapse,,, The FDIC had insured deposits at these banks to the tune of 1 Trillion ( yes with a T) dollars yet the FDIC only had about 56 Billion in assets,,, The FDIC is a Federal Agency, that if it can't cover these deposits, yours and mine, The taxpayers are on the hook to cover them,,, Under our noses, not covered by MSM at all, in the last weeks, Bank Of America has transferred there derivative contract accounts from the holding bank division, to their FDIC insured commercial bank division to the tune of,,,,, wait,,,,, 75 Freaking Trillion Dollars ( Yes with a T ),,, That is right, more than the entire Worlds GDP Combined,,, Talk about to big to fail,,, I am now beginning to understand the actions of wall st. and the banks associated with it,,, I am scared @!$%#less of what will happen when these shady financial instruments begin to fail,,, If I am wrong , someone please tell me why,,,
Yes FDIC cannot guarantee anything once dominos start falling. Price of oil, gold, silver, stocks, bonds, homes cannot be sustained when the money supply deflates. Google for "DEFLATIONARY CRASH" to understand why US dollar becomes more valuable during financial crisis. Cheaper OIL is coming soon to a gas station near you.
Thats all temp franku. And thats only because we are the worlds currency right now. When that ends and it will. Our money will be worthless. There are already banks around the world that wont accept the US dollar. More to follow soon
Doug, Your right to be worried.
whoa dug...you are right. Loosen the tin foil hat.