Saturday, February 26, 2011

You can always count on the media to give advantage to the plutocracy when it comes to exploiting Americans.

When US Representative Gabriellle Giffords was shot with an attempted assassination Murdoch's media went into over drive to push the idea that the gunman was somehow insane and that was 'the flaw in the law.'  In competition with Murdoch, CNN's Crowley spent an entire hour with psychiatrists on how it could have happened and now mental health is an issue when it comes to violence in the USA. 

It was all 'buzz,' rhetoric and manipulation.  Not until Christiane Amanpour on ABC did we actually get the truth as if it sincerely mattered. 

Now, since Libya is imploding and its dictator needs to be removed there are hugh pushes for 'the idea' by CNN and Murdoch, once again; that oil is far more scarce than anyone can predict.

Surprise, once again and still it is all nonsense to benefit the bottom line of the petroleum industry ESPECIALLY since dead deformed carcasses of infant dolphins are showing up on the USA Gulf Coast.

Here is the truth, from all places, Saudi Arabia.

Oil jumping in price is simply that and not based for any other valid reason except exploitation on the 'opportunity.'  Read the article below carefully, because the assumption is that since Qaddafi no longer controls eastern Libya the oil exports are going to hell in a hand basket.  Eastern Libya is NOT where the unrest and the disposed despot are in danger.  So.  Like.  What does Wall Street want, Eastern Libya to go back under the rule of the despot.  I think that is how we got in this mess in the first place, is it not.  While the Libyan people are conducting their daily lives seeking to displace their dictator through protests one can hardly say they are disrupting their own way of life in East Libya.  Wall Street is bizarre and it is nothing but specutlation that is the problem.

Oil jumps 7.5% to $119.79 a barrel (click here)

...Eastern areas holding much of Libya's oil have slipped from the control of Muammar Qaddafi.Goldman Sachs said the spread of unrest to another producing country could create severe oil shortages and require demand rationing. "The market cannot accommodate another disruption, in our view, with the problems in Libya potentially absorbing half of OPEC's spare capacity," analyst Jeffrey Currie said in a research note....

Goldman is screaming 'the sky is falling, the sky is falling.'

Goldman fears 'severe oil market shortages' (click here)

...“The market cannot accommodate another disruption, in our view, with the problems in Libya potentially absorbing half of OPEC’s spare capacity,” Jeffrey Currie said in a research note....

Wow, really?  I suppose it would be better to continue with the despot in power so the price of gas in Europe and the USA doesn't spike, huh?

Iranian oil.  I'll be darn.

Iran sells more oil as Libyan exports dwindle (click here)

TEHRAN/LONDON: Iran is taking advantage of Libya’s turmoil and dwindling exports to sell more crude that it has found difficult to offload due to economic sanctions.
Unrest in Libya has slashed a big chunk of its crude oil output of 1.6 million barrels per day (bpd), with estimates of capacity shut down ranging from 500,000 to 1.2 million bpd.
Ahmad Ghalebani, Iranian deputy oil minister, said on Friday Iran had already seen an increase in demand following political upheaval in the Arab world.
“Demand for Iran’s oil has increased,” Iran’s semi-official Mehr news agency quoted Ghalebani as saying.
Italian oil refiner Saras SpA, traditionally a big buyer of Libyan crude oil, said in a Reuters interview on Friday that it was looking at replacing oil shipments from Libya and had already slightly increased sour crude supplies from Iran....

Not that I want to increase Iran's revenue, but, it doesn't seem as though purchasers in Italy find it a bad idea.  Give a little, take a little and it all works out.

Editorial: What oil crisis? (click title to entry - thank you)

Those talking up the market in the hope of making a killing will burn their fingers

When a supposedly reputable organization such as Nomura Securities suggests that the price of oil could hit $200 a barrel because of current unrest in the Middle East, questions have to be asked about its intentions.
The Nomura projection is based on both Libyan and Algerian oil production being stopped. Yet there is no indication that Algerian production is about to cease — certainly not at the same time as Libya’s. Moreover, Nomura’s figures do not take into account increasing production elsewhere, such as in Brazil and Russia. In any event, Saudi Arabia has sufficient spare capacity to meet not only a 1.7-million barrel-a-day Libyan shortfall but a 1.4 million b/d Algerian one as well. It has made it abundantly clear in the past few days that it can — and will — pump the extra oil if required. That is a guarantee.

So is the Nomura suggestion a case of straightforward ignorance by researchers out of sync with reality? Or is Nomura deliberating talking up the price?...

...This grossly irresponsible speculation becomes even more absurd in suggestions that unrest could “spread” to the Kingdom and affect Saudi production. Bloomberg, for example, did just that a couple of days ago, on the basis that “unrest in Bahrain, which is linked to Saudi Arabia by a 26- kilometer causeway, has in the past spread across the border.”
Bloomberg evidently knows nothing about what makes the Kingdom tick. The situation is very different to that in North Africa or Bahrain. Saudi Arabia is no more likely the next location of protests than Switzerland or Singapore. The idea would be laughable was it not for the fact that such ill-informed speculation is doing great damage. It is the real cause for the oil price going up....

The 'idea' that oil is becoming more and more scarce due to 'lack of production' is just about as hideous as worrying about The USA Fifth Fleet anchored in Bahrain and unarmed protesters.

Ah, yes and then there is 'The Volt.'

...GM said the 2012 Chevrolet Volt (click here) and the Equinox would come equipped with a new system dubbed "Chevy MyLink" anchored by an 18cm colour touch-screen display in the dashboard....

Everyone carrying out this huge deception that is costing consumers dearly at a time of economic stress should be far more than ashamed.  The Right Wing Media is TOXIC.

Cancer and Birth Defects Possible Outcome of Exposure To BP Oil-William ...

I can't help but wonder if the dispersants are very teratological. Those chemicals have to come out of that water.

The tragedy of the BP Deepwater Horizon disaster is far from over. Every dead dolphin extends the endangered status of the species.

Infants that can't survive outside the uterus and stillborns that were unable to survive in it.  Why does that sound like extinction to me?

Intern Rhiannon Blake, (click title to entry - thank you)  left, and volunteer David Spence of the Institute for Marine Mammal Studies photograph one of four dead dolphin calves being recovered from Horn Island before taking tissue samples on Tuesday, February 22 2011.

 Unless we understand and minimize (click here) the consequences of these factors, bottlenose dolphins may not be around for future generations to admire and appreciate.