Oil globally began to be harvested in 1825 in Russia. As time when by oil was discovered globally with huge vats in Saudi Arabia.
The year was 1825.
1825.
In the year 1975. That was 1975, USA Crude oil production peaked.
In 1975 the point of no return was realized in the USA. The decline in oil production in the USA would be sharpened by the 1973 Oil Embargo. The USA never harnessed its ability to remove energy production from the fossil fuel sources now in decline. It simply turned to world supplies to supplement its demand.
NEVER ONCE, did USA leadership seek to turn this country into one of economic energy production, it simply grew its military until the ultimate insult to American integrity occurred in March of 2003 and we entered Iraq for no other reason but oil and the well being of Halliburton stock which was abandoned for a Vice Presidential bid by its former CEO, Dick Cheney.
In the year 2005, the year of Katrina, global Peak Oil was reached.
That was 2005.
And what did the USA citizens hear from their President? That they were addicted to oil. Addicted. Right, no different than Wall Street was on a drunk in 2008.
Telling the people of the USA that they were addicted to oil did NOTHING to solve the very real problem that energy globally and in the USA was dependent on fossil fuels. It was not until President Obama came into office that alternative sources of energy and the promotion of higher CAFE Standards became legislative agendas.
Up to January 20, 2009 no USA President ever demanded so much from this country to turn its dependency on fossil fuels into opportunities to independent businesses for solar, wind, geothermal and hydroelectric.
LONDON
...The monthly report (click title to entry - thank you) from the Organization of the Petroleum Exporting Countries (OPEC) on Thursday also reported higher supply from its members as Libya's oil industry recovers, with production almost 1 million barrels per day (bpd) above target levels in January.
OPEC, the source of more than a third of the world's oil, said global demand would rise in 2012 by 940,000 bpd, which is 120,000 bpd less than expected last month. Daily oil use is expected to average 88.76 million bpd....
OPEC disagrees with the USA estimate about oil demand forecasts. I have never known OPEC to deliberately try to bring hardship to other nations by manipulating the oil supply. At least not since the 1973 embargo. Quite the contrary, the nations of OPEC are very mindful of the need for their oil and exactly how much they will release to the market to maintain reasonable costs to consumers.
OPEC noted Libya's oil production is back on line and they do not expect shortages to exist, so much as producing more than enough to go around.
Below is an article from "The Arab News." The price hike is NOT because OPEC has raised prices or cut back production, it is Wall Street. It was Wall Street last time and it is Wall Street this time.
When this author refers to 12-16 cents per liter that is the ONLY profit OPEC or in this instance the Arab Kingdom is reaping. It is all it has reaped for a long time. The article is fascinating. Why? Because of the morality within it. Does the author demand the Kingdom press higher prices? No, he demands the Kingdom cut back on internal uses of fossil fuels, stop polluting and seek more and more use of alternatives and in doing so save the remaining oil of the Kingdom for the future so the country will continue to sell oil longer at 12-16 cents per liter.
The author of the article refers to the crisis facing Saudi Arabia when realizing its sole income is the oil and some petrochemicals. The author is worried about when the oil will run out and the Kingdom will no longer have oil for sale for 12-16 cents per liter.
Howlong can we live on 12–16 cents a liter for gasoline? (click here)
By ABDULLAH AL-ALAMI
Published: Feb 20, 2012 12:54
Updated: Feb 20, 2012 12:54
...First I want to confess that we probably rank on top of the list of countries wasting valuable resources and causing excessive pollution. How long can we live on 12–16 cents a liter for gasoline?
Frankly speaking we need to cut down on unrestrained domestic fuel consumption at all levels. We need to realize that our economy is dominated by fossil fuels, the only products we export are oil and some petrochemicals.
Chatham report explains why the need for change is urgent, and what options and challenges we face in trying to address the politically sensitive issue of domestic energy prices.
The report emphasizes the notion that our domestic energy consumption could limit our exports of oil within a decade.
Is this a shocking statement or what? We need to recognize that over 80 percent of our national expenditure depends on oil revenues. We need to realize that reviving a plan from 2008 to restore production at the mothballed fields is good but not the solution....
The problem today the USA faces with burgeoning costs of a gallon of gasoline reaching $4.00 is the same as it always has been SPECULATION. We have been here before and it wasn't very long ago.
Besides that the problem the USA faces with increasing prices on gasoline is the same as it always has been, we have had primarily Republican leadership in the federal government for over 30 years or is it closer to 40 years by now with rare exception and now we have obstructive politics in the Senate and extremist legislation in the House.
Oil production started in 1825. Two hundred years ago. It is finite, we know it is finite, we have always known it was finite, but, the REPUBLICANS have no ideas and this is the result. Is there sincerely anything else to say while the GOP continues to build wedge issues instead of solving the nation's problems?
THIS. This is what is on the minds of the Saudi King and his nation today. Not how to scalp more money out of the West.
And certainly not how to best develop the next wedge issue of the GOP.
And certainly not how to best develop the next wedge issue of the GOP.
A Syrian man (click here) touches the face of his son who was killed by government shelling in Homs. (AP)
By ARAB NEWS
By ARAB NEWS
Published: Feb 23, 2012 00:56
Updated: Feb 23, 2012 00:56
JEDDAH: Custodian of the Two Holy Mosques King Abdullah told Russian President Dmitry Medvedev that dialogue on Syria was "futile." He said Russia should have coordinated with the Arabs before using its veto against the UN Security Council resolution on Syria.
King Abdullah made this comment during a telephone conversation with Medvedev. According to the SPA, the Russian president called the king and discussed the situation in Syria, other regional issues and ways to boost bilateral ties.
Medvedev expressed his country's stand on the Syria issue while King Abdullah said Saudi Arabia would never back down from its religious and moral stand on events taking place in Syria....
