The world is heading for a catastrophic energy crunch that could cripple a global economic recovery because most of the major oil fields in the world have passed their peak production, a leading energy economist has warned.
Higher oil prices brought on by a rapid increase in demand and a stagnation, or even decline, in supply could blow any recovery off course, said Dr Fatih Birol, the chief economist at the respected International Energy Agency (IEA) in Paris, which is charged with the task of assessing future energy supplies by OECD countries.
The chairman of the Commodity Futures Trading Commission signaled Tuesday that his agency is likely to limit financial speculators' ability to drive up prices for oil and other fuels.
Excessive speculation, suggested CFTC chief Gary Gensler, drove the price of oil to a record $147 a barrel a year ago, making it unnecessarily more expensive for Americans to heat their homes and fuel their cars.
According to an article in Ward's Auto (subs req'd), when Toyota puts its first production hydrogen fuel cell vehicle up for sale in 2015, the price will be so low it will "shock" the U.S. auto industry. Justin Ward, advanced powertrain program manager-Toyota Technical Center, said that economies of scale will be in place to drop the price down to something that is surprisingly low.
Live Broadcast: Wednesday, June 30th, 2008 - 8:00 PM ET.
While the establishment media tell you that 100-year-old auto companies do not have the brain power to design a car engine that dramatically improves fuel economy, Doug Pelmea went ahead and out-brained them all...or did he? Did Mr. Palmea invent some mysterious new energy technology or is he just the one person who wants the public to know that this kind of technology is not only possible, but is available now!
A racket is best described, I believe, as something that is not what it seems to the majority of people. Only a small inside group knows what it is about. It is conducted for the benefit of the very few at the expense of the masses.
I spent 30-three years and four months in active military service... I was a racketeer, a gangster for capitalism.
I helped make Mexico safe for American oil interests in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Central American republics for the benefits of Wall Street. I helped purify Nicaragua for the international banking house of Brown Brothers in 1909-12. I brought light to the Dominican Republic for American sugar interests in 1916. In China I helped to see to it that Standard Oil went its way unmolested.
IRAQ is set to welcome back foreign oil companies into the war-torn nation to develop the world’s third-largest crude reserves three decades after expelling them.
Eight of the world’s top 10 nonstate oil producers, including Exxon Mobil Corp. and Royal Dutch Shell Plc, are vying for the right to help Iraq develop six oilfields and two natural-gas deposits. More than 30 companies in total are bidding for $16 billion worth of technical service contracts for producing fields that will be awarded in Baghdad on June 29 and 30.
“Iraq is the big prize in the region,” said Raja Kiwan, a Dubai-based analyst at consultants PFC Energy. “It is one of the only remaining areas that provide the level of upside for companies who want to access reserves.”
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