some notes on energy situation, world factors important
this is from an email to a buddy
who believes the energy price situation is largely driven by politics
Bushy element and Iraq, with backfire
it is far more than that
here is my message, just for the record
this might be of interest to somebody
/ jim
you consistently NEVER observe CHINA, up 50% yr/yr in oil imports
they have something like 15 cities bigger than Philadelphia, but you could not name three of them
Saudi Arabia (according to my energy expert sources) is now in deep decline in their largest "elephant" oil field named Ghawar
they must pump pressured water into their wells in order to extract oil from this 50-yr old field
look for the Saudi Royals to depart or be driven out, just when the nation's oil goes into declining production
your views are always solid domestically on many factors, but overly tilted toward politics
but you miss the world picture
Vermont is a housefly on the US Economy's hippo backside
but a pretty state with good leadership
in summary on oil, from my view, after learning much in the last year, working hard
- Saudi major fields have no extra capacity, with Ghawar in decline
- China is major new buyer, adding to demand, with growing middle class
- no new US gasoline refineries since 1971, when environmental laws got strict
- Venezuela is 2nd biggest exporter of oil to US, in disarray from marxism, reduced production
- 45% of US cars are SUV hogs, most new homes constructed are oversized
- Idiot Prince Bushy has seen his Iraq private war backfire on oil price, Saudi instability
- Russia's appropriation of Yukos gas firm threatens exploration and production
- there is a very serious shortage of tankers to transport oil
- Hubberts Peak claimed US in oil production decline since 1970, world in decline in 2005
these are the major factors involved
you never mention ANY of them
most Americans are unaware of most of these points
your view is tied to domestic politics, which have little bearing on the energy situation
the Strategic Petroleum Reserve is now an issue, but a small item in the large picture
but then again, your view is almost always tied to politics, just like with finances
take it easy
I stick with my call
gasoline will soon go over $2 again
and in a year or so, it will never go below again
supply is not rising
demand is rising with a storm of Asian growth
/ jim |
