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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Snowshoe who wrote (55447)	11/2/2004 10:54:42 PM
From: Ilaine	Respond to of 74559

Here are some exercises for your edification: How many barrels of oil are in the SPR? How many days will that sustain US consumption? What percentage of the world's proven reserves of oil are in the Middle East? What percentage of the world's total consumption of oil comes from the Middle East? What is the definition of the word "fungible", and why is this relevant to the discussion?

To: Snowshoe who wrote (55447)	11/3/2004 3:29:47 PM
From: Maurice Winn	Read Replies (1) \| Respond to of 74559

<OTOH, I agree with Kerry's support for better gas mileage. Not sure I like the CAFE mechanism, though. There may be getter alternatives.> Tax! Cut income taxes, and sales taxes and whack a huge tax on oil imports. Imports are easy to see, police and tax, and high taxes will encourage use of alternative fuels, conservation and smaller vehicles. At $10 a gallon, that should prompt some savings. If people still want to buy the stuff, they could afford it using their matching income tax cuts. A border tax would fund border protection. Taxes should really all be raised at borders, because a vital purpose of government is protection of the state, and foreign attack has been the historic greatest danger to democratic countries. Internal security is dealt with by the vote, ensuring the majority is in charge. It would also cut CO2 emissions if that's a desirable outcome. I wonder if they are filling the strategic petroleum reserve with oil from a reservoir in Texas, which would be silly. The French have nuclear reactors, which keep running whatever the price of oil. The Chinese have a lot of coal, which they can go on digging. Islamic oil isn't really that big a deal in the total energy equation of the world these days, let alone in GGP [Gross Global Product]. If all of Saudi oil stopped flowing right now, it wouldn't matter that much. It would ding the world's economy, increase oil prices a lot but wouldn't matter too much. Iraq's oil, which is of similar reserves to Saudi, was shut off for a decade, which was great for oil industry profits and for the profits of Texan production and North Sea production and North Slope production [friends of King George II and Blair]. I'm pretty sure that keeping Iraqi oil competition at bay to protect higher-cost "western" oil was a factor in the sanctions against Saddam. Follow the money and see who benefited. Note BP share price, and profits, for example. Anyone producing oil, or energy, has done very well. Saddam was suckered by Glaspie and King George I. whatreallyhappened.com Here's the green light for Saddam to take Kuwait: <We have no opinion on your Arab - Arab conflicts, such as your dispute with Kuwait. Secretary (of State James) Baker has directed me to emphasize the instruction, first given to Iraq in the 1960's, that the Kuwait issue is not associated with America. (Saddam smiles) > In solving crimes, answering the question, "Who benefits?" is a good start. Here's the benefit: <I have direct instructions from President Bush to improve our relations with Iraq. We have considerable sympathy for your quest for higher oil prices, the immediate cause of your confrontation with Kuwait. > It's not quite true to say that Osama's attack on the Twin Towers was an unprovoked surprise out of a clear, blue, sky. Oil and the Middle East/Asia Minor dramas, and empires, and imbroglioes go back to antiquity, each step leading to the next. Plus ca change, Mqurice