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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (9039)	4/10/2009 10:09:29 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 24213

Peak Oil: China vs. USA Michael Fitzsimmons, Seeking Alpha Anyone catch Steven Kopits’ article in Barron’s this weekend titled “A Global Portrait of Peak Oil”? In it, Kopits echoes thoughts I have written recently on how badly the US is being outmaneuvered by China with respect to energy policy. While US politicians and policymakers continue to hold meetings in Washington, DC in an attempt to solve a commodity problem (oil) with financial tom-foolery (it simply will not work), let’s look at what China has been up to: China lent Petrobras (PBR) $10 billion to fund the company’s offshore exploration in Brazil’s pre-salt oil fields. In return, China locks up long term oil deliveries from Petrobras amounting to 160,000 barrels per day. China lent money to Russian oil companies Rosneft ($15 billion) and Transneft ($10 billion) in return for oil supplies and a new pipeline spur to China. For China, the agreement locks up 15 million tons of oil (300,000 bpd) every year for the next 20 years. China and Venezuela have signed agreements and invested in a $12 billion fund to finance and develop oil projects, infrastructure and agriculture with a goal to boost Venezuelan oil exports to China from 330,000 bpd to 1 million bpd by 2015. In each case, Chinese President Jintao met in person with the leaders of Russia, Brazil, and Venezuela to underscore the strategic significance of these deals. What a contrast to the United States’ “strategy”. (9 April 2009) The Barron's article is online: “A Global Portrait of Peak Oil” (see end of page). seekingalpha.com