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Americans Forget High Oil Prices Too Quickly
When I voted in November, the type of wish you expressed above is what I was voting for. I picked the candidate who I thought most likely to deliver it. Here are some excellent, early signs:
www.reuters.com/articl......
Obama vows strong new financial regulations
Sun Dec 7, 2008 11:06am EST
WASHINGTON, Dec 7 (Reuters) - U.S. President-elect Barack Obama said on Sunday he would put strong new financial regulation at the center of his economic recovery program to force more accountability on the banking industry.
Obama again warned that the U.S. economic crisis, which saw the country lose more than half a million jobs in November alone, would worsen before it gets better.
"As part of our economic recovery package what you will see coming out of my administration, right at the center, is a strong set of financial regulations," Obama said in a taped appearance on NBC's "Meet the Press" television show.
"Banks, ratings agencies, mortgage brokers, a whole bunch of folks (will) start having to be much more accountable and behave much more responsibly.
"We've got to have transparency, openness, fair dealing in our financial markets and that's an area where I think over the last eight years we've fallen short."
end excerpt
How about that last line for a polite understatement? :)
Revving Up the Electric Car
Petrobras: Great for Brazil, Not So Great for Shareholders
Enough oil and porosity makes the sand optional... but if you provide that "toast", I'll provide the tea. :)
Petrobras: Great for Brazil, Not So Great for Shareholders
No one claimed to calculate reserves based on grav or mag. The link was provided to answer the question: "what is so special about BM-S-22 ?"
Honestly V, do you think that Exxon would not have bothered planning these two holes if they had talked to you first? In your judgement, are they wasting their time? If not, why not? Is it possible that the holes WILL be "market makers" ? And if they meet that standard, will the previous 15 Petrobras finds contribute to the big picture, or will Exxon need redrill them all before you will admit that a hole is a hole and a find is find no matter who drills it?
Petrobras: Great for Brazil, Not So Great for Shareholders
Petrobras: Great for Brazil, Not So Great for Shareholders
www.searchanddiscovery...
Read it carefully as it answers your questions about why that block might be something special. Note that this was published before exploratory drilling had penetrated the salt layer in adjacent areas, finding major hydrocarbon reservoirs like Tupi.
Petrobras: Great for Brazil, Not So Great for Shareholders
You are as economical with impartiality as you claim Estrella is with truth. Numerous on-line oil industry publications have reported the reserve estimates for Tupi. Are they all idiots? Are you the only one who sees through a facade? Is Brazil wasting it's money contracting for all those drilling rigs and is Exxon (the grown-ups remember...) wasting their money drilling at BM-S-22?
Petrobras: Great for Brazil, Not So Great for Shareholders
Note that the article has 6 web pages. The comment about 15 wells drilled and 15 finding hydrocarbons is on the bottom of the first page.
excerpt:
Besides affirming that there is no technical barrier to explore under the salt layer, Guilherme Estrella, Petrobras’ E&P director, argues that there must be change in the sector’s regulations because the pre-salt exploration can be seen as low risk exploration activity. According to Petrobras, the discovery of the blockbuster natural gas and condensate field in the Jupiter area in the Santos basin reinforces the notion that there is practically no exploratory risk in the pre-salt layer.
“Of the 15 wells we drilled during the last two years in the pre-salt, each one of them struck oil or gas. In fact, we have been drilling in the pre-salt area since we started drilling in Campos basin,” he says. “All of the pre-salt blocks achieved exploratory success, something that confirms the region’s high prospectivity.”
Estrella, a geologist, is former head of Cenpes, Petrobras’ R&D center.
end of excerpt.
I'd still like an answer from you on why it will be a "market maker" if Exxon announces a find after all these other finds made by PBR ? Why does it only count if Exxon makes a find? What does it take to be a "grown up"? What qualifies you to make such a comment?
Petrobras: Great for Brazil, Not So Great for Shareholders
Crude Oil: How Far Will It Fall?
Why I'm Not Buying Oil's Recent 'Correction'
Russia just increased export tariffs on crude to $70/bbl. Given the enormous output of Russian crude, this number has got to be part of the equation for calculating a new price floor. After all, $70 is just the tariff.... It does not include lifting, profit, or shipping.
Saudi Arabia and Libya have threatened or promised to slash production if oil fell too far, too fast. Although I do not recall a "strike price" being stated, I'd guess they would defend at $100/bbl or so.
The USA crude oil demand experiences very consistent seasonal variations and we are at the second of two predictable summer minima. From the fourth week of July, till the last week of September, demand traditionally builds. Expect this effect to exert itself, even if other political factors overlap.
Abiotic Oil? It is fascinating that the famous Brazilian prospect called Sugarloaf or Carioca will be the subject of exploratory drilling by Seadrill's West Polaris, on behalf of XOM, HES and PBR over the next year. The particular block being drilled is BM-S-22. The basement structure which is responsible from producing this particular hydrocarbon target is a failed spreading center related to earlier rifting tween SA and Africa. Two miles of salts overlie the old rifting center. See this site: www.searchanddiscovery...
Combine this especially attractive prospect with the recent news about abiotic hydrocarbons found at the Lost City Hydrothermal field, and one is forced to wonder if the massive Brazilian sub-salt reservoirs might be created by inorganic reactions between water and ultra-mafic rocks.
Insiders Preparing for Major Drop in Oil Prices
Oil Majors vs. Drillers: The Battle for Profits
Gas Lines Coming This Fall
Speculation and the Price of Oil
"Speaking as a teacher of economics and finance, I would advise my political masters to always assume that they (the suppliers of crude in this case) do have this intention (maximize profit) until they obtain irrefutable proof that such is not the case, because the kind of economics that I study and teach leads me to insist that, theoretically, adjusting supply in such a manner as to keep the dollars rolling in makes all the sense in the world."
So, if the Saudi's do release an extra 500,000 bbl's/day, might that inspire other suppliers to restrict their outputs by comparable amounts?