Archive for the 'Oil Market' Category

Aug 01 2007

Reviewing Linda McQuaig’s “It’s the Crude, Dude”

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iraq-explained

by Stephen Lendman

8/1/07

Linda McQuaig is a prominent, admired, and award-winning Canadian journalist writing about vital issues of concern to everyone. She was a national reporter for the Toronto Globe and Mail before joining the Toronto Star where she now covers Canadian politics with her trademark combination of solid research, keen analysis, irreverence, passion and wit. She’s easy to read, never boring, and fearless. The National Post called her “Canada’s Michael Moore.”

McQuaig is also a prolific author with a well-deserved reputation for taking on the establishment. In her previous seven books, she challenged Canada’s deficit reduction scheme to gut essential social services. She explained how the rich used the country’s tax system to get richer the way it’s worked in the US since Ronald Reagan and then exploded under George Bush. She exposed the fraud of “free trade” (never called fair because it isn’t) empowering giant corporations over sovereign states while exploiting working people everywhere.

She also showed how successive Canadian governments waged war on equality since the 1980s, and in her latest book, “Holding the Bully’s Coat - Canada and the US Empire,” she takes aim at the conservative Stephen Harper administration’s allying with George Bush’s belligerent lawlessness and phony “war on terrorism.” Canada chose not to be part of Washington’s concocted “coalition of the willing” in Iraq but partnered in its war of aggression and illegal occupation of Afghanistan.

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Jun 08 2007

Gas Prices Could Go Up - Way Up

Published by cyrano2 under Oil Market

by Rowan Wolf

6/6/07

Hold onto your hats folks. Gas prices could skyrocket shortly due to cyclone Gonu which is hitting Oman and heading into Gulf of Oman. This could have a significant effect on oil fields, production facilities and shipping. There is an extensive discussion at the Oil Drum at this link and the most recent thread at this link. I will try to summarize the high points.

Gonu has hit Oman and is heading on into the Gulf. The reports range from this being the most powerful storm to hit Oman in 60 years, to reports that no cyclone has ever entered the Gulf of Oman. Storm surges of 10-15 feet are expected to hit the coast of Iran. This will definitely impact shipping in the region - even oil shipping.

According to Oil Drum, Oman produces 774,000 bbl/day, and their operations could be impacted for 30 days or more. Combined with other likely impacts in the Gulf of Oman, there could be a drastic reduction in oil movement out of the region.

(The image above - Courtesy of Wired News, looks at reasonably current gas prices around the world.)

You can visit the Hurricane Tracking Center to see the updated path and impact of Gonu. Go about 3/4 of the way down the page and look at the USGS Interactive Map of Geology, Oil, and Gas Fields of the Geological Provinces of the Arabian Peninsula. See The Oil Drum for more extensive information.

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