To my mind, that pretty much sums up the U.S. energy policy to date. We have a "plan", and the "punch" is coming. The GOM was, perhaps, a "stiff jab", but it was no power-hand cross to the chin - at least not yet.
I await, with great anticipation, the President's communique from the Oval Office tonight.
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The GOM represents 30% of the U.S. domestic production of Crude Oil, and 13% to 15% for Nat Gas. My bet is that the drilling ban will not be around for long (and of course, I could be wrong). My sense is that as imports continue to decline, the 500k bpd that will end up missing from domestic production in 2013 on would be just too painful to withstand politically - UNLESS the POTUS does an incredible job of communicating and selling the truth of our circumstances to the American people and having the American people accept responsibility. That, too, will require the cooperation of the various special interest groups that are hell bent on CONTROLLING people and compromising liberty... in short, I think we are F&(&^^ed.
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Our lives have become one great, big child's symbol book. EVERYTHING is symbolism. Everything is STYLE, not a shred of substance. One cannot protest BP on FaceBook. One cannot even protest BP by buying another company's gasoline. Oil is a fungible market. Spit in the Ocean in California, and the sea levels rises in the Arctic. Same with Oil.
Wanna protest? Wanna Boycott? Park your car and walk. Not willing to do that? Shut up. Best to be quiet when you are nothing more than "Just Another F*%&ing Observer".
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The decline in the Euro has serious implications for U.S. companies doing biz in the Euro zone - none of them good. Beware Tech - the earning will not be there are this exchange rate. Beware Financials, too. Housing is still sick, and commercial property is starting to cough up blood.
9 comments:
The Euro is just back where it started. The dollar fell first then the Euro has fallen since.
Next has to be the yen - defying gravity at the moment.
As all currencies are falling against commodities and oil it doesn't make a lot of difference WHAT currencies you're denominating in.
I note the Administration comments (again) about China revaluing the Yuan. If they do that imagine the buying power of their reserves!
I wonder how many of these boycott believers actually know or have even researched how BP failing could backlash against them.
The same applies to the ban on drilling. As for that not lasting how long will it take for the rigs to be moved back if they are on their way to Brazil?
Interesting times and ya we are f$%ked.
Props on the funny title and the quote, isn't that the truth. The best laid plans of mice and men.
-Meiyo
Greg,
I am still trying to figure out; " American people accept responsiblity". I know you are right, but what exactly would be "responsilible" at this time. I am at a loss for now. All ideas lead down a bad road at this point.
Also,I have been reading that BP has been collecting about 10,000 barrels per day,give or take,and expects to collect 15,000 barrels or more in days to come. SO what would the closer number be for the already escaped oil for the first 44 days prior to the cap? 220,000barrels total( 5000 daily), 440,000 barrels (10,000 daily ), how about 880,000 barrels daily or 3+ Valdez spills. This does not include oil escaping since June 4 th capping. Yeap,SNAFU.
peace
The world is going great. The
Big10 just got more powerful. If everyone would just back off from the cliff and know that shrimp taste better in OIL. :)
Hey I'm wondering if any of you oil experts are aware of reports claiming that there is another oil leak in the gulf that is 1,200 meters below the BOP riser. Apparently a lake of oil is accumulating and is thus eroding away the seabed under the BOP riser.
It seems that by trying to cap the oil flow at the BOP riser pressure has built up down in the sea floor and oil is spilling out from the pipeline since the casing is gone. This flow rate is about 100,000 barrels/day. It makes sense that now BP is increasing the flow of oil through the BOP riser and trying to capture it instead of having the pressure leak out elsewhere but the damage has already been done. I'm no oil expert, but don't you think this can collapse the seabed and expose the gulf to the entire oil reservoir below? I want to hear thoughts if this is plausible since the government and BP are withholding information.
Matt Simmons has said from the beginning that all that oil could not have just some from the pipe that is so famous in the live video. But I haven't heard from him in a week.
Holy $^&*!!!!!!!!
http://www.theoildrum.com/node/6593#comment-648967
Dex,
I like shrimp breaded and fried in light oil, but these BP cooks got the recipe all wrong. Think vegetable oil with a bit of bacon fat, not Chinese sesame oil with a bit of sulfur.
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