oil

Oil price jumps: So much for that release of oil from the Strategic Petroleum Release

by Lee on July 1, 2011 1:00 am · Comments/Link

Just a week ago, we were told that releasing oil from the Strategic Petroleum Reserve was the answer to all our problems.

It would, we were told, cause oil prices to drop dramatically, giving consumers a little extra jingly in the pockets and cause the economy to rebound with a vengeance.

So much for that theory. Zero Hedge explains:

… the IEA’s action has now been fully priced in and WTI is back to precisely where it was before the IEA announcement on Thursday. Which means that what some said was a shadow QE (and don’t get us started on all the mainstream media “journalists”, among which Bloomberg and CNN, who continue to confuse QE Lite with something they call QE 2.5) had a half life of just over 3 days. Expect future intervention half lives to continue declining, as the criminal banking cartel’s ammunition is now down to just one thing, the only thing, printing.

In other words, we’re in a gunfight and we’re out of bullets.

oil-price-jumps

Source: Zero Hedge

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5 Things that Keeps Gary Shilling Up at Night

by Mark on March 22, 2011 12:50 pm · Comments/Link

Stocks are up, the VIX is down and Dear Leader is in charge of America. What is hell could there be to worry about?

Gary Shilling, author of The Age of Deleveraging, has a few things troubling him. Things like coming trade and current account deficits in Japan, a hard landing in China, a continuing housing crisis that will see another 20% fall in prices, an oil shock and the European sovereign debt crisis. He never gets to the latter in the video, but we know it’s #5.

Source: Yahoo Tech Ticker

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Weak American President Accepts Prospect of Nuclear-Armed Iran

by Mark on March 10, 2011 9:17 am · Comments/Link

Hello Iranian nukes. Goodbye Israel. Goodbye chance of freedom in Middle East. Hello $300 oil. Hello worldwide economic collapse. Hello WWWIII. Thank you Mr. Obama.

During the four days between Thursday March 4 and Monday March 7, the Obama administration switched its Iran policy. As rocketing oil prices triggered by the Arab Revolt wiped out the damage caused the Iranian economy by sanctions, Washington confirmed the worst Saudi and Israeli suspicions that America had no intention of acting to stop the Islamic Republic attaining nuclear weapons, although it held Israel back from doing so when it was more feasible.

Read the rest: DEBKAfile.

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Middle East oil war spreads: Iraq refinery blasted and demonstrations in Saudi Arabia

by Mark on February 26, 2011 9:18 am · Comments/Link

Al Qaeda is hoping the world keeps their eyes fixated on Libya, so they can work to disrupt oil and gas and work to overturn governments elsewhere. From Debka this morning:

Iraq’s biggest oil refinery at Baiji, 180 kilometers north of Baghdad, was blown up early Saturday, Feb. 26, by an Al Qaeda cell activated by the Iranian Revolutionary Guards Al Qods Brigades…Thursday night, Feb. 24, saw the first signs of unrest in Saudi Arabia with demonstrations by young people demanding reforms of the kingdom’s system of government and by Shiites living and working in the kingdom’s oil-rich eastern regions…They also demanded the release of detainees rounded up by Saudi security authorities among the two million Shiites living and working in the main oil centers of Saudi Arabia to nip potential unrest in the bud.

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Boone Pickens: “Be careful counting on the Saudis”

by Mark on February 25, 2011 14:54 pm · Comments/Link

Watch Boone Pickens, who was on CNBC this morning and once again railed on the United States government for not having an energy policy — the only developed country in the world without one. He also said to not count on the Saudis to fill the gap of disrupted oil from Libya — no one has ever audited their reserves. He sees $120 oil.


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Bahrain’s Unrest More Important than Libya’s

by Mark on February 25, 2011 8:43 am · Comments/Link

We’re all focused on Libya right now. Stepping aside the devastating human side of the civil war, the world is concerned about the disruption of Libyan oil. But we missing a much larger potential oil problem in a much smaller country, Bahrain, according to Stratfor. Listen to Analyst Kamran Bokhari explain the dangers.

[Click to watch video and read transcript...]

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Mohamed El-Erian on the Middle East, Stagflation and Oil

by Mark on February 22, 2011 14:11 pm · Comments/Link

Mohamed El-Erian, CEO and co-CIO of Pimco, showed up on Tom Keene’s Bloomberg TV’s show called “Surveillance Midday.” They discussed the Middle East, oil and stagflation.

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Congratulations on your 10% Stock Gain. Big Deal.

by Mark on January 1, 2011 10:40 am · Comments/Link

Feeling good about the 10% the U.S. stock market gained in 2010? Forget about it. Or as Peter Schiff says in this video, big deal. Against other currencies, metals and commodities, you lost ground.

While we’re in Peter Schiff mode, here’s a debate he was in yesterday on some of the same subjects, and offers predictions for 2011:

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