Thursday, June 03, 2010

Time for a "New Euro;" EIA Confirms Peak Oil; US: No Nuke in Gulf

From Jenna Orkin

Headlines
Everyone Missed It, But The EIA Just Totally Confirmed Peak Oil
Time for a 'new euro'
This, the day after announcement of the Wocu.
U.S. debt officially tops $13 trillion, first time in history
Son of a Farmer, Child of the Earth
Foreword by Richard Heinberg. youtube video promoting the book.
JO comment: This is an invaluable resource for anyone likely to experience the changing paradigm ahead.

Oil Disaster
Nuclear Option on Gulf Oil Spill? No Way, U.S. Says
BP's 'damn hole' - take six
James Cameron and Kevin Costner among those trying to help plug leak.
BP Needs 'Lottery Win' to Seal Oil Leak at First Try
An Oil-Eating Microbe That's Been Around Since 1989 Could Single-Handedly Clean Up BP's Entire Oil Spill
Physicist Michio Kaku on BP Disaster:
"Obama may have to call out the military."
Goldman Sachs Sold BP Shares in 2010 First Quarter
Wall St. Sees BP as Buying Opportunity
What Drives the Price of Oil

Economy/Resources
Global Debt Bomb - Forbes
China Freaks Out The World By Announcing Restrictions On Export Of Metals Crucial For National Defense
China's metal stranglehold
Government investigates resource shortages
The Flip Side of China's Economic Miracle
West moving towards deeper financial crisis China Daily
High frequency trading making markets more volatile than every Newsweek
Jobless rate rises in most US cities WSJ
Chronic Joblessness Bites Deep
"Nearly half of the unemployed—45.9%—have been out of work longer than six months, more than at any time since the Labor Department began keeping track in 1948."
One Store in Seven Closed in Sacramento
Personal Bankruptcies Jump 9% In May, And The Outlook For The Year Has Been Jacked Up
In Two Florida Counties, Foreclosures Up 800% Over Ten Years Ago
35% Jump in Foreclosures Over First Quarter of 2009
Commercial Real Estate Values Down 40% Since 2007
Wall Street bullied us, claim ratings agency staff
"Staff at the credit ratings agency Moody's were bullied by Wall Street bankers, harassed by profit-hungry bosses and starved of the time and resources they could have used to check their disastrous ratings of mortgage derivatives, an inquiry into the causes of the credit crisis was told."
US Mint Out Of Not Only Silver But Gold American Eagles As Well - from Rice Farmer

Quote of the day:

If you can’t see the bear market’s final lows in your rear view mirror, they must be ahead of you.
– Bill Bonner, The Daily Reckoning

Terror/Intelligence
Lieberman Bill Gives Feds 'Emergency' Powers to Secure Civilian Nets
Long Range Acoustic Device (LRAD) G20 Pittsburgh
Former minister: I misled MPs over hooding of prisoners in Iraq

Israel

An Assault, Cloaked in Peace
Israeli response to accusations
Erdogan Tests Turkey's Role as Bridge
Turkey may be turning from being a mediator with Israel to being an ally of Syria
and Iran.

Environment/Science
Out of their tree: virus blamed as drunken parrots fall from sky
Eat less meat to save the planet - UN
Muddying the Waters Dept: Pearce rejects overpopulation fears
Salmon Study Pits Fish Against Alaskan Mega-Mine
San Francisco to host 1st annual Medical Cannabis Cup

19 comments:

businessman said...

Reading that article about the Lieberman Bill reminded me of the changes that were made transferring the power to Dick Cheney to respond to an event like 9/11...before the event happened.

A peon said...

Blagojevich trial may entangle Obama

Don Hynes said...

The Assault Cloaked as Peace is pure Israeli propaganda. That they can claim a major Op Ed piece in the NYT to front this nonsense just demonstrates (again) the absurd state of our main stream media and the power of the Israel lobby.

Kieran UK said...

Goldman Sachs Sold BP Shares in 2010 First Quarter

Interesting link, but slightly more interesting is the name at the top of the list "The Vanguard Group" who dumped almost 1.4 million shares on 31st March

Founder of the Vanguard Group is John C Bogle, tap that name into google along with Bush & Cheney.

OK, it's perfectly feasible they're just good buddies, but it's like they had a crystal ball when it came to dumping shares in BP 20 days before Deepwater Horizon blew a gasket.

businessman said...

Did Russia really produce the successful results from oil drilling that are described within this article? Or is this article complete B.S.?

Confessions of an Ex-Peak Oil Believer

Joy said...

Savvy large investors knew of several good reasons to dump BP stock. BP has had a series of disasters related to cost cutting and poor maintenance. The pipeline spills in Alaska and the Texas City refinery explosions were bad enough. Then reports filtered out about severe problems with the Atlantis platform. But the icing on the cake was BPs own report to the MMS of collapsing production from the Thunderhorse platform.

Anyway, no one needed a crystal ball to see that BP was a financial disaster waiting to happen. Nothing to do with Deepwater Horizon. Ironically, DWH was the pride of the fleet with a sterling safety record. DWH was sunk largely due to the arrogance and stupidity of BP company man on the rig Donald Vidrine, who ignored good advice from Transocean engineers. The fact that a nimrod like Vidrine was in a position of responsibility is symptomatic of a sick corporate culture at BP, and related to all of BPs other problems.

Joy said...

Savvy large investors knew of several good reasons to dump BP stock. BP has had a series of disasters related to cost cutting and poor maintenance. The pipeline spills in Alaska and the Texas City refinery explosions were bad enough. Then reports filtered out about severe problems with the Atlantis platform. But the icing on the cake was BPs own report to the MMS of collapsing production from the Thunderhorse platform.

Anyway, no one needed a crystal ball to see that BP was a financial disaster waiting to happen. Nothing to do with Deepwater Horizon. Ironically, DWH was the pride of the fleet with a sterling safety record. DWH was sunk largely due to the arrogance and stupidity of BP company man on the rig Donald Vidrine, who ignored good advice from Transocean engineers. The fact that a nimrod like Vidrine was in a position of responsibility is symptomatic of a sick corporate culture at BP, and related to all of BPs other problems.

Nihil Matters said...

Here we go again with the "known unknowns" and "unknown unknowns"...but at least the DOI is admitting that the 'official' estimate of the oil flow is at the low end of the low end of the estimates.


"To the extent that there are other unknown processes that remove oil naturally from the system that are unaccounted for, there may be “unknown unknowns” in this analysis as well. Therefore, further scientific investigation could push these estimates higher." ... "It would only account for the known unknowns, but not the unknown unknowns that might be revealed if one could actually calibrate these methods against a known flow rate given the complex multiphase and flow behaviors at high pressure. The experts concluded that the effect of the unknown unknowns made it more difficult to
produce a reliable upper bound on the flow rate."

Summary Preliminary Report from the Flow Rate Technical Group
Prepared by Team Leader Marcia McNutt, U.S. Geological Survey

Nihil Matters said...

A video that you probably don't want to see...

Ocean currents likely to carry oil along Atlantic coast

Mitchell said...

businessman, from the article you cited:

"An entirely alternative theory of oil formation has existed since the early 1950’s in Russia, almost unknown to the West. It claims conventional American biological origins theory is an unscientific absurdity that is un-provable."

Who cares. Evolution can't be "proven" either, though the best theories have potent predictive power.

M. King Hubbert got it right with his very powerful PREDICTIVE theory of oil well depletion. US in ~1970, world in ~2000 (he missed that by a few years).

If Earth really has an all-you-can eat oil buffet in its creamy center, why are all the great fields crashing, and why are we drilling a mile beneath the ocean?

I'm sure you know all that...you probably were just asking a question about Russian results...but I had to rant.

OregonSurvivor said...

@businessman:
Excellent question. But didn't the abiotic oil theory get trounced as reported at FTW in 2006?

"The geological evidence is utterly against the abiogenic postulate.
...We fully agree with Dr. Clarke: the geological evidence does not support the abiogenic hypothesis. "

From No Free Lunch, FTW January 2005.

Nihil Matters said...

A few pictures taken today of Louisiana's East Grand Terre Island...

RanD said...

These Oil-Eating Microbes definitely look like the ticket. Seems like an FTW blogger also pointed this out a couple or so weeks ago.... Check it out, right here on this Thursday, June 03, 2010 FTW blogspot front page:

http://www.businessinsider.com/an-oil-eating-microbe-thats-been-around-since-1989-could-single-handedly-clean-up-bps-entire-oil-spill-2010-6

Tptb charged with overseeing & cleaning up this oil spill mess need to get busy buying and spraying these microbes!

gary97209 said...

More on the Oil Eating Bacteria. A couple of local news reports and then NOTHING. There seems to have been a total news clamp-down on this subject.
http://www.youtube.com/watch?v=lph-6PPZWbE

http://ospreybiotechnics.com/news.html

agape wins said...

RanD

BP does not want to "Eat Up" the
Oil, they want to "Recover", use
SELL, as much as they can, no
matter how many die!

AMAE.

RanD said...

agape wins

You're of course perfectly correct, "BP does not want to 'Eat Up' the Oil, they want to 'Recover', use SELL, as much as they can, no matter how many die!" I was just being rhetorical, facetious, filling in time, twiddling my thumbs, fishing for the dummies ('us') to wake up to what's really going on so we can get this bullshit corn ball silly game over with.

Glad to see you still checking in from time to time. We're doing well over here... growing some pretty fair garden, living kinda like pre-Columbian Wampanoag Moravian Americans. Consuming very little petroleum but way too much of it still; like money, it's virtually impossible to avoid.

Life's great and needs to be better.

eyeballs said...

Drop a nuke on it. Spray it with microbes, hit it with tons of toxic dispersants. Surely technology can solve all the problems technology creates. Nicht war?

In fact, the notion that "just over the horizon, technology will make things really, really good" is as old as steam-powered spinning mills. And it's always failed to satisfy. The world was a nicer place before the industrial revolution. It was a nicer place before the first oil well started gushing. It was a nicer place when I was born. It was a nicer place a few months back. And blundering technology is the reason it is not so nice today.

You don't know what it would do to the world to throw boatloads of "microbes" into the ocean. Nobody does. Why can't anybody accept that this cock-up is a direct result of doing stuff we don't understand? Why can't people just stop trying to do MORE stuff we don't understand while continuing to do more of the SAME stuff we don't understand?

I can just see the arguments later: we can't drill in the ocean because of these damned environmentalists so we better jump on CLEAN AND SAFE NUCLEAR POWER!

agape wins said...

6,04,10; THIRD try, 12:28am.

http://tinyurl.com/3yv5rwl

Read the Literary Merits section.
If you want to read all of it.

http://tinyurl.com/3ybcwzb

I am not a joiner, or Missionary, I have found Value, even an underlying commonality, in all unknown/unknowable faith' teachings, even in the profession of none(?).

I, MYSELF, alone, have to take responsibility for where we are;
I can not shuttle the blame to another, my brother, or least of
all someone else posting on FTW!
My posts are AIMED at those who seem bent on claiming they could have, were able to/DID
(except for),MAKE A DIFFERENCE.
I AM, we all are accountable for where we are; did you demand
regression, have you always "Line Dried" your clothing,were you shot,
or tortured to prevent "Improvement"?
I allowed myself to be drafted, & "served Honorably", because it was
"Better" than fleeing or going to jail. I stood by as our food reserves were reduced, and then declared "Unnecessary"!

http://tinyurl.com/33gxdun

MY "playing the game", instead of continuing to farm, as my uncle had, with Horse's, & "Organic", before it had a name! MY "OH-AHH" at every improvement, with little thought of the ultimate cost, has brought Me--
along with you all, to where we are with "Deepwater Horizon"!
Did you really think it would become safer to tap a decreasing supply?

Wheels:

Have you ever followed a horse across a 20 Acre field, rode a Spring (Dump)Rake, or Corn Binder at 2 mile per hour? If you were your Grandfather, you would want to make it as easy on your "locomotion" as possible,
unlike a Gas engine, a tired Horse works less, dies sooner, And that
Clydesdale could just take your head off!

Short, wide wheels forced by "Refined" energy are just part of the negative aspects of "Technology" we have to overcome, in order to return to a "simpler" (more labor intensive), lifestyle.
How are you going to keep your Horse, or Cow, when many want to eat it?
The future is not a walk in the park, if fish are OK 40 miles offshore, how are you going to get them? You and the 10 others you can't/won't agree with?


Jenna requests/BEGS for help!

"As you know, 9/11 was an attack on our nation that killed nearly 3000. What you may not know is that thousands of people are now sick as a result of the World Trade Center attacks from breathing in toxic fumes
and dust that resulted from the collapse and burning of the Twin Towers.
Some of those people were the brave responders who engaged in rescue and recovery operations and some were people who lived, worked or attended school in the densely populated area around the World Trade Center --the civilians who were targeted by the terrorists, and who then courageously rebuilt their communities and their lives in the wake of the worst terrorist attack in US history."

Get real; the USA has never faced up to any Responsibility, from
Johnstown to the returning Vets. of Today, returning to neglect, &
Suicide, the Murder of those they love.
We all are part of an experiment, as in Germany, & Japan, in and after WWII; they have to know what to expect as everything comes apart!

Do you think there is time left? REALLY??

Amae.

Jesse Goplen said...

Just a heads up, that article on one in seven Sacramento businesses being closed is from February. It freaked me out when I read it because our business address is listed in the article as vacant! Then I saw the date. :)