oil (Page 9)

Over 7 years ago, Dreamland host Jim Marrs said, “It’s all about oil.” Now a major UK newspaper reports that the US has blocked the release of a major assessment of oil and gas activity in the Arctic that may be contributing to the extinction of an endangered species.

In the January 22 edition of the Independent, Daniel Howden writes that the US is preparing to “sell off exploration licenses [to drill for oil in the frozen Chukchi Sea off Alaska, one of the last intact habitats of the polar bear.”

According to Howden, the assessment that was blocked by the US was supposed to “give policy makers a clear set of recommendations on how to extract safely what are thought to be up to one quarter of the world’s energy reserves.”
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At $20 a barrel, there’s a major world oil shortage. At $50 a barrel, there’s enough oil to last well into the next century, regardless of increasing usage. Therefore, the ability of oil to sustain a price much above that level for very long is fictional. This is why Venezuelan president Hugo Chavez intends to ask OPEC to set a minimum price for oil of $50 a barrel. Venezuela’s deposits of extra heavy oil in the Orinoco are the reason. Until recently, the have not been counted among the world’s oil reserves because they were too expensive to exploit. But at $50 a barrel, refining them and selling them is a profitable enterprise. The reserves are truly massive. In fact, the U.S. Department of Energy believes that they exceed the reserves of the whole Middle East.read more

China is booming economically right now, but Chinese officials say that the country has only a few years left before oil prices will make its present economy unworkable. Chinese sources project a doubling of oil prices within five years, no matter if oil is a limited or unlimited resource, because even if it is created naturally within the Earth, usage is far outstripping the planet’s ability to create new supplies. They’re so desperate, they’re even thinking of going to the moon.
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Is there an oil shortage?or isn’t there? We recently put up a report by an economist who says that the world is NOT running out of oil. Now NASA says that there is plenty of methane on Saturn?s moon Titan that is “not biological.” Does this mean that oil?which has always been called a “fossil fuel,” is not biological either, but is continuously being created by geological processes deep within the Earth?
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