Study Guide: Oil

Libya Oil Chief: Production Down 50 Percent, 2/28/11

http://www.npr.org/templates/story/story.php?storyId=134103034

  • Libya's oil chief said Monday that production had been cut by around 50 percent, and argued it was "safe" for foreign oil workers to return after a mass exodus sparked by Moammar Gadhafi's increasingly violent campaign to retain control of the country.
  • Libya produces about 1.6 million barrels per day of crude oil, and about 85 percent of its exports are Europe-bound.

Here are some helpful stats for coverage today, from the Energy Information Administration:

  • Libya holds 44 billion barrels of oil reserves. That is the most in Africa, dwarfing the 37.2 billion barrels in Nigeria and far ahead of a country like Egypt, which  held just 3.7 billion barrels
  • Interestingly, oil production isn’t that big. It peaked at 3 million barrels in the 1960s and hasn’t come back. The state-owned oil company is scheduled to reach those levels again by 2017.
  • Libya is a big worldwide supplier, mostly to Europe. Thirty-two percent of oil is exported to Italy, while 14% goes to Germany. Ten percent goes to China and 5% comes here to the U.S.
  • We imported about 80,000 barrels a day from Libya in 2009. The most was 2007, when we imported 117,000 barrels a day.
  • Libya’s reserves represent 3.24% of the worldwide supply. That makes it the planet’s ninth-largest source of reserves.

Prices of crude oil and gasoline rise as violence in Libya upsets markets

http://www.washingtonpost.com/wp-dyn/content/article/2011/02/24/AR2011022404720.html <http://www.washingtonpost.com/wp-dyn/content/article/2011/02/24/AR2011022404720.html>

  • For U.S. consumers, higher oil prices most directly affect drivers and truckers, who devour the vast majority of U.S. petroleum products. U.S. pump prices for regular gasoline jumped 4 cents a gallon overnight, to $3.23, an eight-cent increase in the past week and 55 cents more than a year ago
  • The price of crude oil has surged since Libyans began a revolt against leader Moammar Gaddafi last week, although it has been climbing for most of the past year. Goldman Sachs analysts warned in a report that Libya's unrest created "significant upside risk" and reduced the ability of the Organization of Petroleum Exporting Countries to respond to further supply disruptions.

Gas prices surge 17 cents in a week

http://money.cnn.com/2011/02/26/news/economy/gas_prices/index.htm <http://money.cnn.com/2011/02/26/news/economy/gas_prices/index.htm>

  • NEW YORK (CNNMoney) -- Gas prices have increased 17 cents a gallon in the past week. And analysts expect prices to continue higher, following a sharp rise in the price of crude oil.
  • The national average price for a gallon of regular gas rose 4.6 cents to $3.33, motorist group AAA said Saturday. That marks the fourth day in a row that prices have risen, and brings the national average to the highest level since October 2008.
  • The spike in oil last week could translate to an increase in gas prices of 37 cents per gallon in the coming weeks, according Moody's Analytics economist Chris Lafakis. He estimates that for every $1 increase in the price of oil, retail gas prices typically rise 2.5 cents a gallon.

New Study Shows That Offshore Drilling Could Make Alaska the Eighth Largest Oil Producer in the World – Ahead of Libya and Nigeria

http://www.northerneconomics.com/pdfs/ShellOCS/National%20Effects%20Report%20FINAL.pdf <http://www.northerneconomics.com/pdfs/ShellOCS/National%20Effects%20Report%20FINAL.pdf>

http://www.cnsnews.com/news/article/new-study-shows-offshore-drilling-alaska# <http://www.cnsnews.com/news/article/new-study-shows-offshore-drilling-alaska>

  • (CNSNews.com) – A new study <//www.northerneconomics.com/OCS/National>  says drilling on Alaska’s Outer Continental Shelf (OCS) could make Alaska the eighth largest oil resource province in the world -- ahead of Nigeria, Libya, Russia and Norway.
  • The report -- by the consulting firm Northern Economics and the University of Alaska-Anchorage’s Institute of Social and Economic Research -- says that developing Alaska’s OCS could produce almost 10 billion barrels of oil and 15 trillion cubic feet of natural gas, create around 55,000 new jobs and produce $145 billion in new payroll nationally, generating a total of $193 billion in government revenue through the year 2057.

T. Boone Pickens doubts Saudi Arabia can stabilize oil prices

http://www.globalpost.com/dispatch/news/business-tech/110225/t-boone-pickens-saudi-arabia-oil-prices# <http://www.globalpost.com/dispatch/news/business-tech/110225/t-boone-pickens-saudi-arabia-oil-prices>

  • Libya usually ships 1.3 million barrels per day. To partially make up for that shortfall, Saudi Arabia has already increased its production by 700,000 barrels per day, to more than 9 million bpd, Reuters reported today <http://www.reuters.com/article/2011/02/25/markets-energy-nymex-idUSN2524362320110225> . Saudi officials, who are taking steps to ward off domestic unrest, have stated that they could pump 12 million bpd.
  • “I don’t think they have the capacity to do 12 million,” Pickens told GlobalPost. “I’d be surprised if they have the capacity to do 10 million.”
  • If Pickens is correct, that would mean that Saudi Arabia is producing at near maximum capacity. “They’re the only ones who could make up the production shortfall,” Pickens said. “We’ve got to be crazy to bet on Saudi Arabia for everything
  • Pickens based his skepticism over Saudi Arabia’s capacity claims on the country’s inability to pump additional oil from its aging fields prior to the financial crisis, as prices soared to record highs. He stressed that no one can say for sure what Saudi Arabia’s capacity is, due to the lack of transparency in the world’s biggest oil exporter. “They won’t let you audit the reserves, and you don’t really know what the production level is.”
  • Pickens warned that Saudi Arabia essentially has the power to set world energy prices, and states that they haven’t yet stated at what level they intend to do so. “There’s a big energy table, we don’t have a chair there. We’re out in the hall and [the Saudis] come out and tell you what you’re going to pay for it.”
  • He points out that China has far greater control over its oil supply than the U.S. does, importing 5 million bpd from fields that it either owns or controls via debt deals. “They have an energy plan,” he said. “The U.S. has no energy plan.”

China & Oil

http://www.pickensplan.com/china/ <http://www.pickensplan.com/china/>

  • Since Dec 2007 China has spent $262B on petroleum and “loan for energy” deals to secure future oil production
  • These contracts have potential to bring 7.8B barrels of oil to China
  • China has bid on or bought shares in over 25 international oil exploration & production companies
  • China has committed to exploration, production & petroleum infrastructure construction in more than 24 countries (some are US enemies)

http://www.eia.doe.gov/cabs/China/Oil.html <http://www.eia.doe.gov/cabs/China/Oil.html>

  • China consumed an estimated 8.3 million barrels per day (bbl/d) of oil in 2009, up nearly 500 million bbl/d from year earlier levels. During that same year, China produced an estimated 4.0 million bbl/d of total oil liquids, of which 96 percent was crude oil.
  • China’s net oil imports reached about 4.3 million bbl/d in 2009, making it the second-largest net oil importer in the world behind the United States and for the first time surpassing Japan’s imports.
  • EIA forecasts that China’s oil consumption will continue to grow during 2010 and 2011, with oil demand reaching almost 9.6 million bbl/d in 2011. This anticipated growth of over 1.2 million bbl/d between 2009 and 2011 represents about 37 percent of projected world oil demand growth during the 2-year period according to the September 2010 Short-Term Energy Outlook.
  • By contrast, China’s oil production is forecast to rise by about 150 thousand bbl/d to nearly 4.2 million bbl/d in 2011.

Russia Starts Oil Pipeline to China as Putin Looks to Diversify, Dec. 31, 2010

http://www.bloomberg.com/news/2010-12-31/russia-starts-oil-pipeline-to-china-as-putin-looks-to-diversify-exports.html <http://www.bloomberg.com/news/2010-12-31/russia-starts-oil-pipeline-to-china-as-putin-looks-to-diversify-exports.html>

  • OAO Rosneft, Russia’s largest oil producer, and state-run pipeline operator OAO Transneft will sell China 15 million metric tons (110 million barrels) a year for 20 years through the East Siberia Pacific Ocean pipeline, known as ESPO, after China provided the companies $25 billion in oil-backed loans to finance construction and development of deposits.
  • Russia currently supplies crude to China by rail and shipped 1.06 million tons in November, making it the Asian country’s seventh-largest supplier, according to Chinese customs statistics on Bloomberg.
  • Prime Minister Vladimir Putin <http://topics.bloomberg.com/vladimir-putin/>  has said the $26 billion project will diversify the delivery of Russia’s natural resources beyond Europe <http://topics.bloomberg.com/europe/> . Russia also hopes the pipeline will unlock millions of barrels of resources trapped in remote deposits along its path.
  • The ESPO pipeline <http://www.transneft.ru/projects/project/?zpID=4248> when completed in 2014 will span about 4,700 kilometers (2,900 miles), longer than the distance from London <http://topics.bloomberg.com/london/> to Tehran. It will carry oil from Taishet, beyond the west Siberian basin where most of Russia’s oil is produced, to Russia’s Pacific port of Kozmino.

New gas and oil pipelines in Europe and Asia could take the politics out of transportation

March 3, 2010 <March%203,%202010%0dhttp:/www.telegraph.co.uk/sponsored/russianow/business/7361011/New-gas-and-oil-pipelines-in-Europe-and-Asia-could-take-the-politics-out-of-transportation.html>

http://www.telegraph.co.uk/sponsored/russianow/business/7361011/New-gas-and-oil-pipelines-in-Europe-and-Asia-could-take-the-politics-out-of-transportation.html <March%203,%202010%0dhttp:/www.telegraph.co.uk/sponsored/russianow/business/7361011/New-gas-and-oil-pipelines-in-Europe-and-Asia-could-take-the-politics-out-of-transportation.html>

  • The Trans-Asian gas pipeline cost $6.7bn to build and is the first out of the Caspian region that runs east, linking Turkmenistan's massive gas basin with China's west-east gas pipeline. Now Turkmen gas can be sent as far as Shanghai and Hong Kong. The pipeline will carry up to 40 billion cubic metres (bcm) by 2013 – accounting for almost half of China's gas needs.
  • The Turkmen gas pipeline follows on the heels of a new Kazakh oil pipeline to China that rounds out the new eastward-looking energy transport infrastructure. The first phase of the Kazakh oil pipeline went into operation in July last year; a second phase will link Kazakhstan's rich Caspian oil resources to China.
  • Russia has proposed two new routes that run to the north and south of Ukraine to diversify the supply routes: Nord Stream runs from northwest Russia to Germany <http://www.telegraph.co.uk/sponsored/russianow/business/7293128/Nord-Stream-further-agreement-in-the-gas-pipeline-for-Finland-and-Russia.html> ; and South Stream runs from southern Russia under the Black Sea to Turkey. Mr Putin ordered construction to start on Nord Stream at the end of last year, after the pipeline got the last environmental permits from Germany.

Federal judge to Salazar: Stop stalling drilling permits

http://washingtonexaminer.com/blogs/beltway-confidential/2011/02/federal-judge-orders-salazar-act-drilling-permits-within-month##ixzz1FH97aRjE <http://washingtonexaminer.com/blogs/beltway-confidential/2011/02/federal-judge-orders-salazar-act-drilling-permits-within-month>

  • Federal District Judge Martin Feldman today gave President Obama and Interior Secretary Ken Salazar 30 days to act on five applications seeking permits to drill in the Gulf of Mexico submitted months ago by a Louisiana firm
  • Feldman had strong words for Obama and Salazar, noting that "the government is under a duty to act by either granting or denying a permit application within a reasonable time. Not acting at all is not a lawful option."
  • He added that "to discharge the Secretary’s oversight responsibility, without any time-sensitive obligation to do so, as the government now starkly urges, unmasks the fiction of transparency in government."
  • To the government's excuse that regulation became more complicated and time-consuming in the wake of the Deepwater Horizon disaster, Feldman was equally unmoved: "Perhaps it is reasonable for permit applicants to wait more than two weeks in a necessarily more closely regulated environment. Delays of four months and more in the permitting process, however, are unreasonable, unacceptable, and unjustified by the evidence before the Court," he said.

http://www.nytimes.com/2010/07/13/us/13commission.html <http://www.nytimes.com/2010/07/13/us/13commission.html>

  • The revised moratorium would allow some drilling rigs to resume operating under certain conditions. To qualify, the rig’s owners must prove that they have adequate plans in place to quickly shut down an out-of-control well, that the blowout preventers atop the wells it drills have passed rigorous new tests, and that sufficient cleanup resources are on hand in case of a spill. Industry officials said it would be difficult to meet those conditions quickly, which could threaten thousands of jobs.

1.      Puget Sound Anarchists

http://pugetsoundanarchists.org/node/243

2.      China uses whistles, water, police on protests

http://www.google.com/hostednews/ap/article/ALeqM5imCQTUC76-TcrIzF-V_5ZT2a3z9Q?docId=6fa2f9cd1987475e908516c820193fea

3.      Middle East unrest spreads to Oman

One protester killed by security forces in Omani town of Sohar, while Bahrain stages peaceful demonstration and Saudi intellectuals call on king to relinquish many powers

http://www.guardian.co.uk/world/2011/feb/27/middle-east-protests-oman-bahrain

4.      Analysis: After the crisis, a worldwide rise in unrest?

With the Middle East in turmoil, authoritarian states jumpy and post-crisis economic pain prompting protest in western Europe and elsewhere, some suspect a systemic rise in worldwide unrest might just be beginning.

http://uk.reuters.com/article/2011/02/28/us-global-unrest-idUKTRE71R3M420110228

5.      From Egypt to America: Revolution, class struggle & the return of history

http://www.wsws.org/articles/2011/feb2011/meet-f26.shtml

An Afghan interpreter who helped save then-Sen. Joe Biden's life in 2008 was among those stranded in Afghanistan after Biden's troop withdrawal. He has now escaped the country with his family, but not with President Biden's help.

Thanks to private organizations, including The Nazarene Fund, the interpreter and his family have now been rescued.

Watch the video clip below to hear Glenn Beck share the details:

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To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American dream.

A shocking new report by The Daily Wire reveals that the furious father whose arrest at a school board meeting likely sparked the call for the FBI to investigate anti-CRT parents like domestic terrorists was furious for good reasons: The Loudoun County School Board allegedly tried to cover up his daughter's rape.

Rep. Chris Stewart (R-Utah) joined Glenn Beck on the radio program Tuesday to discuss the incident and explain why he joined 60 lawmakers in a letter to Attorney General Merrick Garland demanding answers for why the FBI is targeting parents.

"We want to know ... what kind of coordination took place between the White House, activist groups and teachers unions, and the Department of Justice," Stewart told Glenn. "Because we have evidence that there was [coordination] and, in fact, that the White House are the ones who initiated this. They asked for these activist groups to write this inflammatory letter to the Department of Justice saying they were 'intimidated' and that they 'felt threatened', giving the Department of Justice Attorney General Garland, the excuse to say, 'Okay, well, we have to respond'."

Stewart went on to say he believes the federal government would only involve the FBI in such an issue if its purpose is to silence and intimidate parents concerned about the "poison" being taught to their kids in school. So, what can he and the other representatives who disagree with the Biden administration's overreach of power do to stop it?

Watch the video clip below to hear Stewart explain:

Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American dream.

Taiwan's Foreign Minister Joseph Wu is now warning that his nation is preparing for war with China after Beijing flew a record number of warplanes over Taiwanese territory. Wu reached out to another country for help, but it wasn't the United States.

In a video, Wu urged Australia to help prepare for a possible invasion, but gave the U.S. no mention.

"The defense of Taiwan is in our own hands, and we are absolutely committed to that. And if China is going to launch a war against Taiwan, we will fight until the end. And that is our commitment. And, of course, during this period of time, we would like to exchange with other countries for security cooperation," Wu said on ABC News In-depth's China Tonight program. "We would like to engage in security or intelligence exchanges with other like-minded partners, Australia included, so that Taiwan is better prepared to deal with the war situation. And so far, our relations with Australia is very good. And that is what we appreciate it for."

On "The Glenn Beck Program," Glenn, Pat Gray, and Stu Burguiere discussed whether or not America would do anything during such a conflict — because it sure seems like President Joe Biden is more focused on working with China to fight climate change. Plus, why did China just cut off all cryptocurrency?

Watch the video clip below to catch the conversation:

Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.

On "Glenn TV" tonight, Glenn Beck heads to the chalkboard to reveal how the fundamental transformation of America has already begun by turning the Declaration of Independence upside down.

If Donald Trump was a dictator, then what do we call President Biden? In Biden's first nine months in office, he has already issued 64 executive orders – that's more than Trump, Obama, W. Bush, Clinton, Bush, and Reagan each issued in their entire first years in office.

You never hear the Left talk about the Declaration of Independence, the Constitution, or the Bill of Rights any more, unless it's to "reimagine" the Constitution or slap a "harmful content" warning on our founding documents. Seriously. The National Archives said while its website label wasn't targeting the Constitution specifically, "some of the materials presented here may reflect outdated, biased, offensive, and possibly violent views and opinions." The Left finds basic, guaranteed rights so offensive they now spend all of their time on workarounds to deal with America's annoying founding documents.

Watch the full episode of "Glenn TV" below to see Glenn outline the aggressive unconstitutional abuses "King Biden" is jamming down our throats and teaches Americans how we can defend against presidential tyranny.

Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.