Two Much Wrong

  1. G8 leaders say, “In response to the sharp rise in oil prices … we emphasized the need for increased production and refining capacities …”
  2. G8 leaders say, “We seek … the goal of achieving at least 50-per-cent reduction of global emissions by 2050.”

How can burning more oil reduce emissions?
Maybe the same way wind flooded New Orleans….

In a society where slogans and fibs are repeated to shape our beliefs rather than inform or lead, here’s a few crude tidbits of facts:

Around 80 per cent of global oil production is from state-owned fields. At $130 per barrel, global oil trade is over $11-billion per day, or almost $4-trillion annually, $3-trillion of which goes directly to producing-state treasuries.

Sixty per cent of the 87 million barrels-per-day global oil production comes from countries where fields have already reached peak production. Four million [new] barrels-per-day must be ‘brought on’ each year just to sustain current output.

Current world activity demands over 100 million barrels per day in the next 20 years.

Jim Gray says, “Crisis means opportunity…”

“They’ve got a set of Republican waiters on one side and a set of Democratic waiters on the other side, but no matter which set of waiters brings you the dish, the legislative grub is all prepared in the same Wall Street kitchen.” – Huey Long

Right Hand Thief says, “Read this wonderful piece by James Grant, entitled “Why No Outrage?” It gets so many things so right, and describes them so concisely. Very powerful people want you to debate oil drilling during the current run-up in energy prices, instead of connecting the energy crisis to the incredibly serious financial crisis. They don’t want you to internalize recent dollar/oil correlations like this one.”

Dollar compared to oil prices