Libya: Oil Companies Plan Evacuations

Flashback:

BLAIR’S FOND FAREWELL TO GADDAFI (Mirror):

TONY Blair bids a fond farewell to former foe Colonel Gaddafi yesterday. He flew in on the Libyan leader’s private jet for the meeting in the middle of the Sahara desert.

The pair, now firm friends after Mr Blair helped Libya return to the
international fold, shook hands warmly and smiled.

He added: “It is now a very productive relationship for us. It’s an example of a situation where 10 years ago it would have been impossible for me to speak to Col Gaddafi, to a situation where the relationship is a close one. I find him very easy to get on with.



Blair, Gaddafi and the masonic handshake


Gaddafi, Berlusconi and the masonic handshake


Sarkozy, Gaddafi and the masonic handshake


Gaddafi, Obama and the masonic handshake

(New York Times) LONDON — Global oil companies said Monday that they were making plans to evacuate employees in Libya after some operations there were disrupted by political unrest. Libya holds the largest crude oil reserves in Africa, and the moves drove some stock prices down and a crucial oil benchmark to a three-year high.

The largest and most established foreign energy producer in Libya, Eni of Italy, said in a statement that it had begun repatriating “nonessential personnel” and the families of its employees.

The Norwegian energy company Statoil, which operates in Libya in partnership with Repsol of Spain and Total of France, said that it would close its office in Tripoli and that a handful of foreign workers were leaving. “The safety of our personnel is our main priority,” said a spokesman, Bard Glad Pedersen.

OMV of Austria, which produces about 34,000 barrels of oil a day in Libya, said it planned to evacuate 11 workers and their families, leaving only essential staff.

The Organization of the Petroleum Exporting Countries ranks Libya No.7 among its members, with 4.4 percent of OPEC’s proven crude oil reserves. Libya exports most of its oil to Europe, with Italy its biggest customer, according to the United States Energy Information Administration.

Shares in Eni and OMV dropped Monday, while the price of Brent crude, an important benchmark for oil traded in London, jumped $3.22 a barrel, or 3.2 percent, to settle at $105.74, before spiking above $108 in after-hours dealing. It was the highest level since 2008.

“We’re concerned, and of course we’d like to see a solution sooner rather than later,” said Jason Kenney, an analyst with ING Financial Markets. “It’s very difficult to see how this is going to go. The oil price will be volatile.”

The British oil company BP, which has only exploration operations in Libya, said it was planning to evacuate some of its 40 foreign workers, mostly from Tripoli, where the unrest spread Sunday. It also said it had suspended preparations for a drilling project because employees of a contractor had been evacuated.

Read moreLibya: Oil Companies Plan Evacuations

Chavez: Venezuela’s Oil Reserves Surpass Those of Saudi Arabia

Hmmh.



Venezuela says its oil reserves surpass Saudi Arabia’s.

Venezuela has overtaken Saudi Arabia as the world leader in oil reserves with certified deposits leaping to 297 billion barrels at the end of 2010, President Hugo Chavez’s government said Saturday.

Energy Minister Rafael Ramirez told Reuters that the new reserves, which pushed the total 41 percent higher than the previous year, were booked in the South American OPEC member’s vast Orinoco extra heavy crude belt.

A jubilant Chavez told parliament that Venezuela’s reserves now surpassed those of Saudi Arabia.

“We have enough for 200 years,” the former soldier said in a speech in which he denied he was a dictator, complained that he was being unfairly “demonized” and offered to give up much-criticized decree powers a year ahead of schedule.

There are suggestions that countries, including Saudi Arabia and Venezuela, have exaggerated their oil reserves in the past, though the producers deny doing so.

Read moreChavez: Venezuela’s Oil Reserves Surpass Those of Saudi Arabia

Renaissance 2.0: Lesson 1 – Revisiting American History – Financial Empire

Renaissance 2.0: Lesson 2 – Revisiting Economics 101 – Debt

Renaissance 2.0: Lesson 3 – Revisiting Civics 101 – Ownership

Renaissance 2.0: Lesson 4 – The Culture of Empire

Renaissance 2.0: Lesson 5 – The Emerging Global Empire – The New World Order



Added: 21. March 2010

Lesson 1 – Revisiting American History, documents the conversion of the US into a monolithic financial empire as the Federal Reserve Act created a monopolized cartel of private interests, “Wall Street,” that controls all money in the system.

This killed Jeffersonian ideals and allowed vertical Hamiltonian forces to have free reign to consolidate power and wealth. It explains how this is an empire system where the top Wall Street banks are analogous to feudal lords and multi-national corporations are their feudal knights out conquering territories.

It rewrites American History books.

“A little group of willful men, representing no opinion but their own, have rendered the great government of the United States helpless and contemptible.”
– Woodrow Wilson

“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.”
– Woodrow Wilson

“When the President signs this act [Federal Reserve Act of 1913], the invisible government by the money power — proven to exist by the Monetary Trust Investigation — will be legalized. The new law will create inflation whenever the trusts want inflation. From now on, depressions will be scientifically created.”
– Charles A. Lindbergh, Sr.

“The financial system has been turned over to the Federal Reserve Board. That Board administers the finance system by authority of a purely profiteering group. The system is Private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people’s money.
– Charles A. Lindbergh, Sr.

“We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the FED. They are not government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers.”
– Louis McFadden

“It was not accidental [the 1929 stock-market “crash”]. It was a carefully contrived occurrence. … The international bankers sought to bring about a condition of despair here so that they might emerge as rulers of us all.”
– Louis McFadden

“Some people think the Federal Reserve Banks are United States Government Institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers.”
– Louis McFadden

“Before passage of this [Federal Reserve] Act, the New York Bankers could only dominate the reserves of New York. Now, we are able to dominate the bank reserves of the entire country. “
– Nelson Aldrich

“The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury…and has created out of nothing a … debt which the American people are obliged to pay with interest.”
– Wright Patman

“In the United States today we have in effect two governments. We have the duly constituted government….. Then we have an independent, uncontrolled and uncoordinated government in the Federal Reserve System, operating the money powers which are reserved to Congress by the Constitution.”
– Wright Patman

“The Federal Reserve System is nothing more than legalized counterfeit.”
– Ron Paul

“The one aim of these financiers is world control by the creation of inextinguishable debts.”
– Henry Ford

“The division of the United States into federations of equal force was decided long before the Civil War by the high financial powers of Europe. These bankers were afraid that the United States, if they remained as one block, and as one nation, would attain economic and financial independence, which would upset their financial domination over the world.”
– Otto von Bismarck

“The high office of the president has been used to foment a plot to destroy America’s freedom, and before I leave office I must inform the citizens of this plight.
– John F. Kennedy November 12, 1963.
Date of Kennedy Assassination : NOV. 22, 1963

Iran Replaces The US Dollar With The Euro

crash-dollar


dollar-euro

Iran’s President Mahmoud Ahmadinejad has ordered the replacement of the US dollar by the euro in the country’s foreign exchange accounts.

The September 12 edict was issued following a decision by the trustees of the country’s foreign reserves, Mehr News Agency reported.

Earlier, the Islamic Republic of Iran had announced that the euro would replace the greenback in the country’s oil transactions. Iran has called on other OPEC members to ditch the sinking dollar in favor of the more credible euro.

Read moreIran Replaces The US Dollar With The Euro

Oil producers running out of storage space

Glut caused by world slowdown leaves the world awash in crude


Many oil tankers are little more than floating storage facilities now. Pat Sullivan / AP

NEW YORK – Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.

As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.

It’s been less than a year since oil prices hit record highs. But now producers and traders are struggling with the new reality: The world wants less oil, not more. And turning off the spigot is about as easy as turning around one of those tankers.

So oil companies and investors are stashing crude, waiting for demand to rise and the bear market to end so they can turn a profit later.

Meanwhile, oil-producing countries such as Iran have pumped millions of barrels of their own crude into idle tankers, effectively taking crude off the market to halt declining prices that are devastating their economies.

Traders have always played a game of store and sell, bringing oil to market when it can fetch the best price. They say this time is different because of how fast the bottom fell out of the oil market.

“Nobody expected this,” said Antoine Halff, an analyst with Newedge. “The majority of people out there thought the market would keep rising to $200, even $250, a barrel. They were tripping over each other to pick a higher forecast.”


Nobody … except Lindsay Williams, who predicted this when the price of crude oil was at its peak!
The rest of his prediction is well on the way to manifest itself.
Here are two interviews with him:

Lindsey Williams: America will see a financial collapse (1-22-09)
Lindsey Williams: The Dollar And The US Will Collapse; Saudi Arabia And Dubai Will Fall; US Will Be Third World Country; The Greatest Depression Is Coming

(You may say what you want about him, but his predictions are here.)

Don’t miss:  Jim Rogers: We are going to have another Depression in the U.S.


Now the strategy is storage. Anyone who can buy cheap oil and store it might be able to sell it at a premium later, when the global economy ramps up again.

Read moreOil producers running out of storage space

Interview: Peter Schiff still grim on future

“Tens of millions of people unemployed, inflation spiraling out of control, the government instituting price controls that result in shortages and blackouts and long lines for things. I think things are going to get very bad.”

“From an investment point of view, investors need to stay clear, because they need to realize that it’s not just U.S. stocks and real estate that are going to lose value, but U.S. bonds. This is the last bubble yet to burst. I think we’re going to see a collapse of the bond market sometime during Obama’s first term, and interest rates are going to spiral out of control, and the dollar is going to just be destroyed.”
____________________________________________________________________________

People aren’t laughing any more at the way-out-there predictions of Peter Schiff, whose long-standing pessimism about the economy and stock market has been largely borne out.

Schiff heads Euro Pacific Capital, a brokerage in Darien, Conn. with more than $1 billion in assets under management. He has silenced critics because he predicted the collapse of the housing market, the subprime crisis and the soaring of oil prices in his market commentaries before they came to pass.

A YouTube video called “Peter Schiff Was Right” shows him being repeatedly mocked when he went on TV stock shows to make those ultimately correct calls in 2006 and 2007, including forecasting a recession 2 1/2 years ago.

Now, in the midst of what’s already the biggest financial crisis in decades, the prominent purveyor of gloom and doom still sees far tougher times ahead – including a depression and a bear market he thinks will last another five years or more.

Read moreInterview: Peter Schiff still grim on future

US seeks $ 300 billion from Gulf states: report


One hundred riyal notes at a bank in Riyadh, the Saudi Arabian capital. The US has asked four oil-rich Gulf states for close to US$300 billion to help it curb the global financial meltdown, Kuwait’s daily Al-Seyassah has reported.
(AFP/File/Hassan Ammar)

KUWAIT CITY (AFP) – The United States has asked four oil-rich Gulf states for close to 300 billion dollars to help it curb the global financial meltdown, Kuwait’s daily Al-Seyassah reported Thursday.

Quoting “highly informed” sources, the daily said Washington has asked Saudi Arabia for 120 billion dollars, the United Arab Emirates for 70 billion dollars, Qatar for 60 billion dollars and was seeking 40 billion dollars from Kuwait.

Al-Seyassah said Washington sought the amount as “financial aid” to face the fallout of the financial crisis and help prevent its economy from sliding into a painful recession.

The daily said the United States plans to use the funds to help the ailing automobile industry , banks and other companies suffering from the global financial turmoil.

Read moreUS seeks $ 300 billion from Gulf states: report

Dow’s Worst Week Comes to an End

Stocks closed a volatile week with the widest intraday swing on record, in a fitting end to one of the most turbulent five-day periods in financial history.

For the first time in its 112-year existence, the Dow Jones Industrial Average swung in a range of more than one thousand points on an intraday basis. The blue-chip gauge had dropped sharply in early trading, falling more than 600 points and dropping through the 8000 level for the first time in five years. But stocks quickly came off their lows, and by the afternoon the industrials jumped more than 300 points.

In the end, the Dow industrials declined 128.00 points, or 1.5%, to 8451.19. It was helped by jumps of 9.1% for Citigroup and 13.5% for J.P. Morgan Chase. Other major market indexes were mixed. The S&P 500 sank by 10.70 points to 899.22 and the Nasdaq Composite Index gained 4.39 points to 1649.51.

Despite the late turnaround, the Dow tumbled 18% this week, worst in its 112-year history. The industrials also shed more points in a week — 1874.19 — than they ever had previously. The Nasdaq dropped 15% and the S&P 500 declined 18% on the week.

Read moreDow’s Worst Week Comes to an End

Nigeria militants threaten broader delta “oil war”

PORT HARCOURT, Nigeria (Reuters) – Nigerian militants threatened on Wednesday to broaden their “oil war” to offshore oilfields and announced attacks on a crude oil pipeline in the Niger Delta and another Shell-operated facility.

The Movement for the Emancipation of the Niger Delta (MEND), responsible for attacks that have cut a fifth of OPEC member Nigeria’s oil output, said it would launch attacks outside Rivers state for the first time since clashes began on Saturday.

Read moreNigeria militants threaten broader delta “oil war”

The Big Sting Two

By Bob Chapman

The plan for an economic takedown, the results of rampant market speculations, insiders picking up assets for pennies on the dollar, the coming hyperinflation, the credit crunch, collapse of the dollar carry trade, suppression of metals prices, American meddling in Georgia

Read moreThe Big Sting Two