September, 2007:

By Upstream staff

The head of Anglo-Dutch supermajor Shell’s US operations, John Hofmeister, said today that governments need to enact mandatory limits on greenhouse gas emissions and not rely on voluntary measures to battle global warming.

“I think that voluntary is not fast enough,” Shell Oil president Hofmeister told an environmental event, Reuters reported. “I think it’s time for government to lead on this issue.”

“If government doesn’t lead on this its not going to happen. It’s as simple as that,” Hofmeister said. read more

Posted : Tue, 25 Sep 2007 19:01:01 GMT
Author : Baard Energy, L.L.C. 

VANCOUVER, Wash., Sept. 25  /PRNewswire/ — Baard Energy, L.L.C., an energy project development company headquartered in Vancouver, Washington, has acquired a technology license from Shell U.S. Clean Coal Energy Inc. to use the Shell Coal Gasification Process in the gasification portion of its proposed $5 billion coal-to-liquid fuel (CTL) project located in Columbiana County, Ohio.  The project will produce over 50,000 barrels per day of jet and diesel fuel, and other liquid products from coal and biomass feedstock. read more

Tue Sep 25, 2007 5:37am EDT

MOSCOW, Sept 25 (Reuters) – Russia’s Sakhalin-2 energy group confirmed on Tuesday it would delay year-round exports of crude to 2008 from the end of 2007, but was sticking to its liquefied natural gas deliveries timetable.

The delay will mean lower-than-expected winter supplies of a highly-sought light crude to a tight oil market worried about peak heating season demand and already facing record prices.

“Year-round exports of crude will start in the first half of 2008. As to the LNG deliveries we plan to send the first cargoes in the second half of 2008,” said a spokeswoman for Sakhalin Energy, a consortium developing Sakhalin-2. read more

Malaysian lawyers march through the main street of Putrajaya outside Kuala Lumpur during a protest September 26, 2007. REUTERS/Bazuki Muhammad

Related article:

CORRUPTION CRISIS IN MALAYSIAN JUDICIARY IMPACTS ON SHELL LITIGATION

By Reuters
Wednesday September 26, 01:05 PM
By Jalil Hamid

PUTRAJAYA, Malaysia (Reuters) – About 800 Malaysian lawyers marched on the prime minister’s office on Wednesday to demand reforms to the country’s judiciary after a scandal erupted over claims of political meddling in the appointment of judges. read more

By Daniel Dombey andHarvey Morris at the UN and Hugh,Williamsonin Berlin
Published: September 26 2007 03:00 | Last updated: September 26 2007 03:00

The US House of Representatives backed a tough new Iran sanctions bill yesterday which would punish energy companies that invested in Iran – brushing aside lobbying from European governments and opposition from the Bush administration.

The 397-16 vote on the Iran Counter-Proliferation bill, which would make sanctions mandatory on energy companies investing more than $20m (€14.1m, £9.9m) in the Islamic republic, came a day after President Mahmoud Ahmadi-Nejad of Iran gave a speech at Columbia University, New York, and hours before he addressed the United Nations. read more

By Ed Crooks and Haig Simonian
Published: September 26 2007 03:00 | Last updated: September 26 2007 03:00

With the whole Hungarian establishment and about40 per cent of its target’s shareholding ranged against it, OMV’s pursuit of Mol might seem quixotic.

But the potential prize, if the deal is done right, could be great.

OMV spoke yesterday about the benefits of a takeover in terms of upstream activities, such as the greater negotiating power a combined group would have in exploration and production deals. But the real benefits would be in acquiring Mol’s downstream assets: its refineries and petrol stations. read more

By Emiliya (edited by) Mychasuk and Emiko (edited by) Terazono
Published: September 26 2007 03:00 | Last updated: September 26 2007 03:00

Speculation has begun on when the search for the next chairman of BP might get under way, ahead of the current end of the term for hands-on chairman Peter Sutherland in about 18 months.

The 61-year-old’s contract had been extended “into 2009”, after Tony Hayward had replaced Lord Browne as chief executive as a result of the latter’s own abrupt retirement. read more

By REUTERS
Published: September 25, 2007
Filed at 8:30 p.m. ET

TEHRAN (Reuters) – When a Western bank suddenly suspended the account of her family freight firm, Nazila Noebashari revived a financial practice she thought long gone: she sent staff to the Afghan border to collect $50,000 by hand.

With foreign banks increasingly closing down business with Iranian customers in the face of U.S.-led sanctions, such physical transactions are the only way Traf Co Ltd and many other firms in Iran are staying in business. read more

By REUTERS
Published: September 25, 2007
Filed at 1:40 p.m. ET

WASHINGTON (Reuters) – Legislation mandating sanctions on foreign energy companies doing business with Iran was passed on Tuesday by the House of Representatives, which approved removing the president’s power to waive the penalties as previous administrations have done.

Bush administration officials and some business groups have expressed unease over the bill, which could hit European energy groups. It passed by 397-16, easily enough to overcome any presidential veto. However, its future is murky in the Senate, where similar legislation has 69 co-sponsors but has yet to have a hearing. read more

By DAVID L. STERN
Published: September 26, 2007

ALMATY, Kazakhstan, Sept. 25 — American officials, striving to weaken the grip of Gazprom, Russia’s state-owned energy monopoly, in Central Asia, are courting the president of Turkmenistan on his first visit to the United States.

The visit by Gurbanguly Berdymukhammedov, the first by a Turkmen president since 1998, included a meeting Tuesday with Secretary of State Condoleezza Rice at the United Nations and on Wednesday will revolve around the opening of the General Assembly. read more

Nick Fletcher
Wednesday September 26, 2007

Oil group BP slipped 17p to 572.5p after new chief executive Tony Hayward reportedly told a staff meeting in Houston that its third quarter figures would be “dreadful”. Mr Hayward also said he planned to streamline the company’s organisational structure.

Royal Dutch Shell was down 34p to £20.42 following reports that Kuwait wanted to drop the company as a partner in a $5bn refinery project in China.

For the full market report go to… read more

By Tom Stevenson
Last Updated: 1:50am BST 26/09/2007

The leak of Tony Hayward’s comments to a “town hall” meeting of BP staff in Houston did not come from the top but the new boss won’t complain if the market finally faces up to the oil giant’s operational problems.

Hayward’s admission that BP can work better with seven managerial layers rather than the current 11 is an indication of how bloated the company became under Lord Browne. BP is not the only oil major struggling at the moment. Both Shell and Exxon missed their second-quarter production targets too. But the stock market usually gets it about right and BP’s share price performance compared with its main rivals points to a business in need of major surgery. read more

Tue Sep 25, 2007 10:23am EDT

NEW YORK, Sept 25 (Reuters) – Shell Oil Co (RDSa.L: Quote, Profile, Research) said Tuesday it was still bringing its joint venture refinery in Port Arthur, Texas, back up to full rates after it lost power on Sept. 13 due to Hurricane Humberto.

“We are progressing according to schedule,” said Sue Parsley, a spokeswoman for the 285,000 barrel per day refinery.

Shell has said that it and Saudi Refining, its joint venture partner, plan to increase the Motiva Enterprises refinery’s capacity to 600,000 bpd. read more

25 September 2007

OIL giant Shell confirmed yesterday that non-essential personnel had been taken off two North Sea platforms on Sunday.

About 100 workers were shifted from the North Cormorant installation after one of the two boilers broke down. Meanwhile, a similar number of people were moved from the Cormorant Alpha unit after one of the three power generators failed.

A spokeswoman for Shell said it was hoped that the two platforms would be fully manned again by today. Fog has been hampering efforts to fly workers back on board. read more

Sep. 25, 2007

The Anglo-Dutch Shell Oil Co. has begun its third production project in Russia. On Thursday, Tatneft plans to sign an agreement with Shell forming a joint venture to develop shale oil deposits in Tatarstan. There are 12 such deposits known in the Cheremshano-Bastryksky licensed zone in Tatarstan with a total recoverable reserves of 26 million tons. Tatneft expects the joint venture to produce 1.5 million tons of shale oil per year by 2017.

Shell produces 2.5 percent of the world’s oil and 3 percent of the world’s natural gas. It owns 27.5 percent of shares in Sakhalin Energy, operator of the Sakhalin 2 project; 50 percent of Salym Petroleum Development, the project to develop the eponymous deposits; 27 filling stations in Moscow and St. Petersburg; and 50 percent of Shell and Aerofuels, which fuels airplanes at Domodedovo Airport in Moscow. Salym Petroleum Development is expected to produce 4 million tons of oil this year, and Sakhalin should produce around that amount as well. read more

Tue Sep 25, 2007 12:47pm BST
(Adds Shell, BP, Dow no comment, analyst comment, background)

KUWAIT, Sept 25 (Reuters) – Kuwait wants to drop Royal Dutch Shell (RDSa.L: Quote, Profile, Research) as a partner and is instead considering BP (BP.L: Quote, Profile, Research) in a project to build a $5 billion oil refinery in Guangdong in China, Kuwait’s state news agency KUNA reported on Tuesday.

Shell had hoped to gain a foothold in the domestic fuel market of the world’s second-largest energy consumer through the Guangdong plant, after an attempt to take a share in another refining project failed last year. read more

Oil companies may have to hand over more revenue

By JULIE ZIEGLER and JIM EFSTATHIOU JR.
Bloomberg News

Royal Dutch Shell, Exxon Mobil Corp. and other foreign oil companies operating in Nigeria may soon have to give the government a greater share of revenue from deep-water oil production, Nigeria’s petroleum minister said Monday.

The companies signed production-sharing contracts during the 1990s that allowed them to operate without a joint venture with the government and to pay royalties once the cost of developing the field was fully recovered. read more

Posted on: September 25, 2007

China, the world’s largest coal burning polluter, apparently overcame its resistance to pay market price for clean fuel by signing long-term contracts for Australian natural gas, a move that has positive implications for nearly all the world’s natural gas producers.

Coincident with the Asia- Pacific Economic Cooperation [APEC] leaders meeting in Sydney hosted by Australian Prime Minister John Howard and attended by Chinese President Hu Jintao, China agreed to buy Australian liquefied natural gas [LNG] in two multi-year contracts. read more

EXTRACT: In a preliminary analysis, CalPERS estimated Anderson’s bill could affect $8.5 billion invested in 50 international companies, including Siemens AG of Germany and Royal Dutch Shell of the Netherlands.

Gilbert Chan, The Sacramento Bee – California
Published: Sep 25, 2007

Saying California should take a “powerful stand against terrorism,” Gov. Arnold Schwarzenegger pledged Monday to sign legislation requiring the state’s two giant public pension funds to shed billions in Iran-related investments. read more

By Sheila McNulty in Houston and Ed Crooks in London
Published: September 25 2007 03:00 | Last updated: September 25 2007 03:00

Tony Hayward, BP’s new chief executive, has prepared staff for a far-reaching shake-up of the oil company as he delivered a blunt warning that third-quarter revenues would be “dreadful”.

Mr Hayward told a staff meeting in Houston he would be announcing a streamlining of the company’s organisation next month, the Financial Times has learnt. He said that BP’s financial performance was at its lowest since 1992-93. read more

Graeme Wearden
Tuesday September 25, 2007

BP is poised to axe swathes of management in response to a “dreadful” financial performance, according to reports.

The Financial Times claimed this morning that chief executive Tony Hayward has warned US staff that he is planning a major reorganisation, with the oil giant’s performance at its worst for 15 years.

“There is massive duplication and a lack of clarity of who does what,” said Mr Hayward at a gathering of staff in Houston. read more

September 25, 2007
Nick Hasell: Tempus

Shares in Peter Hambro Mining (PHM) can usually be relied on to keep pace with the price of gold. That they have not done so over the past 12 months – spot bullion prices have risen around 26 per cent, PHM’s shares a more modest 11 per cent – can largely be pinned on Oleg Mitvol.

Late last year, the deputy head of Russia’s state environmental watchdog caused consternation in London by threatening to revoke five of PHM’s licences, claiming that the company had either violated environmental rules or done nothing to develop the sites in northeastern Russia. Given that Mr Mitvol was instrumental in the dilution of Shell’s stake in its $20 billion Sakhalin II project, it was hard for shareholders not to take notice. read more

By Julie Ziegler and Jim Efstathiou Jr.

Sept. 24 (Bloomberg) — Royal Dutch Shell Plc., Exxon Mobil Corp. and other foreign oil companies operating in Nigeria may soon have to give the government a greater share of revenue from deepwater oil production, Nigeria’s petroleum minister said.

The companies signed production sharing contracts during the 1990s that allowed them to operate without a joint venture with the government and to pay royalties once the cost of developing the field was fully recovered. read more

By Gavin Evans and Sophie Tan

Sept. 25 (Bloomberg) — Crude oil fell for a third day in New York as U.S. producers in the Gulf of Mexico increased output after a storm threat passed.

BP Plc, Royal Dutch Shell Plc and other oil companies have so far restored about 70 percent of the production shut last week when a tropical depression formed in the eastern gulf, according to government records. A report tomorrow will probably show U.S. crude stockpiles declined last week because of the closures and as refiners slowed imports during plant maintenance. read more

September 25, 2007

Shell China and Shanghai Clean Energy Research And Industry Promotion Center have jointly announced the completion of a six-month sample operation of gas to liquid operations.

The sample operation was conducted in Shanghai from November 28, 2006 to May 31, 2007. During the period, GTL was reportedly used on four unmodified buses with Euro II emission standards. The result shows that this kind of fuel works effectively in reducing the generation and emission of dark smoke, fine articles and other chemicals. read more

Last Updated: 24/09/2007  15:07
Clodagh Mulvey

Shell to Sea representatives today said they reject Shell E&P’s latest proposals for three possible new routes for the proposed Corrib gas onshore pipeline.

Shell E&P consultants RPS today published a shortlist of the three possible onshore gas corridors, which it says offers “the best prospect of satisfying the community, environmental and technical criteria” for the controversial project.

RPS director P. J. Rudden, said experts – including archaeologists, ecologists, engineers and marine specialists – would examine the proposed routes further but that the suggested routes would go on public display this Wednesday at the RPS project office in Belmullet, Co Mayo. read more

WNYC Newsroom

NEW YORK, NY September 24, 2007 —Two New York lawmakers want the state to join a handful of other states that have divested holdings from Iran. Congressman Anthony Weiner and State Senator Jeff Klein say the city and state’s pension funds should divest of 22 companies that invest in Iran’s energy sector.

REPORTER: According to Congressman Weiner, these include Royal Dutch Shell – the parent company of Shell Oil – which has billions of dollars in Iran.

WEINER: If they don’t have support for their energy sector, if companies like Shell Oil no longer invest in Iran, Iran dries up and withers on the vine. read more

Mon Sep 24, 2007 1:53 PM BST

MOSCOW, Sept 24 (Reuters) – Russia’s mid-sized oil firm Tatneft (TATN3.MM: Quote, Profile , Research) has chosen oil major Royal Dutch Shell (RDSa.L: Quote, Profile , Research) as a strategic partner to help it develop deposit of heavy bitumen oil, the company said on Monday.

It gave no details of the agreement. “The deal will be signed on September 27,” said a Tatneft spokesman.

Tatneft has said it controls deposits which may contain billions of tonnes of heavy bitumen oil. read more

Monday, 24 September 2007

Militants from Nigeria’s oil-rich Delta have called off a voluntary ceasefire, promising a fresh campaign of violence and kidnappings of oil workers.

In a statement e-mailed to reporters on Sunday, the Movement for the Emancipation of the Niger Delta said attacks would recommence from midnight.

Mend announced a voluntary truce after the May inauguration of President Umaru Yar’Adua, but says talks have failed.

Previous attacks on oil installations have slashed ouput of Nigerian crude. read more

24 September 2007

In an unprecedented case, a traffic policeman was sentenced to two years in prison for extorting a bribe from a motorist. The court ruling, which was termed as harsh by some, is a step in the right direction. For starters, it sends the right message to traffic policemen across the city that there will be no tolerance for corruption.

With new laws stipulating higher fines for those that break traffic rules, many Sakhaliners may actually just be tempted to pay a smaller bribe than the fine. Such people should also bear the full brunt of the law.  Fighting traffic police corruption is like fighting drug traffic – revenues exceed all possible risks. The only effective way against this kind of corruption is punishing drivers as well as policemen. Giving a bribe is as serious a felony as taking one. read more

24 September 2007

Sakhalin Governor Alexander Khoroshavin invited Shell to take part in more projects in the region, the regional press-service said today.

The governor met Shell CEO Jeroen Van der Veer, who is on a brief visit to Sakhalin to check the progress on the Sakhalin-2 Liquefied Natural Gas plant.

“The governor expressed hope that Shell would take part in further projects in the Sakhalin Region and participate in the socio-economic development of the region,” the Sakhalin Administration’s press-service said. read more

September 24th, 2007

THE RELEVANT WALL STREET JOURNAL ARTICLE:

The Wall Street Journal: Big Oil’s Latest Roadblock (*WSJ forecasts Exxon-Chevron and BP-Shell mega-mergers)

PADDY’S COMMENTS

The bigger and the more international a corporation becomes the less vulnerable it is to governmental and supra-governmental regulation. ExxonMobil, ChevronTexaco, BP and Shell are arguably already big enough and geographically diverse enough to be almost beyond the reach of the regulators. I say “almost” because, as Shell has found to its cost, if you operate in the US you can be vulnerable in the US courts even for offences committed elsewhere. But Shell will have learned from the reserves fiasco and no doubt the lawyers have been busy reducing the company’s vulnerability to controls and regulations. The oil companies are amongst businesses most vocal advocates of free enterprise and self-regulation. Indeed Shell’s “Corporate Social Responsibility” initiatives need to be seen in this light. The premise is that if you demonstrate your corporate rectitude and your strong internal controls and rules then the external regulators will leave you alone. This was the route followed for years by the tobacco giants and it worked – although in the end their hands were eventually tied in civilised countries by the application of anti-advertising laws. read more

Hofmeister hits 50 cities to bolster oil industry image
By Emilie Bahr
September 24, 2007

One major storm will equal one major economic headache for the United States, according to a top Shell Oil Co. executive.

The United States must expand domestic oil and gas production while developing renewable sources and energy-efficient technology to secure its energy supply, according to John Hofmeister, the Houston-based president of Shell Oil Co.

Hofmeister’s stop Tuesday at a lunch at the New Orleans World Trade Center’s Plimsoll Club was No. 44 in a 50-city tour, said Shell spokeswoman Darci Sinclair. She said the tour is aimed at countering negative images about the oil industry and raising public awareness of the issues affecting the energy sector. read more

Martyn Wingrove, Lloyds List
Published: Sep 24, 2007

SHELL and Saudi Aramco’s plant expansion decision comes at a time when refining capacity in North America is running flat out to meet growing demand, resulting in high refining margins and tight supplies.

This has helped push oil product and crude prices to record levels in the US and around the world, with crude trading over $81 a barrel last week after peaking at $84.10.

US oil product output is down this month, as key refineries such as BP’s Texas City and Whiting are running at low levels for prolonged upgrade work, and the Port Arthur refineries are coming back up after being closed for hurricanes. read more

Published: September 24 2007 03:00 | Last updated: September 24 2007 03:00

As much as Paolo Scaroni tries to keep investors focused on Eni’s opportunities elsewhere, talk keeps coming back to Kashagan, the giant oil field in Kazakhstan. The chief executive of Italy’s big oil company is battling to persuade the Kazakh government that delays and cost overruns at the Eni-led project need not lead to a radical rewriting of terms or, worse, the end of the road for Eni’s involvement. He has until October 22 to reach a friendly agreement or the gloves come off. read more

Governments Reduce Access
To Aid National Champions
Amid Scramble for Supply
September 24, 2007; Page C10

Big Oil has a big problem. It may not be apparent from the huge profits that oil and gas companies are gushing. But the industry’s future depends on its ability to rove the earth in search of new reservoirs of oil and gas.

Yet as energy resources grow scarce, governments are restricting Western drillers’ access to their fields. They’re fostering their own champions, many of which are flush with capital, have learned from the majors and can easily contract drilling expertise from firms like Schlumberger, a Franco-American oil-services company. read more

China Oilfield Services’ Revenue, Profit Surge Amid Expanding Offshore Energy Production

September 24, 2007

BEIJING — The combination of rapid economic development and rising energy prices is accelerating demand for oil exploration in China — particularly off of its coast.

Analysts say few companies are in a better position to benefit than China Oilfield Services Ltd., known as COSL, which provides parent Cnooc and other oil companies with services needed to drill offshore.

While some analysts see the Hong Kong-listed stock as expensive, many call the company a “buy,” thanks to its better-than-expected earnings in the first half of 2007 and its position as Asia’s only integrated provider of oilfield services. Its main customer is Cnooc, China’s largest offshore oil producer. read more

By THE ASSOCIATED PRESS
Published: September 24, 2007
Filed at 1:06 a.m. ET

SINGAPORE (AP) — Oil prices fell Monday after a tropical depression in the Gulf of Mexico dissipated without causing damage to key oil and gas infrastructure.

Light, sweet crude for November delivery lost 28 cents to $81.34 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. The contract fell 16 cents to settle at $81.62 a barrel amid profit taking on Friday.

November crude became the benchmark front-month contract after the October contract expired Thursday at a record close of $83.32. Prices reached $83.90 in intraday trading, also a record. read more

By Steven Wardill
September 24, 2007 12:00am

PETROL retailers could be told what to charge under the latest official plan to prevent motorists being ripped off.

A high-level inquiry investigating why the State Government’s 8.3¢-per-litre petrol subsidy is failing to be fully passed on to motorists is considering the unprecedented step of recommending “benchmark” pricing.

Such a system would see prices independently determined, with petrol companies having to adhere to the set prices to recoup the entire subsidy. read more

By Gavin Evans and Christian Schmollinger

Sept. 24 (Bloomberg) — Crude oil fell for a second day in New York as producers in the Gulf of Mexico returned workers to rigs and platforms after a storm threat passed.

Daily U.S. oil output in the Gulf increased by 161,989 barrels since Sept. 22, the nation’s Minerals Management Service said yesterday. Producers including BP Plc and Royal Dutch Shell Plc sent workers back to the region after a tropical depression made landfall without becoming a storm. September is the busiest month of the Atlantic hurricane season. read more

Mon Sep 24, 2007 6:32 AM BST

SYDNEY, Sept 24 (Reuters) – Shell Development Australia, a unit of Royal Dutch Shell (RDSa.L: Quote, Profile , Research), said on Monday it has signed an agreement with Malaysia’s state-owned Petronas (PGAS.KL: Quote, Profile , Research) to sell a stake in an Australian gas field.

Petronas’ subsidiary, Petronas Carigali (Australia) Pty Ltd, will buy a 25 percent stake in the Evans Shoal joint venture in the Timor Sea off northern Australia.

The Evan Shoal gas field, which has estimated recoverable reserves of 6.6 trillion cubic feet (tcf) of gas and 31 million barrels of condensate, is seen as having the potential to underpin a liquefied natural gas (LNG) project. read more

Published: September 23 2007 19:27 | Last updated: September 23 2007 19:27

As much as Paolo Scaroni tries to keep investors focused on Eni’s opportunities elsewhere, talk keeps coming back to Kashagan, the giant oil field in Kazakhstan. The chief executive of Italy’s big oil company is battling to persuade the Kazakh government that delays and cost overruns at the Eni-led project need not lead to a radical rewriting of terms or, worse, the end of the road for Eni’s involvement. He has until October 22 to reach a friendly agreement or the gloves come off. read more

www.chinaview.cn  2007-09-23 17:04:29    
 
    By Xinhua writers Huang Xin and Lu Xiaoyu

    TAIYUAN, Sept. 23 (Xinhua) — Foreign companies that own clean coal technologies and work with their Chinese counterparts to tap China’s coal reserves, one of the world’s largest, may get good returns as China is seeking to reduce the greenhouse gas emissions and ease its increasing thirst for oil.

    “In the coming five years, China will make major advances in rational utilization of coal. Foreign companies willing to invest in China would gain big profits with a small capital,” says Chinese Commerce Minister Bo Xilai. read more

By DONNABELLE L. GATDULA

The Royal Dutch Shell Group will push through with the commercial operation of compressed natural gas (CNG) mother-daughter station in Laguna within this month,  Energy Secretary Angelo Reyes said.

He said no less than the Shell group’s chief executive Jeroen van der Veer made the commitment on the CNG project.

“I have talked with Shell country chairman Edgar Chua and he said we will have the daughter station in Biñan, Laguna by the end of this month.  The CEO of the Royal Shell group reiterated the same commitment,” Reyes said. read more

By Carol Wolman     Page 1 of 1 page(s)
http://www.opednews.com

Now that Greenspan has acknowledged that the invasion and occupation of Iraq is about securing Iraqi oil reserves, we can look a little more realistically at the whole situation. We always knew it, of course.

One reason, perhaps the main reason, that the American people have put up with the illegal military operation in Iraq is that we are dependent on automobiles, and the fear of running out of oil has been drummed into us.

Although it hasn’t been stated, many Americans assume that if “we” control Iraqi oil, the price of gasoline will remain within reasonable limits. Of course, if the US military, who are paid with the tax dollars of We the People, can secure Iraqi oil, we the consumers get the benefits. RIGHT? read more

Elitists use oil scam, market turmoil, threat of Iran war to hike profits, torpedo middle class
Paul Joseph Watson

Prison Planet: Monday, September 17, 2007

‘The global elite are conspiring to send oil prices crashing through the $200 dollar a barrel mark as part of an organized agenda to hike profits, bring about a global economic crash and torpedo the middle class, and theyre not afraid to attack Iran as a means of achieving their goal.’;

The global elite are conspiring to send oil prices crashing through the $200 dollar a barrel mark as part of an organized agenda to hike profits, bring about a global economic crash and torpedo the middle class, and they’re not afraid to attack Iran as a means of achieving their goal. read more

Print Date : Sunday, September 23, 2007

TEHRAN (PIN) – Exploration manager of National Iranian Oil Co. (NIOC) Saturday said the country had explored 72 billion barrels of in situ crude oil and 168 trillion cubic feet of gas in place between 1997 and 2006.

Seyyed Mahmud Mohaddes told reporters the huge volume of energy carriers was explored as 16 oilfields and 14 gas fields were spotted.

“Of the explored reserve, totally 15 billion barrels of liquid hydrocarbon, including 12 billion barrels of crude oil, and 1.3 billion barrels of gas condensates, is extractable,” said the official. read more