Blood for Oil

[Tripledoc]

Originally posted by JohnT
Cite on the North Sea quote?

UK Department of Trade and Industry.

[Kuciwalker]

Isn't this your fourth thread?

[JohnT]

http://www.eia.doe.gov/emeu/cabs/northsea.html

A pretty good analysis of the N. Sea oil situation for anybody who cares about such things.

[JohnT]

Yeah, but don't close this one, please. I like oil discussions.

Take it off my quota if you may.

[Lefty Scaevola]

If the USA wanted to invade a country for oil, it would have inveaded Venuzuala, not Iraq. We were getting several times the oil from them that we were getting from Iraq. It is closer and otherwsie much easier to reach than Iraq. It was having a goverment crises. Around half of its people were begging for us to intervene. QED.

[Ming]

Originally posted by JohnT
Yeah, but don't close this one, please. I like oil discussions.

Take it off my quota if you may.

His other thread was closed... and he has been sent the traditional PM warning him not to start any new threads for a few days.

[Kirnwaffen]

I've no doubt that oil was a big factor in invading Iraq. Strategically speaking, stability in the largest oil producing region in the world is an important thing for the US. The Bush administration sees Iraq as, among other things, the key to stability in that region, however misguided that opinion may or may not be.

[JohnT]

Originally posted by Ming


His other thread was closed... and he has been sent the traditional PM warning him not to start any new threads for a few days.

Thanks.

Nice to see we're keeping up with the holiday traditions. Eggnog, a Xmas tree, and a warning PM. Sweeeet.

[Tripledoc]

Originally posted by Lefty Scaevola
If the USA wanted to invade a country for oil, it would have inveaded Venuzuala, not Iraq.

Actually a coup was attempted in 2002 to prevent Hugo Chavez from nationalising the Venezuelan oil, or impose price controls.

[Imran Siddiqui]

yeah, and it was done by business in Venuzula and the Bush Administration denounced the coup.

[Shogun Gunner]

not faring so well Tripledoc....

[Tripledoc]

Originally posted by Imran Siddiqui
yeah, and it was done by business in Venuzula and the Bush Administration denounced the coup.

Not exactly. The New York Times approved it. And the coup was actually traced to Colin Powell. Chavez was abducted by CIA agents, but released when the coup failed when the military choose to back Chavez instead of the neo-liberal coup.

[Imran Siddiqui]

The New York Times approved it. And the coup was actually traced to Colin Powell. Chavez was abducted by CIA agents

Watch out fo the black helicopters.

[Tripledoc]

Come on. This is common knowledge. Accusing me of wearing a tinfoil hat, is that all you can come up with?

[JohnT]

In regards to the N Sea oil production, this quote from Hubberts Peak is telling:

The failure of the oil majors to sustain drilling and investment in new projects during the oil price slump of late 1977 through 1999 is blamed for the shock fall.

http://www.hubbertpeak.com/northsea/

Oil exploration and production is extremely price sensitive - except for wildcatters, there is a price where the exploration for new sources of petroleum just doesn't happen. This is especially true of oil found in terrain that is extreme and harsh - two words commonly associated with the N. Sea.

Given that the price of oil has been so low over the past 20 years, it is not at all surprising to find that N. Sea production is peaking and that exploration has ground to a halt. However if the price rose to (an adjusted) $35-40 a barrel as it did in the late 70s/early 80s, I can almost guarantee you that more reserves in that notoriously expensive and difficult environment will be found and that production will increase to form yet another peak (and then people will again worry about the N. Sea running out of oil).