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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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 Posted: Mon May 01, 2006 4:22 pm Post subject: |
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And more good news this morning for those of you with Hummers!:
http://news.bbc.co.uk/2/hi/americas/4963348.stm
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Bolivia gas under state control
Bolivians celebrate after Mr Morales' announcement
Bolivia's President Evo Morales has signed a decree placing his country's energy industry under state control.
In a May Day speech, he said foreign energy firms must agree to channel all their sales through the Bolivian state, or else leave the country.
He set the firms a six-month deadline, but the military and state energy officials have already started taking control of the oil fields.
Bolivia has South America's second largest natural gas reserves.
But the country has suffered years of political crises over how to develop and profit from the industry.
The main foreign oil firms operating in Bolivia are Brazil's Petrobras, the Spanish-Argentine company Repsol YPF, British companies British Gas and British Petroleum and France's Total.
High energy prices
Speaking at an oilfield in the south of the country, Bolivia's left-wing president called it an "historic day".
"The pillage of our natural resources by foreign companies is over," he declared.
He said the companies had six months to re-negotiate their contracts and urged them to "respect the dignity of Bolivians".
Foreign companies would receive 18% of oil and gas revenues during the transition period, reports said.
Vice President Alvaro Garcia said the military and officials from the state energy firm YPFB moved to take control of 53 energy installations - including gas fields, pipelines and refineries - immediately after the decree was signed.
There was no immediate word from the foreign energy companies themselves.
The firms will get less favourable terms but current high global energy prices may be an incentive to see if they can work with Mr Morales, the BBC's Americas editor Simon Watts says.
Friendly meetings
Mr Morales swept to victory as Bolivia's first indigenous president in January elections after vowing to "recover" the country's natural resources by renationalising them.
However, he has shown signs of pragmatism since coming to office, and has held friendly meetings with several oil bosses.
On a visit to Brazil in January he said renationalising the industry would not mean expelling foreign companies or expropriating foreign property.
"Foreign companies have every right to recover investments and make profits, but profits should be balanced," he told a press conference at the time.
Petrobras is one of Bolivia's largest foreign investors, controlling 14% of the country's gas reserves. |
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4 months left
Joined: 07 Feb 2003
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| Posted: Mon May 01, 2006 6:22 pm Post subject: |
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The main reason it is over $70 is Iran. Add Nigeria and Chavez in Venezula to the equation and it adds fuel to the fire. Chavez has stated he wants a "floor" of $50 for oil. Everyone knows refineries need to be built but nobody wants one in their back yard.
The quality of oil is also a concern. There are different grades of oil and some are of little use for products that are in demand. Although supply will soon reach a peak or has already reached a peak ( see Hubbert's Peak) many believe if all geopolitical events were to go away, oil should be in the $35-$45 range.
What to do? Take the money you make in Korea and invest in oil and oil service companies....Valero, Conoco Phillips, Suncor, Encana, Baker Hughes, Haliburton, Petro Canada, Ensign.... |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Mon May 01, 2006 9:44 pm Post subject: |
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| Octavius Hite wrote: |
| And more good news this morning for those of you with Hummers!: |
Suckers! |
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Tue May 02, 2006 8:59 am Post subject: |
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| mindmetoo wrote: |
| Octavius Hite wrote: |
| And more good news this morning for those of you with Hummers!: |
Suckers! |
not really.. becuase poeple who drive hummers are usually RICH!!!
so they dont give a toss.. |
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Manner of Speaking
Joined: 09 Jan 2003
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| Posted: Tue May 02, 2006 10:00 pm Post subject: |
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| itaewonguy wrote: |
| Octavius Hite wrote: |
I personally am for higher gas prices, let the market fix our wasteful nature and we will all be better off. |
but who is making a killing off these raised prices?
and why doesnt the world leaders get together to stop this crazy inflation of the most needed commodity on earth?
I mean todays its 75.. and what then!! tomorrow its 150!!!
who is making all the money? is it private companies? or countries? |
If you've let yourself become dependent on gasoline to live your life, then you're essentially paying a stupidity tax. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Tue May 02, 2006 10:26 pm Post subject: |
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| itaewonguy wrote: |
| mindmetoo wrote: |
| Octavius Hite wrote: |
| And more good news this morning for those of you with Hummers!: |
Suckers! |
not really.. becuase poeple who drive hummers are usually RICH!!!
so they dont give a toss.. |
Have you lived in America? It's the land of people living beyond their means. Hummer owners aren't all rich. They're also people who can sign a car loan. |
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AbbeFaria
Joined: 17 May 2005
Location: Gangnam
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| Posted: Wed May 03, 2006 4:43 am Post subject: |
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| Manner of Speaking wrote: |
| If you've let yourself become dependent on gasoline to live your life, then you're essentially paying a stupidity tax. |
The entire world is dependant on gasoline. Could we survive without it? Sure, we got along quite well for several thousand years without protroleum. However, at this point, it's our life blood. If we were suddenly without it with no alternative avaliable there would be chaos on a biblical scale. Oil isn't just gas for cars, it's everything that makes our life technologically possible.
�S� |
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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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| Posted: Wed May 03, 2006 5:20 am Post subject: |
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| I agree AbbeFaria, it is our lifeblood, but the only reason it has become this way is that we have never had to pay the full/real cost of oil, even at 75$ a barrel its still not the real price, it doesnt take into account CO2 emmisions, the wars being waged in its name, etc. I say let it get higher and higher and only then will we start making the changes necessary. |
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Nowhere Man
Joined: 08 Feb 2004
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| Posted: Wed May 03, 2006 7:35 am Post subject: ... |
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Why are we buying oil at 75 a barrel and $3 a gallon at the pump WHILE Exxon records record profits?
Because the system is fucked.
If it were purely about futures, Exxon would have to keep the cash on hand. I assume they are. Then, they're making record profits over and above.
That's fucked.
There should be a demand for accountability.
Accountability would show surprise, surprise that we are following an outdated system for setting pump prices. One that the oil industry will happily stick to until they are told that they have to change it.
Likewise, someone should be keeping transparent records every time we agree to another $80 billion for Iraq.
Or, Exxon is depending on oil futures, spending what they have on payouts, and leaving their ass hanging in the air if the futures market doesn't break the way they expect... |
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Wrench
Joined: 07 Apr 2005
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| Posted: Wed May 03, 2006 6:22 pm Post subject: |
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| After working in the oild industry in Canada for two years some of you guys have such dumb ass posts. Canada will out produce more OPEC countries very shortly and its estimated that Canada has more oil then the entire middle east put together. I just hope our politicians make a good use of this oil surplus revenues and invest in long term economic growth projects. |
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Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
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| Posted: Wed May 03, 2006 6:25 pm Post subject: |
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The only solution to the "Exxon Factor" is to nationalize the oil industry. I like nationalization on one hand because it ensures that governments get a fair and decent cut for their natural resources. However it also has a downside, an example can be found in Venezuala. Gas is about 12 cents a gallon US which is good for the economic develpoment of a very poor country but it also allows for great waste. If you go into the streets of Caracas the air is so polluted you can barely breath because all the outdoor vendors use gas generators and everyone drives old dirty motorcycles or big SUV's.
So I don't see the US nationalizing the oil industry anytime soon. |
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Manner of Speaking
Joined: 09 Jan 2003
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| Posted: Wed May 03, 2006 6:58 pm Post subject: |
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| AbbeFaria wrote: |
| Manner of Speaking wrote: |
| If you've let yourself become dependent on gasoline to live your life, then you're essentially paying a stupidity tax. |
The entire world is dependant on gasoline. Could we survive without it? Sure, we got along quite well for several thousand years without protroleum. However, at this point, it's our life blood. If we were suddenly without it with no alternative avaliable there would be chaos on a biblical scale. Oil isn't just gas for cars, it's everything that makes our life technologically possible.
�S� |
I said gasoline, not petroleum.
And yes, the world's economy depends on many kinds of petroleum products. But I wasn't talking about the world economy, I was talking about lifestyle on an individual level. If you live your life so that you are essentially dependent on gasoline to function, get around, etc., then yes, you are essentially paying a stupidity tax. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Thu May 04, 2006 2:32 am Post subject: |
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[edit double post
Last edited by TheUrbanMyth on Thu May 04, 2006 2:37 am; edited 1 time in total |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Thu May 04, 2006 2:36 am Post subject: |
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| TheUrbanMyth wrote: |
| Wrench wrote: |
| dumb ass post and its estimated that Canada has more oil then the entire middle east put together. I. |
That's an estimation though. Saudi Arabia has the world's biggest proved reserves. . |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Thu May 04, 2006 5:00 am Post subject: |
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| Wrench wrote: |
| After working in the oild industry in Canada for two years some of you guys have such dumb ass posts. Canada will out produce more OPEC countries very shortly and its estimated that Canada has more oil then the entire middle east put together. I just hope our politicians make a good use of this oil surplus revenues and invest in long term economic growth projects. |
Well, Canada has a lot of oil if you're talking oil sands. The figure I've seen is "almost as much as Saudi Arabia" not "more than the middle east put together." If you've got a link supporting that, I'd love to see it. It currently costs the Saudis about, what, $2 to extract a barrel of oil? Tar sands run about $50-$55 a bbl? I imagine in future it will get cheaper to extract the oil but right now it's only of value to us if oil remains high.
Of course with George Bush screwing everything up in Iraq, and China/India growing, I can't see the price falling anytime in the next decade. |
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