Filed under: Al Gore, Big Banks, big oil, Britain, cap-and-trade, carbon credit system, carbon credits, carbon dioxide, Carbon Tax, climate change, climate hypocrisy, climate science, climategate, Co2, cop15, copenhagen, copenhagen summit, corruption, CRU, deception, denmark, EAU, Economic Collapse, energy, energy tax, environmental taxation, exxon, exxon mobil, federal crimes, FOIA, gas tax, Global Warming, global warming hoax, hacked emails, Hadley CRU, Hoax, ipcc, man made global warming, manipulation, Oil, oil companies, peer reviewed, Petrol, scandal, shell, UN, UNIPCC, united nations | Tags: Anthropogenic Global Warming, Climate Research Unit, East Anglia University, ESRC, Keith Taylor, Mick Kelley, Mike Hulme, Paul Rutter, Richard Sykes, Simon Shackley, Tim O'Riordan
ClimateGate CRU Sought Funds From Shell Oil
News Busters
December 5, 2009
The Climatic Research Unit at the heart of the ClimateGate scandal sought funds from Shell Oil in the year 2000.
Other e-mail messages obtained from the University of East Anglia’s computers also showed officials at the school’s CRU solicited support from ExxonMobil and BP Amoco, although the nature of this support was not identified.
As climate alarmists and their media minions love to claim that global warming skeptics are all paid shills of Big Oil, it makes one wonder how the press will report these startling revelations discovered by Anthony Watts Friday:
Mick Kelley to Mike Hulme
- Mike
Had a very good meeting with Shell yesterday. Only a minor part of the
agenda, but I expect they will accept an invitation to act as a strategic
partner and will contribute to a studentship fund though under certain
conditions. I now have to wait for the top-level soundings at their end
after the meeting to result in a response. We, however, have to discuss
asap what a strategic partnership means, what a studentship fund is, etc,
etc. By email? In person?
I hear that Shell’s name came up at the TC meeting. I’m ccing this to Tim
who I think was involved in that discussion so all concerned know not to
make an independent approach at this stage without consulting me!
I’m talking to Shell International’s climate change team but this approach
will do equally for the new foundation as it’s only one step or so off
Shell’s equivalent of a board level. I do know a little about the Fdn and
what kind of projects they are looking for. It could be relevant for the
new building, incidentally, though opinions are mixed as to whether it’s
within the remit.
Regards
Mick
Earlier that same year, the recipient of this e-mail message, Mike Hulme, sent a message of his own concerning getting “support” from a number of entities (emphasis added):
Mike Hulme to Simon Shackley
- Simon,
I have talked with Tim O’Riordan and others here today and Tim has a wealth of contacts he is prepared to help with. Four specific ones from Tim are:
– Charlotte Grezo, BP Fuel Options (possibly on the Assessment Panel. She is also on the ESRC Research Priorities Board), but someone Tim can easily talk with. There are others in BP Tim knows too.
– Richard Sykes, Head of Environment Division at Shell International
– Chris Laing, Managing Director, Laing Construction (also maybe someone at Bovis)
– ??, someone high-up in Unilever whose name escapes me.
[…]
>SPRU has offered to elicit support from their energy programme
>sponsors which will help beef things up. (Frans: is the Alsthom
>contact the same as Nick Jenkin’s below? Also, do you have a BP
>Amoco contact? The name I’ve come up with is Paul Rutter, chief
>engineer, but he is not a personal contact]
>
>We could probably do with some more names from the financial sector.
>Does anyone know any investment bankers?
>
>Please send additional names as quickly as possible so we can
>finalise the list.
>
>I am sending a draft of the generic version of the letter eliciting
>support and the 2 page summary to Mike to look over. Then this can be
>used as a basis for letter writing by the Tyndall contact (the person
>in brackets).
>
>Mr Alan Wood CEO Siemens plc [Nick Jenkins]
>Mr Mike Hughes CE Midlands Electricity (Visiting Prof at UMIST) [Nick
>Jenkins]
>Mr Keith Taylor, Chairman and CEO of Esso UK (John
>Shepherd]
>Mr Brian Duckworth, Managing Director, Severn-Trent Water
>[Mike Hulme]
>Dr Jeremy Leggett, Director, Solar Century [Mike Hulme]
>Mr Brian Ford, Director of Quality, United Utilities plc [Simon
>Shackley]
>Dr Andrew Dlugolecki, CGU [Jean Palutikof]
>Dr Ted Ellis, VP Building Products, Pilkington plc [Simon Shackley]
>Mr Mervyn Pedalty, CEO, Cooperative Bank plc [Simon Shackley]
>
>
>Possibles:
>Mr John Loughhead, Technology Director ALSTOM [Nick Jenkins]
>Mr Edward Hyams, Managing Director Eastern Generation [Nick
>Jenkins]
>Dr David Parry, Director Power Technology Centre, Powergen
>[Nick Jenkins]
>Mike Townsend, Director, The Woodland Trust [Melvin
>Cannell]
>Mr Paul Rutter, BP Amoco [via Terry Lazenby, UMIST]
>
>With kind regards
>
>Simon Shackley
Now who is the shill for Big Oil again? Next time somebody brings up that ridiculous argument about skeptics, show them this.
Filed under: Al Gore, Australia, cap-and-trade, carbon credit system, carbon credits, carbon dioxide, Carbon Tax, climate change, climategate, Co2, Economic Collapse, economic depression, Economy, energy, energy tax, environmental taxation, exxon, exxon mobil, gas prices, gas tax, Global Warming, global warming hoax, Great Depression, Hoax, kevin rudd, middle class, Oil, oil companies, Propaganda, Rex Tillerson, shell, Taxpayers, US Economy
Exxon Calls for a Carbon Tax, Again.
TreeHugger
August 17, 2009
Exxon, the largest oil company in the world has stated that it prefers a carbon tax to a cap and trade system–again–this time, specifically in Australia. This comes on the heels of news last week that Australia’s parliament rejected a cap and trade system for curbing emissions–there won’t be another vote on the bill for at least 3 months (Aussies voted ‘no’ again!). So what’s behind Exxon’s vocal pro-carbon tax stance?
From Bloomberg:
- “A carbon tax is more transparent to consumers, will achieve greater environmental benefits and is more difficult to manipulate than a cap-and-trade program,” John Dashwood, chairman of Exxon’s Australian unit, said in speech notes e- mailed ahead of an address today in Melbourne.
A little puzzling is the fact that Australia’s proposed carbon cap featured relatively low emission reduction targets–as low as 5% reduction from 2000 levels by 2020. Hardly a demanding commitment, at least in the short term (this is why many members of Australia’s own Green party voted against the cap and trade themselves–it wasn’t strict enough).
Nonetheless, some economists, along with experts like James Hansen and Al Gore, prefer the carbon tax option. Throw in Exxon Mobil, and you’ve got yourself an eclectic band of misfits. Economists (and presumably Exxon) argue that the tax is a more efficient and inexpensive way to curb carbon. From Bloomberg:
- Imposing a global carbon tax would ease pressure on the climate more cheaply than emissions trading, according to a study released last week by Danish professor Bjoern Lomborg. A $0.50 tax for each ton of emissions may generate $1.51 in avoided climate damage, compared with costs as high as $68 per ton, resulting in 2 cents of avoided damage, under some emissions-mitigations models, the study said.
Another possible reason for Exxon’s sudden support could be good old fashioned political gamesmanship–the idea of a carbon tax is potentially extremely unpopular (as is anything that includes the word “tax” in its moniker). If the company has reason to believe a carbon tax is very unlikely to actually pass Australian parliament, it can voice support for it and appear environmentally inclined without having to make any actual adjustments. However, Exxon makes for a powerful voice of support, and having the oil giant in favor could draw other businesses’, politicians’, and citizen support for a carbon tax, which could eventually create stricter regulations on the oil giant than a cap would.
Filed under: Al Gore, carbon credit system, carbon credits, carbon dioxide, Carbon Tax, climate change, climategate, Co2, cop15, copenhagen, Copenhagen treaty, energy, energy tax, environmental taxation, exxon, exxon mobil, gas prices, gas tax, global tax, Global Warming, global warming hoax, global warming skeptics, Hoax, main street, middle class, Oil, oil companies, Propaganda, Taxpayers, world tax | Tags: Ken Cohen, Rex Tillerson
Oil Companies Support Global Warming Hoax, Not Skeptics
Paul Joseph Watson
Prison Planet.com
November 3, 2009
A common charge leveled against global warming skeptics is that they are on the payroll of transnational oil companies, when in fact the opposite is true, oil companies are amongst the biggest promoters of climate change propaganda, emphasized recently by Exxon Mobil’s call for a global carbon tax.
According to Exxon Mobil chief executive Rex Tillerson, the cap and trade nightmare being primed for passage in the Senate doesn’t go far enough – Tillerson wants a direct tax on carbon dioxide emissions, essentially a tax on breathing since we all exhale this life-giving gas.
In a speech last month, Tillerson brazenly called out the cap and trade agenda for what it was, an effort to impose a carbon tax camouflaged only by a slick sales pitch and deceptive rhetoric.
“It is easier and more politically expedient to support a cap-and-trade approach, because the public will never figure out where it is hitting them,” said Tillerson. “They will just know they hurt somewhere in their pocketbook,” he added, pointing out that he disagreed with this convoluted method of introducing a carbon tax, arguing instead that it would be more successful to openly propose a straight carbon tax.
Tillerson firmly expressed Exxon’s support for climate change alarmists in stating, “I firmly believe it is not too late for Congress to consider a carbon tax as the better policy approach for addressing the risks of climate change.”
Exxon’s push for a carbon tax was restated last week by its vice president for public affairs Ken Cohen, who told a conference call that he wants a climate policy that creates “certainty and predictability, which is why we advocate a carbon tax.”
Exxon Mobil and their ilk are not concerned about a carbon tax eating into their profits because they know they won’t have to pay it – the tab will be picked up by the ignorant taxpayer at the fuel pump at an inflated cost which if anything will hand the transnational oil cartels an even bigger cut.
Ideologically, Al Gore and Exxon Mobil are on exactly the same page – the only difference between the oil companies and global warming alarmists is the squabble over who will get to sink their teeth into the taxpayer and reap the dividends of the climate change scam.
Filed under: 2008 Election, Alex Jones, Amero, asia, Australia, BP, Britain, Canada, China, Control Grid, Credit Crisis, DEBT, Dollar, dubai, Economic Collapse, economic depression, Economy, Europe, european union, exxon mobil, Federal Reserve, gas prices, global economy, global elite, global government, Globalism, Great Depression, Greenback, hyperinflation, Inflation, internationalist, internationalists, Iran, Japan, John McCain, kuwait, Lindsey Williams, london, manipulated economy, manipulated oil prices, manipulated prices, market manipulation, Mexico, middle east, muslims, neocons, New World Order, North American Union, Oil, OPEC, Petrol, price fixing, Saudi Arabia, single currency, Stock Market, United Kingdom, US Economy, Wall Street | Tags: global currency, global currency system, globalization, Mohammad Ali Khatibi, oil bourse, oil cut, one world currency, shell, Stanley Monteith, t-bills, the energy non crisis
Lindsey Williams Predicted Oil Will Be $50 a Barrel
Insider of the Global Elite was told: “Price of crude oil is going down to $50 a barrel. . . gas will be $2 to $2.50 a gallon” (1st video @ 7:11). “The entire Arab world will be bankrupt” (2nd video @ 7:34) “. . . you are going to shout and dance on the street at $2 a gallon and mark my words within 3-4 weeks time you are going to shutter in your boots because the dollar is going to go to zero, they’ll have an excuse to bring in the North American Union, they will be able to issue a new currency . . .” (3rd video)
Lindsey Williams on Alex Jones Show, October 26, 2008
Oil falls to $63, OPEC plans on cutting supply of oil
AP
October 26, 2008
Oil prices fell to 17-month lows at $63 a barrel Monday in Asia as investors weighed Friday’s OPEC output cut against growing evidence of a severe global economic slowdown that would undermine crude demand.
Light, sweet crude for December delivery fell 32 cents to $63.83 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore.
Investors brushed off a 1.5 million barrel-a-day cut announced by the Organization of Petroleum Exporting Countries on Friday, focusing instead on falling crude demand as economies across the globe reel from the impact of a credit crisis.
On Friday, oil fell $3.69 to settle at $64.15. Prices have plunged 57 percent from a record $147.27 on July 11.
“The mood is fairly negative reflecting worry about the international economic outlook,” said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. “If there is further weak economic data in the U.S. or Europe, prices could come under more downward pressure.”
Iran’s OPEC governor Mohammad Ali Khatibi said Sunday a reduction in production “will be considered” at the group’s next meeting in Algiers in December — a meeting that might even be held early if necessary.
“I thought the OPEC cut was a fairly decisive act, but concerns of recession in the major economies remain dominant,” Moore said. “OPEC’s cut does take a step toward tightening the market.”
http://www.reuter..dName=domesticNews&rpc=22&sp=true
Oil Can Fall to $50-$60 if Credit Stays Tight
http://www.cnbc.com/id/27160853
Oil down 50pc from July high
http://www.telegraph.co.uk/finance/finance..-July-high.html
Filed under: Amero, Australia, bailout, Bank of America, Big Banks, BIS, Britain, Canada, China, Congress, corporations, corporatism, Costa Rica, David Rockefeller, Ecuador, energy, Eugenics, Euro, Europe, european union, exxon mobil, fannie mae, FDIC, Federal Reserve, food market, food prices, food shortage, freddie mac, gas prices, general motors, George Bush, Germany, global economy, global elite, global government, Globalism, gold, housing market, hyperinflation, India, indymac, International Bankers, internationalist, Iran, Japan, job market, liquidation, malthusian catastrophe, Martial Law, Mexico, middle class, mortgage companies, mortgage lenders, mugabe, nationalization, neocons, New World Order, North American Union, Oil, Patriot Act, Petrol, Police State, Population Control, Posse Comitatus, private banks, real estate, rockefeller, rothschild, shell, silver, South America, spain, Stephen Harper, subprime, subprime lending, Taxpayers, United Kingdom, Venezuela, wells fargo, Zimbabwe | Tags: Deutsche Bank, george green, k-mart, run on banks, sears, silver shortage, spanish bank, wells fargo
Stressed banks borrow record amount from Fed
Reuters
July 31, 2008
Banks borrowed a record amount of funds from the Federal Reserve in the latest week as the year old credit crisis took a persistent toll, while the commercial paper market continued to contract, signaling tough conditions for short term borrowers.
Banks’ primary credit borrowings averaged $17.45 billion per day in the latest week, the second straight week this had hit a record and up from $16.38 billion the previous week, Fed data showed on Thursday.
Zimbabwe Devalues Currency
AP
July 30, 2008
Zimbabwe will drop 10 zeros from its hyper-inflated currency — turning 10 billion dollars into one — the country’s reserve bank said Wednesday. President Robert Mugabe threatened a state of emergency if businesses profiteer from the country’s economic and political unraveling.
Shop shelves are empty and there are chronic shortages of everything including medication, food, fuel, power and water. Eighty percent of the work force is unemployed and many who do have jobs don’t earn enough to pay for bus fare.
Inverview with George Green – (7/16/2008)
http://www.politico.com/news/stories/0708/12166.html
Soaring energy bills set to push inflation to 16-year high
http://www.dailymail.co.uk/news/ar..set-push-inflation-16-year-high.html
GM Has $15.5 Billion Loss on U.S. Sales Drop, Leases
http://www.bloomberg.com/apps/news?pid=20601087&sid=agMEuJ_r_yxA&refer=worldwide
Venezuela to Nationalize Spanish Bank
http://english.cri.cn/2947/2008/08/01/1821s388058.htm
IndyMAC Files For Bankruptcy Protection
http://www.nytimes.com/2008..2&ref=business&oref=slogin&oref=slogin
Jobless Claims Up Highest In Five Years
http://www.wnbc.com/news/17049831/detail.html
Inflation Could Hit 6% By Fall?
http://economictimes.indiatimes.com..Economist/articleshow/3307499.cms
Deutsche Bank Writedowns Exceed $11 Billion
http://moneynews.com/financenews/bank_writedowns/2008/07/31/117802.html
Shell reports 33% rise in profit
http://www.iht.com/articles/2008/07/31/business/31shellNEW.php
Exxon posts record $11.68 billion profit
http://money.cnn.com/2008/07/31/news/.._profits/?postversion=2008073109
Britons Skipping Meals Due To Money Worries
http://www.money.co.uk/article/100..-meals-due-to-money-worries.htm
IMF Calls For N. African Economic Integration
Greenspan: Housing No Where Near Bottom
Economic Rebound Not As Energetic As Hoped
Biggest dive for commodities in 28 years
Filed under: 2008 Election, Ahmadinejad, Alex Jones, Amero, Canada, central bank, Congress, Control Grid, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, Euro, exxon mobil, Federal Reserve, gas prices, George Bush, global economy, global elite, global government, Globalism, Great Depression, Greenback, indonesia, Inflation, Iran, John McCain, Lindsey Williams, manipulated economy, manipulated oil prices, manipulated prices, Mexico, middle east, neocons, New World Order, North American Union, offshoring, Oil, OPEC, petro, Petrol, price fixing, Ron Paul, Russia, single currency, SPP, Stock Market, Tehran, US Economy | Tags: oil bourse, oilstorm, shell, Stanley Monteith, t-bills
Lindsey Williams: ’Price of crude oil is going down to $50 a barrel’ ’the dollar is going to zero’
http://www.youtube.com/watch?v=U9q9hYDmBeQ
Ahmadinejad: Oil Prices Are Fixed
http://news.yahoo.com/s/nm/20080617/ts_nm/iran_oil_ahmadinejad_dc
Traders manipulated oil prices – U.S.
http://money.cnn.com/2008/07/24/markets/cftc/index.htm?eref=rss_topstories
’Oil price may hit $500 a barrel’
http://www.presstv.ir/detail.aspx?id=64986§ionid=3510213
Pickens sees $300 oil unless U.S. cuts imports
http://www.canada.com/vancouversun/news/business/stor..f-a4325ad8691c
Filed under: alaska, BP, brazil, central bank, CFR, chevron, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, Euro, exxon mobil, famine, food market, food prices, food shortage, gas prices, GDP, george soros, global elite, global government, Global Warming, gold, Great Depression, Greenback, Hoax, Inflation, Iraq, Kurdish, lindsay williams, Lindsey Williams, Mexico, middle east, MSNBC, nation building, New World Order, occupation, Oil, OPEC, peak oil, Petrol, Stock Market, US Economy, War On Terror, Warren Buffett | Tags: robert hirsch
Experts Push “Peak Oil” Scam to Predict $15 a Gallon Gas Prices
Infowars
May 26, 2008
Editor’s Note: The following video is a prime example of hysterical “Peak Oil” scaremongering. In fact, there is no shortage of oil — the reserves are increasing, not decreasing. Consider the following examples: In 2006, Chevron announced a huge oil discovery in the the Lower Tertiary zone of the Gulf of Mexico, described as “one of the nation’s biggest oil discoveries in decades,” and Brazil discovered giant new offshore oil fields in 2005 (expected to produce 773 million barrels of oil by 2025). Add to this BP’s discovery of new oil fields near the Shetland Islands, recent discoveries in the Timor Sea, Yemen, Tunisia, Libya, offshore Trinidad, in Pakistan, Angola, in the Ordovician Red River Strata of southeastern Saskatchewan, and elsewhere. Earlier this month, the Kurds of northern Iraq announced a major oil find, estimated at about 2 billion barrels. In the last 20 years, known reserves have doubled. Currently there are somewhere in the neighborhood of 680 billion barrels of Middle East reserve oil alone.
Add to this an “intriguing theory now permeating oil company research staffs suggests that crude oil may actually be a natural inorganic product, not a stepchild of unfathomable time and organic degradation. The theory suggests there may be huge, yet-to-be-discovered reserves of oil at depths that dwarf current world estimates,” writes Chris Bennett (see Lindsey Williams interview below). “Deeply entrenched in our culture is the belief that at some point in the relatively near future we will see the last working pump on the last functioning oil well screech and rattle, and that will be that. The end of the Age of Oil. And unless we find another source of cheap energy, the world will rapidly become a much darker and dangerous place.” It is a meticulously nurtured myth.
Peak Oil takes a page from publicly available CFR and Club of Rome strategy manuals that say global government needs to control the world population through neo-feudalism by creating artificial scarcity that will result in massive social unrest, widespread famine, and endless war. $15 a gallon gas will most certainly help this agenda along.
http://www.youtube.com/watch?v=U7IJEEIBwrE
http://www.youtube.com/watch?v=80XMKbnHuEs
From David Edwards and Raw Story, May 24:
Robert Hirsch, senior advisor for Science Applications International Corporation, sat down with MSNBC’s Alex Witt to discuss the possibility of an upcoming oil crisis. Hirsch says that gas could reach $15/gallon within a few years because it is “essentially certain” the world has reached the maximum levels of oil production.
“The problem is that there’s not that much oil left in the ground,” Hirsch says. “What we’ve done is been very fortunate to have oil production increase as our economies have developed over the past decades. And now we’re reaching a point where we’re about to get, or we may be, at the maximum world oil production. After that, oil production will then decline and prices, of course, will continue to do what they’ve been doing recently. So what we’ve got today may be the ‘good old days.’”
Hirsch addressed the timeframe in which the US could see $15/gallon gas: “It could happen within a matter of months. It could happen within a matter of a few years. But it’s essentially certain that we are at the maximum of world oil production. And after that, we’ll go into decline, and when there’s much less oil available, then, of course, the price of oil is going to increase dramatically.”
Fuels, heating oil, and consumer products that rely on petroleum will all be impacted by the decline in world oil production. Hirsch estimates the world GDP declining at the same rate as oil production.
Oil Expert: By Summer, Oil To Hit $200 Per Barrel
This is reality, energy is in the hands of profiteers and has lost touch with the real expenses. There is no logic here, says Davor Stern.
Javno
May 23, 2008
Oil prices have once again crashed through the ceiling with a record price of 135 dollars per barrel because of the concerning fall in American reserves of crude oil with 5.32 million barrels. The fact is that this is only a continuation of the crisis; food is getting more and more expensive, petrol and diesel are rising in price every other week in Croatia (as well as in many countries around the world), and there is no end in sight to the price hikes.
This is reality, energy is in the hands of profiteers and has lost touch with the real expenses. There is no logic here – Davor Stern told us in a telephone conversation. Davor is the former director of Croatia’s largest oil company INA, as well as an oil expert.
Record earnings by oil companies
He added that oil companies earn a lot. Igor Dekanic from the faculty of mining, geology and oil, said that European oil companies are breaking the borders of profitability.
– The largest companies like IBP, Shell, Exxon, the French Total and the Italian Enia have the largest profits in history. That is a general trend with privatized companies in the world – says professor Dekanic.
Stern stresses that the market itself has some sort of logic, however, the current situation is in a state of psychosis.
– By summer we can expect oil prices of 200 dollars per barrel, and that is not the opinion of the trade, but my own prediction. It is impossible to give any projections of the prices, but one thing is certain, the sky is the limit – says Stern.
Recent News:
http://www.guardian.co.uk/busi..y/23/oil.commodities1
Gold Hits Over $930, Oil $135, Euro $1.57
http://www.reuters.com/article..er=2&virtualBrandChannel=10005
OPEC: Oil market is going ’crazy’
http://www.presstv.ir/detail.aspx?id=56937§ionid=3510213
Buffett blames banks for credit crisis
http://www.reuters.com/article/ousiv/idUSL2561340920080525
It’s Not An Oil Crisis It’s A Dollar Crisis
http://www.321gold.com/editorials/schiff/schiff052308.html
Alaska Drilling Would Only Save 75 Cents Per Barrel
http://www.mcclatchydc.com/251/story/38223.html
Buffett Sees Deep U.S. Recession
http://news.yahoo.com/s/nm/200805..oENIM35QA3Eqb.HQA
Food prices high for foreseeable future, says UN
http://www.guardian.co.uk/world/2008/may/23/unitednations.food
George Soros: rocketing oil price is a bubble
http://www.telegraph.co.uk/money/ma..2008/05/26/cnsoros126.xml
Global Warming Bill Could Spike Gas $1.50 to $5 a Gallon
http://www.businessandmedia…/20080515172437.aspx
Economist Challenges Government Data
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/05/25/BU6K10JTEF.DTL
Gas Prices Could Top $5 A Gallon In Bad Economy
http://cbs2chicago.com/consumer/gas.prices.oil.2.719683.html
Gas Could Go To $10
http://www2.nysun.com/article/75363
Euro, Franc, Krona to Benefit From Oil Price, Barclays Says
Economy Slows To A Crawl
Government Green Lights Gulf Dollar Abandonment
Federal Reserve May Want Inflation
Fed Cuts Key Interest Rate By A Quarter Point
U.S. Economic Collapse News Archive
Filed under: Big Banks, credit cards, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, exxon mobil, FDIC, Federal Reserve, gas prices, general motors, George Bush, global economy, gold, Great Depression, Greenback, housing market, imf, Inflation, interest rate cuts, michigan, Oil, OPEC, Petrol, rate cut, south africa, Stock Market, subprime, subprime lending, US Economy, Venezuela
Another Fed Cut May Spur Gold Rally
Dilip Kumar Jha
Business Standard
February 17, 2008
More interest rate cuts by the US Federal Reserve to protect its slowing economy are likely to strengthen gold prices further with the metal being a safe haven for investors having offered handsome returns in the last year-and-a-half.
Additionally, closure of mines in the wake of power shortage in South Africa have affected supplies badly. As a consequence, the metal has enjoyed great support from retail and institutional investors which will continue to boost it in the future.
Thus, gold is set to touch $915 an ounce this week. However, after breaching this level, the metal may take another two to three months to hit the $950 an ounce-mark.
In India, however, standard gold may see good support at the present level of Rs 11,630 per 10 grams and is likely to rally beyond Rs 11,800 per 10 grams this week. The breach of the Rs 12,000-mark is on the cards, too.
The US Federal Reserve cut the key lending rate twice (75 and 50 basis points) last month to 3 per cent, providing fresh funds for the US and world economy.
However, experts believe the rate cuts haven–t help revive the economy. Hence, prospects of a further 50 bps cut looms large.
High prices have dampened demand in India severely as total imports in January were a meagre 4 tonnes from 62.5 tonnes in January 2007.
India, the world–s largest gold consumer, is a market sensitive to price fluctuations. The nominal imports in January were a result of the knee-jerk reaction to volatile and high prices.
–Even if the price moves in the higher range, consumers will get used to it and demand will resume,– said Jayant Manglik, head (commodities) at Religare Enterprises. Manglik believes that both gold demand and prices will continue to go up.
In the last year-and-a-half, gold offered 32 per cent returns which other asset classes failed to achieve. Reportedly, the International Monetary Fund (IMF) is unlikely to offload gold in the physical market before two to three months as it may wait for prices to rise further.
Meanwhile, investors from other classes are gradually shifting their funds towards gold which is evident from the record gold trading in London during January.
Trading volumes in London rose to a 19-month high in January at an estimated average of 25.3 million ounces. Trading volumes in January 2007 stood at 17.1 million ounces.
Gold remained volatile last week in Jhaveri Bazar, a major spot market in Mumbai, with prices touching high of Rs 11,895 per 10 grams on Monday.
However, weak sentiment continued to prevail throughout the week with fresh orders for weddings drying up. The metal ended the week at Rs 11,630 per 10 grams.
Oil surges above $96 to one-month high
Randy Fabi
Reuters
February 15, 2008
Oil rose above $96 a barrel on Friday, surging to a one-month high as investors fixated on the possibility — however slim — of OPEC member Venezuela halting supplies to top consumer the United States.
The South American country, one of the largest crude exporters to the United States, cut shipments to Exxon Mobil (XOM.N: Quote, Profile, Research) earlier this week after the U.S. oil major won court orders to freeze over $12 billion of Venezuela’s assets.
Venezuelan President Hugo Chavez, a critic of U.S. President George W. Bush, imposed the embargo on Exxon after threatening to cut off all shipments to the United States in the row over nationalization of Exxon assets in Venezuela.
U.S. crude CLc1 was up 45 cents at $95.91 by 1015 GMT, after earlier hitting $96.05. London Brent crude LCOc1 rose 25 cents to $95.41.
“I can’t believe the Venezuelans will actually go ahead and do that, but as long as there is this uncertainty it’s going to continue to have a bullish impact,” said Tony Machacek at Bache Commodities.
U.S. Energy Secretary Sam Bodman said on Thursday he did not expect Exxon to have trouble replacing oil supplies from Venezuela, but said the nation’s Strategic Petroleum Reserve would be available if needed. nN13311576
“Venezuela will not affect the crude supply fundamentally. There will be some risk premium but there will not be any natural shortfall in crude,” said Gerard Burg of National Australia Bank in Sydney.
Major oil producers in the Middle East have already assured the United States they could compensate for a supply disruption if Venezuela slows exports.
FDIC Chairperson Bair: “Housing Crisis Has Just Begun”
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Filed under: Al Gore, carbon dioxide, Co2, colombia, Europe, european union, exxon mobil, Germany, Global Warming, ipcc, mars, Oil, Petrol, Senate, UN, United Kingdom, White House
Oil Baron Al Gore Disses Climate Change Skeptics
Kurt Nimmo
Prison Planet
December 21, 2007
Al Gore didn’t like it one darn bit:
“More than 400 scientists challenge claims by former Vice President Al Gore and the United Nations about the threat of man-made global warming, a new Senate minority report says,” reports the Washington Times. “The scientists — many of whom are current or former members of the U.N. Intergovernmental Panel on Climate Change (IPCC) that shares the 2007 Nobel Peace Prize with Mr. Gore for publicizing a climate crisis — cast doubt on the ‘scientific consensus’ that man-made global warming imperils the planet.”
Gore, as you may recall, has declared the debate is over on climate change. Like a Soviet bureaucrat, he has testily demanded nobody pay attention to the skeptics and we get busy transforming society in the way envisioned by the IPCC and the United Nations. In other words, it is time to implement Agenda 21. Get ready to be moved off the land into a crowded urban ghetto — for the sake of the snail darters, don’t you know. It’ll be just like a scene out of Soylent Green.
As for the 400 scientists challenging Gore and the IPCC, Gore spokeswoman Kalee Kreider “said 25 or 30 of the scientists may have received funding from Exxon Mobile Corp.,” an accusation rejected by Exxon Mobile.
Gore should not be the one talking about greedy oil corporations. As it turns out, the Gore family “owns at least a quarter of a million dollars’ worth of Occidental stock.” Back in the 1990s, when Gore was in the White House, Colombia’s U’wa tribe had a bone to pick with Occidental. In 2000, Ken Silverstein wrote for the Nation:
One of the world’s hottest battles between indigenous groups and multinational oil companies is heating up in Colombia, where Occidental Petroleum is seeking to drill on land claimed by the 5,000-member U’wa tribe. Early this year, the Colombian government deployed several hundred soldiers to guard workers building a road to the multibillion-dollar project. That led to a clash in February when security forces used tear gas to break up an anti-Occidental demonstration of several hundred Indians. Three children reportedly drowned when they fell into a river as they fled from government troops.
But it is not strictly oil: “In the sixties, the Gores discovered zinc ore near land they owned in Tennessee. Through a company subsidiary Hammer bought the land for $160,000–twice the amount offered by the only other bidder. He swiftly sold the land back to Al Gore Sr. and agreed to pay him $20,000 a year for mining rights. After receiving his first payment, Gore Sr. sold the land for $140,000 to Gore Jr., who has received a $20,000 check nearly every year since he acquired it. Strangest of all, Occidental has never actually mined the land. Al Jr.’s coffers swelled further in 1985 when he began leasing the land to Union Zinc, an Occidental competitor.”
But never mind. It’s not about oil or Exxon Mobile, it’s about discrediting the opposition, as usual.
Everybody naturally hates oil barons.
It doesn’t matter if Al Gore is one.
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