Tag: Oil

Join Jim and Greg as they slam AOC’s economic lunacy and callously partisan response to Monday’s plummeting oil futures. They also shake their heads as CNN says Kim Jong Un is in grave condition and NBC has him brain dead, while Reuters has him fine just hours later. And they gag as Gayle King of CBS gushes that “everyone know” Stacey Abrams is “extremely qualified” to be Joe Biden’s running mate.

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Join Jim and Greg for three crazy martinis that could easily be all bad. First, they comment on oil prices plummeting faster than we can keep up with them and discuss why our economy suffers if prices are too low for too long. They also recoil as one vaccine expert says the public should brace for the possibility that it may be very difficult or impossible to develop a coronavirus vaccine – although he is from the WHO. And they hammer New York City Mayor Bill de Blasio for urging New Yorkers to rat on their neighbors for not properly social distancing.

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Join Jim and Greg as they discuss the gut-wrenching loss of another 6.6 million jobs over the past week but also note an economic silver lining. They also react to Dr. Fauci suggesting people permanently stop shaking hands and then muse about what should replace it. And they lose their appetites as they discuss another way China is a breeding ground for illnesses.

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There’s not a lot of good news Monday, so let’s just tackle the bad stuff on Three Martini Lunch. Join Jim and Greg as they react to the massive Wall Street sell-off as investors are spooked by coronavirus, oil prices, and the bond market, and once again they call out irresponsible figures either whipping up panic or openly cheering for the virus to spell Donald Trump’s political doom. They also wince a bit as Montana Democratic Gov. Steve Bullock launches a challenge to GOP Sen. Steve Daines, adding another race where Republicans will have to work hard to keep a seat. And they react to the news that a CPAC attendee has tested positive for coronavirus, prompting Sen. Ted Cruz and Rep. Paul Gosar to self-quarantine themselves after interacting with that person.

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Contributor Post Created with Sketch. Trump Admin Blames Iran for Oil Tanker Attacks in Gulf

 

Two oil tankers were attacked Thursday near the Strait of Hormuz amid escalating tensions in the region. Secretary of State Mike Pompeo has blamed Iran for the attacks, as he did with attacks on four tankers last month near a United Arab Emirates.

“The assessment of the United States government that the Islamic Republic of Iran is responsible for the attacks that occurred in the gulf of Oman today,” Pompeo said. “This assessment is based on intelligence, the weapons used, the level of expertise needed to execute the operation, recent similar Iranian attacks on shipping and the fact that no proxy group operating in the area has the resources and proficiency to act with such a high degree of sophistication.”

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U.S. Ambassador to Germany Richard Grenell on Iran Sanctions Snapback, America’s Energy Competition with Russia in the EU, Chancellor Merkel U.S. Ambassador to Germany Richard Grenell occupies one of the most critical positions in American diplomacy, not only because Germany represents the EU’s largest economy and has disproportionate influence on the continent, but because of […]

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Contributor Post Created with Sketch. Data Is Just Like Oil, Other Than These Few Minor Differences

 

You may have heard something about “data being the new oil” or some such. Just as petroleum drove economies in the 20th century, so will digital information in the 21st. I really started hearing about this framing after a May 2017 cover story by The Economist. The piece had a pretty snappy lede:

An oil refinery is an industrial cathedral, a place of power, drama and dark recesses: ornate cracking towers its gothic pinnacles, flaring gas its stained glass, the stench of hydrocarbons its heady incense. Data centres, in contrast, offer a less obvious spectacle: windowless grey buildings that boast no height or ornament, they seem to stretch to infinity. Yet the two have much in common. For one thing, both are stuffed with pipes. In refineries these collect petrol, propane and other components of crude oil, which have been separated by heat. In big data centres they transport air to cool tens of thousands of computers which extract value—patterns, predictions and other insights—from raw digital information. Both also fulfill the same role: producing crucial feedstocks for the world economy. Whether cars, plastics or many drugs—without the components of crude, much of modern life would not exist. The distillations of data centres, for their part, power all kinds of online services and, increasingly, the real world as devices become more and more connected. Data are to this century what oil was to the last one: a driver of growth and change. Flows of data have created new infrastructure, new businesses, new monopolies, new politics and—crucially—new economics. Digital information is unlike any previous resource; it is extracted, refined, valued, bought and sold in different ways. It changes the rules for markets and it demands new approaches from regulators. Many a battle will be fought over who should own, and benefit from, data.

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Contributor Post Created with Sketch. Why the US Will Become the “Undisputed Global Oil and Gas leader for Decades”

 

This new analysis and forecast from the Energy Information Agency, reflected in the above chart, is amazing:

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There’s an old adage that states: “buyer beware”. It was used commonly in times past. Borrowing from the legal dectionary: When a sale is subject to this warning the purchaser assumes the risk that the product might be either defective or unsuitable to his or her needs.This rule is not designed to shield sellers who […]

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I heard that a 20% tariff on all Mexican imports was being proposed to pay for Trump’s much talked about wall – I don’t like this idea, and I think maybe there’s a better way that I’d like to propose. Target the oil and refined petro products. I was never a guy wearing a wall […]

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Cannon Ball, North Dakota Just as Dallas-based Energy Transfer Partners thought they had dotted all the i’s and crossed all the t’s on their $3.8 Billion oil pipeline project, including the years it took to aquire every piece of land–in four states–along its 1,172 mile long route, a SJW-come-political appointee in the Interior Department killed the […]

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Wolfcamp shale formation in western Texas, the largest continuous oil accumulation in the United States ever found: 20 billion barrels of oil 16 trillion cubic feet of associated natural gas 1.6 billion barrels of natural gas liquids Drill, baby, drill! More

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I drive a 2008 Acura RDX. Since my daily commute is about 9 miles (round trip), I don’t put many miles on it. As of today, it is just about to clock its 50,000th mile. Acura has a feature called “Maintenance Minder”, perhaps the most annoying feature of any car I’ve ever owned. When your […]

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Promoted from the Ricochet Member Feed by Editors Created with Sketch. Bernie Sanders’s Astoundingly Wrongheaded Tweet Of The Day

 

Leaving aside that I am not a fan of “corporate welfare,” the tweet below from Senator Bernie Sanders demonstrates a lack of understanding about the oil industry and corporate finance. First of all, most oil and gas companies are not large corporations. Furthermore, many of them are filing for bankruptcy due to low oil and gas prices. And as they provide vital commodities whose prices are subject to wild swings, perhaps it is understandable that they receive some advantageous tax treatment. This Forbes article, for instance, refutes the myth of “rich” oil companies not paying their “fair share;” it’s also a few years old, but its points remain valid.

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Promoted from the Ricochet Member Feed by Editors Created with Sketch. Flyover 54 – There May Be Blood

 

This week, we are joined by Ricochet editor Tom Meyer! We hear about Terry’s job and the inner-workings of an oil rig. We engage in general conversation about the country, the electorate, history, and the future. We do our very best to answer the question on everyone’s minds: “Is it possible to have a podcast without talking about Trump?” Well, it took us nearly an hour and a half to find out. Stick with us; you won’t be disappointed.

Some references:

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Some recent stories from Venezuela, Brazil, and Nigeria caught my attention; they have some interesting similarities. They are all oil-producing countries–with state-owned oil companies–that have been impacted by falling oil prices. And they are also reaching levels of political maturity where corruption is becoming more scandalous. In Venezuela, the opposition has resolved to oust Chavez’s successor Nicolas […]

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According to the consultancy Wood MacKenzie, the cash cost of US’s shale oil is at US$15 per barrel and even at a price of US$30 per barrel, only 6% of production worldwide fails to cover its average variable costs and faces shutdown. Moreover, the US shale oil industry has been becoming more productive, with a […]

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If you think the US government is wrong to reject the Keystone XL pipeline, here’s The Donald’s take: Republican presidential front-runner Donald Trump says he would reject the Keystone XL pipeline if TransCanada Corp. didn’t give the U.S. a “big, big chunk of the profits, or even ownership rights.” More

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Are we having fun yet? This morning I spent time trying to get a sense of who thinks the new year financial route will turn around or, as some bears are calling for: “S&P could plunge 75% to 550”. The phone calls with clients and industry friends felt like that moment Roy Scheider said “we’re gonna need a […]

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Contributor Post Created with Sketch. Unsustainability Is a Progressive Delusion

 

shutterstock_175767308China’s oppressive one-child policy has at long last been repealed. Sadly, it was replaced with an only slightly less oppressive two-child policy. Hopes that China’s leaders have finally realized the blatantly evil nature of such decrees are, of course, wishful thinking. The demographic disaster that such bureaucratic meddling has caused was the motivating factor for the policy change.

Likewise, hopes that the American intelligentsia might pass such a basic test in recognizing good and evil are nothing but a pipe dream. Sarah Conly, Professor of Philosophy at Bowdoin College, has provided us with a prime example in the Boston Globe, replete with references to every liberal’s favorite buzzword “unsustainable.”

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