Hey Saudi Arabia, Help Us Out!

Bush has appealed to OPEC nation Saudi Arabia to consider the damage that high fuel prices are having on the U.S. economy. Bush hopes that the market size of the United States will help him sway members of OPEC to increase production, lower prices, and allow U.S. consumers to spend on something besides gas.

Bush fails to recognize that while the United States maybe the largest consumer of fuel it is the rise of India and China that have put a strain on the fuel markets. With a combined population of well over 2 billion, these nations dwarf the market potential of the United States. The U.S. isn't the only country that can buy oil. Story from the International Herald Tribune.

Oil for Blood

Or is it Blood for Oil? Either way, the defintion that that gives meaning to the signs and chants.

Russia and Nigeria to Cooperate on Gas Exploitation

The Financial Times reports that Gazprom, the Russian state owned energy giant, is willing to invest heavily in Nigerian gas. Just what Nigeria needs, more money from another corrupt country to further destabilize the Niger Delta.

In other Nigeria related news, OPEC has blamed Nigeria for high global oil prices. Story from AllAfrica.

Oily is Never a Good Look...

Oh hey...here I am. I heard Rob was looking for me. I recently got a new job blogging/doing creative shit for a failing fashion dot com, so I've been avoiding reality and living in that world for the past week or so. But I'm back with more environmental/not quite libertarian (boohoo) stuff for you guys.

So I had a first hand experience with the oil spill on Sunday. I headed down to the beach with a friend. When we arrived on the sand we went to take our shoes off when these two girls stopped us and said, "um, you guys probably shouldn't do that, there is oil and grossness everywhere." We couldn't see the oil and the water looked fairly blue, but we put our shoes back on and walked towards the ocean. When we got back up to the street I looked down at my feet and there was what looked to be tar stuck all over my white Converse. I bent down and touched it, and when I brought it up to my nose, I knew immediately what it was. Black sand, saturated with oil. Totally sad, disgusting, and awful. Hours later I could still smell it on my fingertips. Completley ruined my sneakers too.

My secret hate-sex partner, Gavin Newsom, is being a real coconut scented douchebag about the whole thing. Go figure.

Which leads me to my next point: If you live in or around SF, there is a training TONIGHT on how you wonderful civilians can help clean up the bay. Hey, personal responsibility...

I'd be there, but you know, Gossip Girl is on.

OPEC Asks an Obvious Question

That tidy group of thieves and dictators known as OPEC is shivering in their boots about sustaining levels of global demand for oil. The Financial Times reports that OPEC is seeking reassurance that demand will remain high if they ramp up production. As if current billions of dollars they have hoarded away for themselves isn't enough. With the rise of India and China I am surprised this is even an issue.

NPR ran a wonderful story on how we got to$100 oil. Its not a bad read for some quick hitting factoids.

Oil Prices Up, Exxon Down

High oil prices are usually associated with bursting profits for the oil titans. Information released today points contrary to this populist notion.

Oil prices rose above $96 dollars a barrel today, but Exxon issued a weak earnings report causing its stock to drop.

The reasons are simple, a weak dollar which translates to only a slight increase in the price of oil by 1% when economic adjustments are taken to account. So far the oil companies are bearing the burden of higher prices and not consumers.

Stories from the International Herald Tribune and New York Times.

Weekend International Reading

John Locke’s assertion of life, liberty and property, well at least property to be essential for rising incomes. World Bank

Oil hits $90 a barrel because of weak dollar. BBC

Romney shows he knows nothing about the U.S. role in the United Nations. MSNBC

Les divorce du Sarkozy et l’impact politique. Le Monde

Pakistan recovers from suicide attacks during Bhutto’s arrival. New York Times

Oil Companies Working for You…Kind of..

The New York Times reports on the mounting difficulties facing oil companies as they attempt to keep up with global demand. Discovery and development technologies to extract oil have tripled since 1999 to $15 a barrel.

Oil prices are only expected to rise in the next 25 years. United States analysts predict that over this period global demand will increase by 50%. As oil becomes more costly to extract and demand rises, the days the cheap gas will be over soon, even if supply remains high.

Nigerian Oil Giant Dissolves

All Africa reports that the Nigerian government announced their plans to breakup the state run oil giant NNPC. This is mainly an attempt to eliminate rampant corruption in Nigerian oil. The unbundling of the petrol giant is also expected to increase efficiency inline with the best international practices in a country which has seen production decline due to civil unrest in the delta region according to EIA. Whether this will be done remains to be seen, much hinges on whether President Yar’Adua can effectively fulfill his capacity and hold officials accountable.