Iraqi Oil Auctions
Many were claiming that Dubya’s interest in Iraq’s oil reserves was the driving factor in the assault on Iraq, and that ousting President Saddam Hussein was the means to do so. I don’t think so, but oil, is of course, a precious resource that lubricates the gears of industry. Yes, pun intended, in oh, so many ways.
Yesterday, a total of 32 firms, including from US of A, European, Chinese, Indian and other Asian states, were all but turned out by Iraqi ministers over their proposed contracts to develop Iraq’s oil reserves. Only a consortium led by BP (British Petroleum) was awarded a contract, and that was for the largest oil field. Pricing for the bids was tricky; entailing not only per barrel extracted, but also a premium per barrel produced exceeding a production quota (essentially a rebate) paid by the Iraqi government to the developer. Bids were ranging in the $21 to $26 per barrel with $2 to $4 in premiums. With the price of oil now hovering at $70/barrel with a high of $147/barrel, there is plenty of room for profits. But, when you’re talking in the 10’s of millions of barrels, a buckeroo here or there makes a diff. For more, go here: http://english.aljazeera.net/news/middleeast/2009/06/2009630142632943969.html
BTW, any “green” energy analysis must include the cost of fossil fuels to deliver the product to the end user, or it’s just a delusion. That’s why I like solar, wind and nuclear energy supplies.
Everyone knows that the least desirable seat in any administration is the one in which the White House Press Secretary sits. He must be the buffer between the press and the administration. It takes a person who is unflappable, non-defensive and one who can think on their feet. Also, one who can dance. Current WH Press Secretary, Robert Gibbs, is all of that. Watch this video of Gibbs doing all of the above to a direct question regarding Prez O’s pledge to not raise taxes; the question was not answered. Go here: http://hotair.com/archives/2009/06/29/video-press-corps-now-openly-laughing-at-obamas-backtracking-on-taxes/
On a positive note: AP reports that Toyota Motor Corp. has developed a way of steering wheelchairs by thinking alone. I think this is great, but should a person who can only think be allowed to be self-mobil? Probably not; still the technology is fascinating. Good on you, Toyota!
Blessings.