CHINA OIL GRAB

GO TO GOOGLE:TYPE IN ARGENTINE AND CHINA OIL CONTRACT
VERY INTERESTING -PENOBSCOT PRINCESS ARTICLE

http://bigpicture.typepad.com/comments/2005/02/chinas_oil_grab.html

Added in an attempt to make threads in the Maine forum more meaningful.

The "Penobscot Princess" angle is interesting, but what she's saying is hardly new. China has been signing oil and resource contracts all over the world for the past five years. Sudan has thousands of Chinese experts developing its oilfields, and Chinese trade diplomats have been nosing all over South America looking for metal ores and oil deals. That's what you do when you're the fastest growing economy on the planet, with a 1.3-billion population eager to buy more toasters and Hondas. Plus I would bet serious money that China sees the writing on the wall about Peak Oil, so it's trying to lock up sources before the price goes through the ceiling. (For anyone interested in learning more, read Stuart Staniford's two analyses last week of Saudi Arabian oil production at theoildrum.com. If SA has peaked, the world has peaked, and it doesn't look good.)

Chavez might be cutting his own throat with his oil threats. Venz is already buying Russian oil to supply its European contracts, and the market for its sour crude is limited. Saudi Arabia tried to sell China some of its heavy stuff a few months back and the Chinese rejected the whole tanker load because their refineries can't handle it. Something to do with the manganese content, I think.

One was a story about China 'generously' aiding Nigeria with 1 billion dollars in grants to build railroads, the other was about China's new oil deal with Nigeria. I found it hilarious that both stories were on the same page but there was no link between the two and neither story had any references to the other! As if one wasn't the conclusion of the other. :D

We are in trouble, but I think Europe will suffer more in the coming oil crunch. We at least have Canada to help us (tar sands, uranium and whatever goodies are in the Arctic Ocean) and huge coal deposits at home. Europe has used up most of it's reserves, and I don't doubt Russia will start shipping it's oil and natural gas to China, especially with the lost revenue they experience as the fuel goes through pipelines in the Ukraine, etc while they can ship to China direct, and with shorter lines too!

Crazy times. I'm actually glad we at least have forests, tidal and wind power to harness and low population in Maine. Factors in our favor IMHO!

:tinfoilhat:

The Nigeria stories you saw illustrate the complete disconnect in the media between energy and other events. Europe is facing a real crunch because it's so dependent on Russian natural gas. They use a lot more nuclear power over there, especially France, and their railways are completely electrified, so they have an edge on us in that area. The North Sea fields are already in decline, although Norway recently announced a new play in the far north. I worry about depending on Canada -- the oil sands will never produce enough to replace what we'll lose elsewhere, and the process requires huge amounts of natural gas.

So you're absolutely right: Crazy Times. A woodlot is looking very good right now.

AS USUAL SHORE BOUND YOU TRY TO COME ACROSS AS AN AUTHORITY ON ALL THREADS.THE FACT IS YOU KNEW NOTHING OF THIS OR DID YOU ENLIGHTEN ME. SINCE MY INFO WAS ABOUT RECENT EVENTS.
THE WHOLE WORLD KNOWS ABOUT WHAT YOU POSTED,AND HAVE FOR YEARS.
SO ENLIGHTEN YOUR SELF FIRST!

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