Posts Tagged ‘oil’

by Christopher Helman, Forbes Staff

In a scene straight out of Ayn Rand’s “Atlas Shrugged,” a group of congressmen have submitted a bill that would create a “Reasonable Profits Board” to regulate how much profit oil and gas companies are allowed to make.

The board would consist of three members, appointed by the President of the United States to three-year terms, and would be responsible for determining when oil companies were making excess profits. The law would levy a windfall tax ranging from 50% to 100% of those excess profits.

In case you’re wondering, according to the bill, “The term ‘reasonable profit’ means the amount determined by the Reasonable Profits Board to be a reasonable profit on the sale.”

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Kurt Nimmo
Infowars.com
January 23, 2012

Iran has reacted angrily to an agreement by European Union foreign ministers to impose an oil embargo on the country.

Following the agreement reached on Monday, Iranian lawmaker Mohammad Ismail Kowsari, deputy head of Iran’s influential committee on national security, said the strait “would definitely be closed if the sale of Iranian oil is violated in any way.”

A fifth of the world’s oil moves through the Strait of Hormuz.

Monday, January 23, 2012
by Mike Adams, the Health Ranger

The real problem with the name “rapeseed oil” is that the oil was so toxic that the FDA banned it for human consumption in 1956. So when Canadian growers bred a new variety of rapeseed in the 1970s with a lower content of the toxic erucic acid, they decided they needed a new name for it.

The term canola was coined from “Canadian oil, low acid” to convince consumers that this oil was safe to eat. And while “canola” was originally a registered trademark, the term became so widely known that the trademark was eventually abandoned, and “canola” became the default term in many countries for any low-erucic rapeseed oil.

Canola oil is a very effective insecticide, and it is the primary ingredient in many “organic” (non-chemical) pesticide control products sprayed on vegetables to kill bugs. I covered this in my “canola oil pesticide” video:

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Via: Guardian:

The long-running standoff between Iran and the west over Tehran’s nuclear programme has shifted into a more unpredictable phase after Europe decided to impose an oil embargo on the Islamic republic.

The decision by EU foreign ministers at a meeting in Brussels raised the stakes dramatically in the war of wits between Iran and the west.

The EU decided no further oil contracts could be struck between the member states and Iran while existing oil delivery deals would be allowed to run until July.

Several countries shared reservations about the move, EU diplomats said. Greece was the trickiest problem since it imports a lot of Iranian oil on very favourable conditions. Given the financial collapse in Greece, it was in a difficult position and sought compensating measures from the rest of the EU. The impact of the embargo on countries such as Greece is to be reviewed in May.

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Source: Washington Times

BUENOS AIRES — Off the coast of Rio de Janeiro — below a mile of water and two miles of shifting rock, sand and salt — is an ultradeep sea of oil that could turn Brazil into the world’s fourth-largest oil producer, behind Russia, Saudi Arabia and the United States.

The country’s state-controlled oil company, Petrobras, expects to pump 4.9 million barrels a day from the country’s oil fields by 2020, with 40 percent of that coming from the seabed. One and a half million barrels will be bound for export markets.

The United States wants it, but China is getting it.

Less than a month after President Obama visited Brazil in March to make a pitch for oil, Brazilian President Dilma Rousseff was off to Beijing to sign oil contracts with two huge state-owned Chinese companies.

The deals are part of a growing oil relationship between the two countries that, thanks to a series of billion-dollar agreements, is giving China greater influence over Brazil’s oil frontier.

Chinese oil companies are pushing to meet mandatory expansion targets by inking deals across Africa and Latin America, but they are especially interested in Brazil.

“With the Lula and Carioca discoveries alone, Brazil added a possible 38 billion barrels of estimated recoverable oil,” said Luis Giusti, a former president of Venezuela’s state oil company, PDVSA, referring to the new Brazilian oil fields.

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Source: Bloomberg

President Barack Obama’s decision yesterday to reject a permit for TransCanada Corp.’s Keystone XL oil pipeline may prompt Canada to turn to China for oil exports.

Prime Minister Stephen Harper, in a telephone call yesterday, told Obama “Canada will continue to work to diversify its energy exports,” according to details provided by Harper’s office. Canadian Natural Resource Minister Joe Oliver said relying less on the U.S. would help strengthen the country’s “financial security.”

The “decision by the Obama administration underlines the importance of diversifying and expanding our markets, including the growing Asian market,” Oliver told reporters in Ottawa.

Currently, 99 percent of Canada’s crude exports go to the U.S., a figure that Harper wants to reduce in his bid to make Canada a “superpower” in global energy markets.

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OriginOil and Department of Energy to Develop Direct Conversion of Algae into Renewable Crude Oil for Existing Oil Refineries
Company partners with Idaho National Laboratory to enable algae growers to enter the global crude oil market
OriginOil, Inc., the developer of a breakthrough technology to extract oil from algae and an emerging leader in the global algae oil services industry, today announced its plans to co-develop an integrated system with the U.S. Department of Energy’s Idaho National Laboratory (INL) for direct conversion of raw algae into a renewable crude oil that can be used by existing petroleum refineries.

“We believe this is a major breakthrough for OriginOil and a major step forward for the algae industry,” said Riggs Eckelberry, OriginOil CEO. “We already lead the industry with our chemical-free, low-energy, continuous high-flow harvesting system.

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