Posts tagged crude
The U.S. can eliminate its dependency on crude oil if the country switched to production of synthetic fuel using a combination of non-food crops, natural gas and coal, according to researchers at Princeton University.
In a paper produced by the American Institute of Chemical Engineers, researchers say their plan could also cut greenhouse gas emissions by as much as 50 per cent if non-food crops are used to produce that fuel.
The team examined the economic viability of building synthetic fuel plants and producing the fuel and compared that with importing crude oil that is costing between $60 to $100 US per barrel.
“The goal is to produce sufficient fuel and also to cut carbon dioxide emissions, or the equivalent, by 50 per cent,” said Christodoulas Floudas, professor of chemical and biological engineering at Princeton. “Not only can it be done, [it can] be done in an economically attractive way.”
Iran has cut oil exports to Germany one day after halting crude sales to Spain as part of its counter sanctions against the European Union (EU).
Tehran has already stopped oil exports to France, Britain, and Greece and is now considering halting crude sales to Italy.
Iran’s decision to cut crude exports to six European countries — including the Netherlands, Spain, Italy, France, Greece and Portugal — was made after the EU foreign ministers agreed on January 23 to ban oil imports from Iran and freeze the assets of the country’s Central Bank across the EU.
On February 19, Iran’s Oil Ministry cut oil exports to British and French firms.
Tehran’s decision to impose counter sanctions on European countries has led to a hike in global oil prices, pushing gasoline prices in the US and the UK to record highs. The rising gasoline prices have also become a major issue in the US presidential election campaign.
The US and EU accuse Iran of pursuing a military program under the cover of its nuclear energy work despite the fact that the International Atomic Energy Agency (IAEA) has found no evidence to this end.
Tehran refutes their claims arguing that as a committed member of the IAEA and a signatory to the Non-Proliferation Treaty it is entitled to peaceful uses of the nuclear energy.
(ZeroHedge) – Two days ago Obama held a press conference in which he openly prevaricated and disinformed the world about the true nature of his meeting with Israel PM Netanyahu. Today we find what was truly discussed, courtesy of Israel’s Maariv newspaper, Spiegel and Reuters, which all tell us that it was a simple case of quid pro quo, namely that Barack Obama would supply Israel with bunker-busters and refueling planes if Bibi promised to delay an Iran attack until after the presidential election. The implication is simple – avoid an oil price shock this summer and delay it until next winter when Obama will be safely in his throne for another 4 years, at which point US citizens can fuel their cars with combustible urine following nights of binging on Everclear in hopes of ending their sorrows with alcohol poisoning, or better yet, all be in possession of the heavily subsidized flaming half ton block of metal known as the Obama Pinto, er, Volt.
Some more details on the latest horse trade from Israel Insider:
The US will supply Israel with bunker-busting bombs and refueling planes in return for delaying a strike against Iran until at least the end of the year, Maariv reported on Thursday. During their meeting earlier this week in Washington, Barack Obama promised Benjamin Netanyahu the latest deep-penetration arms from the US arsenal as well as airborne tankers to refuel strike jets necessary for an Israeli attack on Iran. In return, Israel will agree to not take any action until after the upcoming US presidential elections in November 2012.
Although rumors of the possible supply of new bombs and planes began even while Netanyahu was still in the US, Maariv’s claim, based on Western sources, is that supply of the equipment is conditional on postponing an attack. Obama gave Israel neither a green light for an attack, nor a red light, but rather a “bright yellow light,” sources told Maariv, adding that the yellow light is nearly red. Obama told Netanyahu that an Israeli attack, uncoordinated with the US, will have the most serious implications on regional stability and relations between the two countries. Maariv said that sources close to the recent meetings in Washington reported that it will be “difficult, if not impossible” for Israel to ignore Obama’s warnings.
Central to the difference of opinions is at what stage of the uranium enrichment process it will become necessary to use military force. According to intelligence reports, Iran has succeeded in enriching 120 kilogram (265 lbs.) of uranium to 20 percent purity. To make a bomb the Iranians require 250 kg (550 lbs) of 90% pure uranium. However, enriching from 20% to 90% is a relatively fast process, meaning Israel may see its window for action closing. According to Maariv, the US is prepared to wait until Iran has 250 kg of 20% rich uranium, but Israel considers the current developments beyond its own red line for action.
Perhaps it is time to make the presidential brent contango hump just a little bigger?
Source: Zero Hedge
Despite assurances from British oil company BP that no oil was present at the Deepwater Horizon site in the Gulf of Mexico, two Louisiana State University men have returned with video evidence of large blooms of crude oil swelling up to the water’s surface where the doomed oil rig once hovered.
Tests on the oil were inconclusive as far as linking it to the now-plugged oil well, but if it is from the Deepwater Horizon spill it could indicate the formation of fissures on the seabed, seeping oil into the ecosystem anew.
If so, that would mean the worst accidental release of oil in human history — a spill so bad, it took five months just to stop crude from flowing — isn’t quite over.
This video is from AL.com.