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History and Analysis -Crude Oil Prices

History and Analysis -Crude Oil Prices
OPEC has seldom been effective at controlling prices. Often described as a cartel, OPEC does not fully satisfy the definition. One of the primary requirements of a cartel is a mechanism to enforce member quotas. An elderly Texas oil man posed a rhetorical question: What is the difference between OPEC and the Texas Railroad Commission? His answer: OPEC doesn't have any Texas Rangers! The Texas Railroad Commission could control prices because the state could enforce cutbacks on producers. With enough spare capacity to be able to increase production sufficiently to offset the impact of lower prices on its own revenue, Saudi Arabia could enforce discipline by threatening to increase production enough to crash prices. During the 1979-1980 period of rapidly increasing prices, Saudi Arabia's oil minister Ahmed Yamani repeatedly warned other members of OPEC that high prices would lead to a reduction in demand. Unfortunately for OPEC only the global recession was temporary.

Related:  Oil War

What Does Putin Want? Via, Foreword by the Saker: The analysis below is, by far, the best I have seen since the beginning of the conflict in the Ukraine. I have regularly posted analyses by Ishchenko on this blog before, because I considered him as one of the best analysts in Russia. This time, however, Ishchenko has truly produced a masterpiece: a comprehensive analysis of the geostrategic position of Russia and a clear and, I believe, absolutely accurate analysis of the entire “Putin strategy” for the Ukraine. I have always said that this conflict is not about the Ukraine but about the future of the planet and that there is no “Novorussian” or even “Ukrainian” solution, but that the only possible outcome is a strategic victory of either Russia or the USA which will affect the entire planet. Ishchenko does a superb overview of the risks and options for both sides and offers the first comprehensive “key” to the apparently incomprehensible behavior of Russia in this conflict.

World Nuclear Power Reactors 1 April 2014 This table includes only those future reactors envisaged in specific plans and proposals and expected to be operating by 2030. The WNA country profiles linked to this table cover both areas: near-term developments and the prospective long-term role for nuclear power in national energy policies. They also provide more detail of what is tabulated here. HISTORY OF CRUDE OIL PRICES Crude Oil Price Chart from 1977 to 2003 Monthly Price Chart 1998-July 2013 History & Analysis of Crude Oil Prices from WTRG Economics Year, Month, Monthly Average, and Yearly Average

Mises Institute With the creation of the BRICS bank and now the Asian Infrastructure Investment Bank (AIIB), the major economies of the world are hoping to lay the foundation for a multi-polar financial world beyond the unilateral control of the United States. Due to the enormous size of the US economy, coupled with the reserve status of the US dollar, the United States government has long been able to achieve strategic and military goals through flexing its financial power. This power has long allowed the US government to buy allies and friends among foreign regimes, to finance proxy wars, and to threaten the growth potential of foreign economies whenever the US government deemed it necessary. Today, however, with an enormous debt and a rapidly inflating supply of dollars, the US has become vulnerable to financial warfare aimed at cutting off the US government’s ability to finance its debt and to keep price inflation under control.

Nuclear Issues - Nuclear Testing Site last updated April 16, 2002 CDI Resources Related Resources Historical Oil Prices Table The first table shows the Annual Average Crude Oil Price from 1946 to the present. Prices are adjusted for Inflation to January 2014 prices using the Consumer Price Index (CPI-U) as presented by the Bureau of Labor Statistics. Note: Since these are ANNUAL Average prices they will not show the absolute peak price and will differ slightly from the Monthly Averages in our Oil Price Data in Chart Form. Also note that although the monthly Oil prices peaked in December 1979 the annual peak didn't occur until 1980 since the average of all the monthly prices was higher in 1980. Inflation adjusted oil prices reached an all-time low in 1998 (lower than the price in 1946)! And then just ten years later Oil prices were at the all time high for crude oil (above the 1979-1980 prices) in real inflation adjusted terms (although not quite on an annual basis).

More trouble ahead for Bixby Energy founder? A former consultant to Bixby Energy, the troubled Ramsey, Minn., developer of a coal-to-natural-gas technology, has implicated a former officer of the company in what federal authorities describe as a $60 million securities fraud scheme. Dennis Desender, 64, pleaded guilty Wednesday to one count of securities fraud and implicated "Individual A," identified in court papers as an officer of Bixby, in a scheme that allegedly duped investors in a venture to sell coal-gasification technology to China. Desender pleaded guilty earlier to one count of tax evasion. Yanzhou Coal Buys Gloucester for $2.1 Billion to Gain Port, Mines Access Yanzhou Coal Mining Co. (1171), China’s fourth-biggest coal producer, agreed to buy Gloucester Coal Ltd. for about A$2.1 billion ($2.1 billion) in cash and shares to gain more mines and port access in Australia. The deal values Gloucester at as much as A$10.16 a share, subject to conditions, according to a statement from the Sydney- based company. That’s 45 percent more than its Dec. 19 close, the day before the stock was halted. Buying Gloucester, controlled by commodity trader Noble Group Ltd. (NOBL), will almost double Yanzhou’s coal mines in Australia, the world’s biggest exporter, as well as expand its access to ports.

Butane Butane (/ˈbjuːteɪn/) is an organic compound with the formula C4H10 that is an alkane with four carbon atoms. Butane is a gas at room temperature and atmospheric pressure. The term may refer to either of two structural isomers, n-butane or isobutane (or "methylpropane"), or to a mixture of these isomers.

War and Natural Gas: The Israeli Invasion and Gaza’s Offshore Gas Fields More than five years ago, Israel invaded Gaza under “Operation Cast Lead”. The following article was first published by Global Research in January 2009 at the height of the Israeli bombing and invasion under Operation Cast Lead. In the wake of the invasion, Palestinian gas fields were de facto confiscated by Israel in derogation of international law A year following “Operation Cast Lead”, Tel Aviv announced the discovery of the Leviathan natural gas field in the Eastern Mediterranean “off the coast of Israel.” At the time the gas field was: “ … the most prominent field ever found in the sub-explored area of the Levantine Basin, which covers about 83,000 square kilometres of the eastern Mediterranean region.”

U.S. to become world’s top oil producer: Goldman Sachs - Who do you think will be the world’s largest oil producer a few years from now? Saudi Arabia? Russia?