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WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices


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2011 Feb 9, 1:18am   6,771 views  48 comments

by Vicente   ➕follow (1)   💰tip   ignore  

Well this should throw a little oily spice....BAM!.... on our commodities salad.

The US fears that Saudi Arabia, the world's largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show.

The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom's crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%.

WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices

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42   pkennedy   2011 Feb 14, 10:20am  

Current corn yields 1.5% of our fuel, converting that to algae with far better returns without giving anything up. There is no one single solution, but converting our ethanol production to algae that yields many times the returns will do a lot.

Depending on the estimates used, it could easily account for 15-30% of our fuel.

Not to mention it can be grown in areas that aren't hospitable to anything else.

43   zzyzzx   2011 Feb 15, 1:11am  

SF ace says


1% on electrical power — Scrap all pretroleum plant and replace them with renewable. (1/1)

For the most part that's where your used oil goes, like when you get your oil changed. It's not like we are importing more oil just to make electricity. At least that's how it worked when I worked at a power plant.

44   zzyzzx   2011 Feb 15, 1:12am  

pkennedy says

Current corn yields 1.5% of our fuel, converting that to algae with far better returns without giving anything up. There is no one single solution, but converting our ethanol production to algae that yields many times the returns will do a lot.
Depending on the estimates used, it could easily account for 15-30% of our fuel.
Not to mention it can be grown in areas that aren’t hospitable to anything else.

More like algae, switchgrass, and other waste products combined to get to that 15% - 30% figure.

45   EBGuy   2011 Feb 22, 8:43am  

The 5000 gal/acre/year is not realistic.
Do I hear 15000gal/acre/year? Harvard Medical School Professor of Joule Unlimited says he'll use industrial CO2 in a closed process that circumvents downstream refining. Well, that's what the paper says.

46   zzyzzx   2011 Feb 22, 10:34pm  

http://seekingalpha.com/article/223508-doe-update-u-s-crude-oil-production-hits-6-year-high

DOE Update: U.S. Crude Oil Production Hits 6-Year High

U.S. crude oil production increased 1.7% from last week. Year-to-date oil output is up 3.8% from the year ago period. Production is now at the highest level since April 2004.

47   bob2356   2011 Feb 23, 2:17am  

It's very nice to increase production form 4.9 to 5.5 million bpd in 18 months. A big price increase always does that. It's just not a very big deal when total consumption is 20 million bpd or in other words 3.8% of 25% doesn't really matter. Despite the rantings of the drill everywhere crowd there is no way to more than triple US oil production.

48   MAGA   2011 Feb 23, 4:50am  

http://www.greencarreports.com/blog/1055745_2012-honda-civic-hf-joins-the-40-mpg-plus-parade-hybrid-too

2012 Honda Civic HF. Honda sees the future. I had a 1985 CRX HF many years ago. Got over 40 mpg.

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