Insight and inspiration in turbulent times.
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In truth, the spare capacity that the world cares about — that the oil futures market cares about — is not the inventory level. But rather, actual production capacity that can be brought on immediately. You can see the problem, from a price standpoint. If the world loses Libya’s 1.5 mbpd production for 90-120 days, and starts drawing down above-ground inventories, this only makes the inventory cushion that much thinner for any new supply disruptions. The question on the mind of the oil market therefore is not Mr. Fyfe’s 1.6 billion barrels of crude, but whether countries like Kuwait, the U.A.E. and especially Saudi Arabia or even Russia can lift supply. Immediately.
“We demand that before the hard-working, tax-paying families of this country are once again forced to sacrifice, the corporations who have so richly profited from our labor, our patronage, and our bailouts be compelled to pay their taxes and contribute their fair share to the continued prosperity of our nation. We will organize, we will mobilize, and we will NOT be quiet!”
Our stories of awakenings — whether moral, intellectual, religious, artistic, or sexual — are tricky. Honest self-reflection doesn’t come easy, and self-satisfied accounts are the norm; we love to be the heroes of our own epics. … The longstanding discomfort in telling my story is further complicated by new concerns in the past few years. More than ever I’m aware that no matter how high anyone’s consciousness in the United States is raised, there may be very little we can do to reverse the consequences of modern industrial society’s assault on the living world.
Protesters in the Arab world have much in common with those reacting to austerity across Europe, as well as the millions who have mobilised in support of ending poverty in the South. What we may be witnessing is an emerging public voice in favour of a fundamental reordering of global priorities.
As much as a quarter of Libyan oil output has been shut down, Reuters calculations showed on Wednesday, as unrest prompted oil companies to warn of production cuts in Africa’s third-largest producer.
Maybe western leaders are afraid that, having seen what it is like when a people dictate to their government what it should do for them, rather than the reverse, we might start to take our own rights back, wholesale.
As elsewhere in the region, the main foreign powers involved — France, Spain, and the US — don’t seem to care much as long as the oil and gas flows, the country implements World Bank/IMF structural adjustment programs to modernize the oil industry to increase output, and their ‘strategic interests’ are protected. As long as these things happen, the country can go to hell in a hand basket – as it has. None of them have lifted a finger in protest to government practices and corruption.
Libya is one of the smaller oil exporters in OPEC. They were producing 1.65 million barrels per day in 2010 (through October) according to EIA data. However, the very serious political upheaval in this North African country poses a genuine threat to that production.
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Oil prices are going through the roof today, and gasoline prices at the pump will follow, as we get the first regime-rattling news in a major oil-producing state. What’s happening is that the sketchy news out of Libya makes the country look like it’s on fire – Col. Muammar Qaddafi may be spending his last days in power. And even though no oil supplies have been disrupted, traders are engaging in some casino behavior and bidding up prices to new two-year highs.
World-renowned public intellectual Noam Chomsky discusses several domestic issues in the United States, including the protests in defense of public sector employees and unions in Wisconsin, how the U.S. deification of former President Ronald Reagan resembles North Korea, and the crackdown on political activists with anti-terror laws and FBI raids. [includes rush transcript]
