Wednesday, June 25, 2008

War threats against Iran overshadow US elections

An unnamed Israeli official quoted in the Times of London Sunday put the matter somewhat more bluntly. Iran, he said, should "read the writing on the wall." He continued: "This was a dress rehearsal, and the Iranians should read the script before they continue with their program for nuclear weapons. If diplomacy does not yield results, Israel will take military steps to halt Tehran's production of bomb-grade uranium."

Citing an unnamed US military official, the Wall Street Journal reported that "US policy makers were divided over reasons for the exercise. Some viewed the maneuver as an actual practice run for a future strike on Iran, while others see it mainly as a show of force designed to remind both Tehran and Washington of Israel's concern."

Such an exercise—and the publicity about it in the US media—has another and crucial objective. It is aimed at preparing the American public for being dragged into another war of aggression.

Military analysts agree that the Israeli air force by itself lacks the strategic capacity to carry out any attack on Iran that would even have the possibility of destroying its nuclear program, much of which is housed in fortified underground bunkers. The only viable purpose for such threats is either as part of a joint campaign with the US or to draw Washington into such an attack.

There is an important constituency for such a course of action among influential elements of the Republican right, who are openly expressing support for a US-Israeli attack on Iran—as well as their frustration with Washington for not moving more rapidly to carry one out.

This was clearly the message of an editorial published Monday in the Wall Street Journal, among the most consistent mouthpieces for the right-wing layers that have dominated the current administration. Entitled "Israel on the Iran Brink" the editorial states:

"Israelis surely don't welcome a war in which they will suffer. Yet they have no choice but to defend themselves against an enemy that vows to obliterate them if Iran acquires the weapon to do so. The tragic paradox of the past six years is that the diplomatic and intelligence evasions offered in the name of avoiding war with Iran have done the most to bring us close to this brink. Appeasement that ends in war is a familiar theme of history."

~ more... ~

 

Analysis of the artificial spike in oil prices

"There's a few hedge fund managers out there who are masters at knowing how to exploit the peak [oil] theories and hot buttons of supply and demand and by making bold predictions of shocking price advancements to come, they only add more fuel to the bullish fire in a sort of self fulfilling prophecy." — National Gas Week, September 5, 2005 as reprinted in the US Senate Permanent Subcommittee on Investigations' report, "The Role of Market Speculation in Rising Oil and Gas Prices," June 27, 2006

Fiddling While We Burn

There it is in plain sight for everyone to see, exactly what I've been reporting for the past few years: Many individuals who are investing in oil and natural gas futures are going out in the media and trying to convince the American public that either we are out of oil or there is a serious supply shortage of crude against worldwide demand. The question is: Does it surprise you to discover that the US Senate investigated the rigging of the oil market by speculators in the summer of 2006 – and concluded that there was no supply and demand problem with oil? Did you know that their conclusion was that speculators were responsible for a 70 percent overcharge in the price of oil in the months leading up to the summer of 2006?

This from page 1 of the Executive Summary of that Senate investigation, there is this one troubling line: "Today, U.S. oil inventories are at an eight-year high, and OECD (Organization for Economic Co-operation and Development) oil inventories are at a 20-year high."

That's odd because, in 2006, just like today, the media reporting covered the serious international shortage of oil and justified oil's high price. Even more troubling is that the House of Representatives held a hearing this past December, ominously titled "Energy Speculation and Price Manipulation." How did it pass under the radar that both the Senate and the House studied the issue of price manipulation in our energy markets and both concluded that it was unregulated, massive trading in one futures market that was really driving up the price of oil and natural gas? And given that conclusion, why has Congress done nothing about it?

Investors Make the News, Literally

A week ago Goldman Sachs issued a new investor note, suggesting that somewhere between six months to two years, the price of oil could go into a "super spike" and prices jump as high as $200 per barrel. It became the major story of the night. Ignored in the reporting frenzy was that many legitimate and well-respected oil analysts dismissed Goldman Sachs' prediction as groundless.

Get ready for the next shock to your system. In the past month we have added 11.9 million barrels of oil into our stock reserves, giving us 32.3 million more barrels of oil than we had on hand January 1. On May 5, we found out that for the second time in as many years, Iran was storing its excess crude oil on tankers in the Persian Gulf, because it had run out of storage space in the desert and was awaiting buyers for its heavy crude. That same day Saudi Arabia cut the discount price for its Arabian Heavy crude to $7.45, hoping to entice more buyers for immediate delivery. We didn't hear that news, either.

While researching my third article for BusinessWeek online about the world's oil situation in 2008, I asked for the most current report from Oil Movements. Because the oil industry is not transparent, Oil Movements tracks every tanker at sea, from both OPEC and non-OPEC oil countries, along with their cargoes' final destinations. Anne O'Shea responded immediately to my request with their report dated May 8, 2008. Just so you will know, oil shipments are up from a year ago in almost every class, including Middle East oil in transit and Non-OPEC in Transit. The only class of oil shipment that has declined is covered on page 3 of that report. That chart is labeled, "4-Week Changes in Westbound Oil at Sea."

That's right, shipments of oil headed west have shown serious declines during the month of April, down 800,000 barrels per day in the week before the publication of the report. Now, let me give you the first line from under the Westbound Oil shipments chart: "In the west, a big share of any [oil] stock building done this year has happened offshore, out of sight."

Could this be true? Oil Movements, the unimpeachable source for finding the real world situation on oil transits, is saying that oil is being hidden offshore, not declared in inventories? Yes, that is exactly what they are saying.

That same week our refineries cut their production runs back to 85 percent, down from 89 percent a year ago, to trim more gasoline out of our stock reserves, to increase their profits per gallon.

~ more..., and the conclusion ~

 

NASA warming scientist: 'This is the last chance'

Exactly 20 years after warning America about global warming, a top NASA scientist said the situation has gotten so bad that the world's only hope is drastic action.

James Hansen told Congress on Monday that the world has long passed the "dangerous level" for greenhouse gases in the atmosphere and needs to get back to 1988 levels. He said Earth's atmosphere can only stay this loaded with man-made carbon dioxide for a couple more decades without changes such as mass extinction, ecosystem collapse and dramatic sea level rises.

"We're toast if we don't get on a very different path," Hansen, director of the Goddard Institute of Space Sciences who is sometimes called the godfather of global warming science, told The Associated Press. "This is the last chance."

Hansen brought global warming home to the public in June 1988 during a Washington heat wave, telling a Senate hearing that global warming was already here. To mark the anniversary, he testified before the House Select Committee on Energy Independence and Global Warming where he was called a prophet, and addressed a luncheon at the National Press Club where he was called a hero by former Sen. Tim Wirth, D-Colo., who headed the 1988 hearing.

To cut emissions, Hansen said coal-fired power plants that don't capture carbon dioxide emissions shouldn't be used in the United States after 2025, and should be eliminated in the rest of the world by 2030. That carbon capture technology is still being developed and not yet cost efficient for power plants.

~ Source: USA Today ~

 

The Coming Catastrophe?

The finishing touches on several contingency plans for attacking Iran

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image from http://www.spitting-image.net

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