05-01-2008, 04:23 PM
(This post was last modified: 05-01-2008, 04:39 PM by bucketobolts.)
Anyone ever watch Glenn Beck? The man has a great head on his shoulders. I vote for him for President. Here is an excerpt from a conversation today with retiring Shell President John Hofmeister:
He was talking the other day about how the Government sponsered a synthetics program in the eighties to ease OPEC's hold on our economy, more Reaganomics. When we could produce synthetic oil/fuel for $15-18 a barrel and OPEC wanted $30-40 for crude, OPEC dropped their prices to $8 a barrel for several years to drive the synthetic market out of business. The government was stuck holding the notes for the money that was funded to the program.
Then you take a volitale subject like oil prices and throw it to the wolves on Wall Street. You get the speculatory market inflation. The price of futures are artificially 20-25% higher than they should because of investors banking on the price to sky rocket and they can make easy money in a slow market. Like Neeleman was refering to building a reserve, there are investment groups buying and setting up private reserves not for private use but to hoarde mass quanities of oil only to resell it back to the market when the market tops out.
Its not just big oil companies that are the crooks, everywhere you turn someone has their hand in on the situation.
Quote: Glenn: John, do you know David Neeleman?
Hofmeister: No, I don't.
Glenn: Do you know who he is? The president of Jet Blue, the founder of Jet Blue?
Hofmeister: Yes.
Glenn: David is a very good friend of mine and I have been talking to him about energy for a very long time and this guy is just now building an airline in Brazil. He came to me three years ago and he said -- I said to him, "Boy, I'm really concerned about oil, David. I think we're headed in the next few years for real trouble in oil." He said, "Oh, yeah." He tried to get his company to build oil reserves and, you know, have their own oil reserves just like we have natural strategic oil reserves and they said no. He said, Well, then what do we do? Let's come up with coal to oil. Let's build plants.
He got together with GE and everybody else. All he needed is for the government to underwrite the loans. If oil was ever collapsed by OPEC -- I think it was at 30 or $40 a barrel -- the government would make up the difference for the loans because that's what they did to synthetic oil in the Eighties. The government said no. Then he went into sugar ethanol and said, Let's just buy up a swath of land and I'm going to start planting sugar. Let's talk to Brazil. Let's start planting some other sugar there. Let's do that. The government again said no. Every step of the way people are saying no.
He was talking the other day about how the Government sponsered a synthetics program in the eighties to ease OPEC's hold on our economy, more Reaganomics. When we could produce synthetic oil/fuel for $15-18 a barrel and OPEC wanted $30-40 for crude, OPEC dropped their prices to $8 a barrel for several years to drive the synthetic market out of business. The government was stuck holding the notes for the money that was funded to the program.
Then you take a volitale subject like oil prices and throw it to the wolves on Wall Street. You get the speculatory market inflation. The price of futures are artificially 20-25% higher than they should because of investors banking on the price to sky rocket and they can make easy money in a slow market. Like Neeleman was refering to building a reserve, there are investment groups buying and setting up private reserves not for private use but to hoarde mass quanities of oil only to resell it back to the market when the market tops out.
Its not just big oil companies that are the crooks, everywhere you turn someone has their hand in on the situation.
'72 TBA...