All I know is our soldiers fought the battles. They are tired. They are frustrated. They are sick and tired of being sick and tired. If we go in, DOD had better consider the draft, because our boys have had enough.
Sir Ron Von, You are right, and US will send unmanned drones not troops.
"Obama said his team is considering it’s options, which includes airstrikes but not ground troops. He said “there will be some short-term, immediate things that need to be done militarily.”
http://www.kansas.com/2014/06/12/3504550/obama-says-iraq-will-need-…
Is Brent the future of Oklahoma crude, it just went over 111$s for the first time in a spell. What happens over the next very few DAYS (in my opinion) depends on our military response, or lack there-of, to the assult on Baghdad. Our worst Iraqui nightmares have come true. But it could top 120$s very shortly.
Silly me, I though prices were rising because Iraq requests airstrikes on the the alQeda affiliates who have taken two entire cities, one being Iraq’s second largest city in Iraq, Mosul.
Update, it’s Mosul and 68 other cities. Of course the fighting is not in the oil fields, If I’m winning, I’m not going to damage my own stuff.
Pipeline agreements, oil contracts, law suits and sneaky Putin. Gives new meaning to ‘fight it out in court’.
http://dinarvets.com/forums/index.php?/topic/179777-baghdad-move-on…
“Baghdad has already blacklisted Austrian firm OMV, so far the only regular buyer of Kurdish crude in Europe. It has threatened measures including revising contracts to develop large Iraqi oil fields as a deterrent to others.”
http://www.reuters.com/article/2014/06/11/us-kurdistan-oil-idUSKBN0…
June 11, 2013(Reuters) - Russian oil firm Rosneft bought a cargo of Kurdish oil for a German refinery it co-owns with oil major BP, quietly circumventing Baghdad’s ban on independent oil sales by its autonomous region, according to trading sources.
“The index prices of crude oil are important throughout the oil industry. However, if you are interested in how much buyers actually pay, do research the contract terms arrived at for individual deals. For example, the China National Petroleum Corporation recently signed a joint venture with the UAE’s Abu Dhabi National Oil Company. This deal would undoubtedly grant cheaper oil prices to China than those listed for the OPEC Basket, of which Abu Dhabi’s oil market is a constituent. Taxes, politics, transport networks, geography, economic expansion and the weather all play a part in the complex calculation of setting the level of oil price indices. However, deal-making, contract conditions, side benefits and commercial interests override all other factors when setting the price for individual oil supply contracts.”
http://www.oil-price.net/en/articles/what-sets-oil-prices.php
So, it’s the pending Iraqi and Kurdistan agreement that is driving Brent higher today.
http://www.4-traders.com/WTI-SPOT-2355639/news/Brent-Crude-Tops-111…
From post below: "Iraq has been ramping up production in recent months, and has a target of 4 million barrels a day by the end of 2014. Most of the country’s oil production is in the south, far from the current violence.
The situation also places Iraq’s semi-autonomous Kurdish region, which has begun to export oil in recent weeks, at an advantage, said analyst Malcolm Graham-Wood.
“At a time when Baghdad is under threat what better way to remind the world that their oil has a pipeline export route through Turkey?” he wrote on his blog.
He also noted that “the Iraqi oil minister at the OPEC conference…said that this trouble made an agreement with the KRG ‘more likely.’”
http://abcnews.go.com/International/wireStory/turkey-talks-free-cap…
ABC ISTANBUL June 12, 2014 (AP) “The official, who spoke on condition of anonymity because of the sensitivity of the issue, said that Turkish officials are talking directly with the militants in Mosul.”
Rosemary I do not know long it will last .
So, if you own 10 acres of mineral rights in Logan County, that does not sound like much, but if you take it down for 4,500 miles, WOW, somebody call BP quick!
I wonder how deep do our mineral rights extend? At some point, do they not end and then someone 180 degrees down, for say some 4,500 miles, do they belong to some China folks or N. Koreans or stuff? It still baffles me that there must certainly be a huge ocean of yet to be discovered water deep under, say 500 or so miles down, and if this is correct, there are probably pools of crude drifting around down there that we have not even dreamed about. But I think it is true. I believe that on top of that pool of H2o, are undoubtedly tar pits and gas pockets that just would boggle the imagination. What we need is some deep well exploration, say 50 to 100 miles down to even get an idea of what we are walking above. It will happen, I just wish they would hurry up so I can see it or even part of it. LOL Take my word for it, there are undiscovered oceans and there is a massive pool of water under the Sahara and Gobi Deserts, both of them. We just don’t know it yet.
Mr. Wilson, there are huge forces at work all around us, the magnetic field of the earth, the action of tides, geothermal. My persdonal pet is to collect solar power in space where it’s 100 times stronger convert it to microwave so it could penetrate earths atmosphere easier and beam it down. They are testing a turbine like a windmill but in the gulf stream right now. All fascinating, but we are far afield of the forum topic.
Logan: Slawson Exploration Co. Inc.; Crow No. 1-35H Well; SW1/4 SE1/4 SE1/4 SW1/4 of 35-19N-04W; 270 barrels oil per day, 890,000 cu-ft gas per day; TD 10,375.
Slawson Exploration Co. Inc.; Redhead No. 1-27H Well; NW1/4 NE1/4 NE1/4 NW1/4 of 27-17N-03W; 167 barrels oil per day, 315,000 cu-ft gas per day; TD 10,365.
Mr Wilson, they have already found water under the Sahara, I believe the mean average depth below the sand is 7-10 feet, there are blind fish in the underground river. 500 miles down would probably be a different story, it’s hot down there, maybe hot enough to turn hydrocarbons into just carbon. If one believes the scientists, the planet was still accreting when 500 miles down was the surface and I don’t think there was any life.
Turkish Petroleum Law - all 25 pages of it. Why don’t we send 10 attorneys to mid-east instead of military assistance. If they had to read 500 hundred thousand pages of O/G laws they wouldn’t have time to fight.
http://www.kpmg.com/TR/en/IssuesAndInsights/news-and-events/Documen…
Thanx, RW Kennedy, you may be right, however, after I posted my original comment, I searched a little, and came across a link to an article recently that is claiming there are indeed oceans between 350 and 400 miles down, and that they are larger than all of our surface oceans combined. Amazing stuff, so they absolutely have to be hot, as you say. There are also (scientists) who make the claim that life can, and probably does, exist in these extreme hot temperatures, including the Sun, that is only yesterday shooting off blasts of rays to the earth and disrupting some weather and Radio signals affecting our aircraft and naval navagation. Could we not have come from such a Solar blast way back then? Is this not God at work? If it is that hot, could we not drill down that far and insert metalic transmitters to the surface, that would be so hot we could power cities with it? Would this come under our Mineral Rights? That is my question before I start to build one. LOL
Big week for Global oil coming up: June 16-18 The International Strategic Gathering for the Iraq Oil and Gas Industry in London - Iraq’s Super Giant Rumaila field new development plans to be announced. CPECC & Brit Petrofrac have already been awarded 1 Billion in service contracts.
Great news for OK minerals owners, the ‘stabilization’ of the World’s oil production means no more ‘boom and bust’ and mid east will not be in control. I love it when a plan comes together. Congratulations US oil and gas companies!
- June 16, 2014, The future of US and OK oil, BP’s Chief economist Christof Ruehl’s statistical review of World Energy 2014. DUBAI, 16th June 2014 – The settlement price of Oman Crude Oil Futures Contract at Dubai Mercantile Exchange (DME Oman) on Monday at 12.30 pm local time fell 44 cents to stand at US$109.22 per barrel.
http://www.youtube.com/watch?v=TL_51WOv3g0&list=PLaxBnE1Fli00-C…
“Oil from Iraqi Kurdistan is flowing as normal.”
http://in.reuters.com/article/2014/06/16/markets-oil-idINL4N0OX18Q2…
Wall Street Journal reporting from ‘the Olympic oil games’ in London June 17th, 2014 - “North America is on course to produce 20% of the world’s oil supply by the end of this decade, and become a “titan of unprecedented proportions” in oil-products markets.” “The use of techniques such as “fracking” to unlock previously inaccessible oil reserves in the U.S. have transformed the country’s oil industry, putting it on track to become the world’s largest oil producer by 2020, according to the IEA.”
Sir Ron Von, Yes, there are new techniques, but fracking is still considered the best. However, The EPA has to separate the fact from the fiction and been collecting fracking reports from all over North America and Baker Hughes has to announce it’s magic chemical frac formula by Aug 04. The deadline for all EPA frac reports is Aug and there’s rumor that new frac guidelines and rules will be decided in Oct 04. My neighbors here in Houston work for BHI, SLB, NOV, HAL, CAM, XOM, APC and they are brilliant. Frac or no frac, US energy independence is very serious business and, no matter what it takes, it will be accomplished.