… from Sputnik News, Moscow
[ Editor’s Note: We have been waiting to see the US numbers on the oil markets, which they have not said anything about until today, predicting no Iran sanction shortages to push up prices. But it was not long ago that Trump was asking the Saudis and OPEC to increase their output, so a cat-and-mouse game continues.
But with prices at the May figures, that seems like the proof in the pudding, and the sanctions waivers should dampen any supply shortages for now. Notice that Trump claims a million barrels per day higher US production, his midterm election gift to our producers.
Then we have CENTCOM complaining that it does not have enough forces in the Persian Gulf region to prevent Iran from blocking the straits, a fake scare, as Iran had only mentioned that possibility to counter a serious move to block all its oil imports, saying it would respond by blocking everything out of the Gulf.
Iran can quickly put a 1000 mines into the Straits of Hormuz. If anyone took a shot at Iran, they know they could expect a quick retaliation, and we could be off to the races with supply shortage price hikes in a hurry. The world would blame the US and cowboy Trump.
Iran does not want that, as it would hurt Iraq, so we have a game of chicken being played, where only a credible retaliation might keep the lid on things. As I type, lran is conducting its major annual air defense drill, but where the US has no aircraft carrier in the region due to a show of force being put on for China over Taiwan.
Hope no one makes a big mistake; and we might get through this OK… Jim W. Dean ]
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– First published … November 05, 2018 –
WASHINGTON (Sputnik) – The United States anticipates no adverse impact on global oil markets as a result of the re-imposition of sanctions on Iran that were lifted under a multinational nuclear deal, Special Representative for Iran Brian Hook told reporters on Monday.
“We don’t see any risk to the [global] energy market because the United States has increased its crude oil production,” Hook said. “We’re up by 1.7 million barrels per day. Our exports are up 1 million barrels. Over the next year, US production will increase by 1 million barrels per day or more. The Saudis have increased production. Iraq, Russia, they’ve all increased production.”
READ MORE: Pompeo Reveals Countries Exempt From Iran Oil Sanctions
Hook noted that oil prices today are about equal to prices in May when the Trump administration scrapped US participation in the nuclear deal.
The Special Representative explained that Iran had lost “tens of billions of dollars” in planned international investments during the past six months, due to decisions by more than 100 major companies to sever commercial ties with Tehran.
“We have had more than 20 countries that imported Iranian oil prior to May have now zeroed out their imports because of our sanctions,” the official added.
In May, US President Donald Trump announced that the United States would withdraw from the Iranian nuclear deal, and reimpose its sanctions against Iran that had been lifted under the agreement. The first round of the US restrictions entered into force in August, and a second, more severe round came into effect on Monday.
Jim W. Dean is VT Editor Emeritus. He was an active editor on VT from 2010-2022. He was involved in operations, development, and writing, plus an active schedule of TV and radio interviews. He now writes and posts periodically for VT.
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Nuclear demolitions fracking?
4 years ago the world had a glut of oil on the market that had oil prices at a all time low that was a result of the stolen oil from Iraq and Syria. Now we may face high oil prices if this gets out of hand.
Fracking in and oil AND gas thing, and the wells do not have a long life, so the monster keeps looking for new places. Congress sold out as usual to give them a pass on what they are doing, so they can say they are in compliance. The real scandal is that the chemicals put down in the holes with the water under high pressure with the aquifer water they use, they don’t have to disclose as “proprietary formula” confidential information, and even is it cancerous the EPA can not do anything as the drillers don’t have to disclose the formula. Payoffs have to take place to get rule changes like that in place.
But you can get the old good stuff sometimes at estate sale. And polyester and rayon goes for high prices by claiming it is “hi-tech”, or has a “breath weave”.
Yes Wjabbe, and if Tesla was properly appreciated and funded … , and if my aunt had balls she’d be … and sorry, but if it can’t be metered, we can’t have it.
More proof that Draft Dodger Donnie is Bibi’s lapdog.
Since Trump and his cronies in Congress have moved us away from many environmental controls, at least for the present, we should use this opportunity to move away from oil as the basis of most land transportation systems, cars, trucks, buses and trains. The gasoline engine is an internal combustion engine. It is worthless as an engine without highly refined fuel from oil. The steam engine is an external combustion engine where the combustion to boil water and produce steam takes place outside of the engine itself. Anything which burns can produce steam and run a steam engine. A major effort in this direction is needed to finally ween us away from such a massive dependence on oil and all the wars it has fostered. All the early problems with steam as applied to automobiles were solved decades ago. Even a nuclear submarine has steam turbine engines operated by nuclear fuel. This principle could easily be adapted to automobiles and trains. Let’s move away from such a heavy dependence on oil. Still it will take many years of research to move away from oil based land transportation with modern technology.
If we had had a century of research and development of the steam external combustion engine as applied to the automobile, as we have had with the gasoline internal combustion engine, we would have been independent of the vast need for oil long ago and our country and our world would be a different place today. Powerful vested interests have also kept us captive to oil. Remember when all the electric street cars were replaced with buses running on gasoline or diesel? Remember when those fabulous steam locomotives were all scrapped for a “Rube Goldberg” monstrosity where a diesel engine runs an electric generator which in turn runs an electric motor to power the trains? This is what happens when powerful financial interests keep society hamstrung to using oil instead of other better technologies.
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