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Do you remember Kuwait? October 26, 2011

Posted by hslu in Do you know?, Global Affair, Oil.
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It has been 20 years since Kuwait was thrusted into the limelight in a way unimaginable.

Yes, it’s been that long when 750 Kuwaiti oil wells were set on fire when Saddam Hussein pulled his troops out of this tiny country south of Iraq.

Here is the damage done by this heinous act:

• The fire burned for eight months.
•. About 5.5 million barrels of oil was consumed every day.
•. About 3 Billion cubic feet of natural gas was burned every day.
• More than 300 oil lakes were formed from oil that wasn’t burned containing 22.5 million barrels of oil.
•. More than 10 million barrels of oil flowed into Persian Gulf.
•. More than 10,000 oil field workers from 37 countries participated in the effort to minimize the damage.
•. Well control cost well over $1.5 billion or about $2 million per well.
•. The total price tag came to $5 billion.
•. The oil industry met the daunting task and kill about 100 well each month.
•. The first fire was spotted in late February, 1991. The last fire was put out on November 6, 1991.
•. The most ingenious way to put out fire was devised by Hungarian fire fighting team: a MIG-21 turbine was mounted on old Soviet T-62 tanks. High pressure water and air were directed at the burning well which eventually distinguished the fire.
•. Did the oil industry receive any thanks from the politicians? I don’t think so because they didn’t know how difficult it was to begin with.

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Are you cursing at the pump? December 10, 2010

Posted by hslu in China, Economics, Energy, Global Affair, jobs, Politics.
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You have seen the gas price gone up a penny here and a penny there. You have no choice but to pay for it. You are powerless but wondering why it went up so fast and so much?

By the time you knew it, the regular gas is nearly $3 per gallon now.

Hmmm, how does it affect the economy because it acts like a tax on the consumers. You know full well that that extra cash didn’t go the the bottom line of the oil companies because it went straight to the pockets of Saudi Princes and coffers of Venezuela government.

One of the reasons for the higher prices has been the increasing demand by China and other emerging countries. In fact, the crude oil demand has now reached 88 million barrels every day, the highest ever in case you are wondering.

Where did all the green energy investments Obama  promised? Where are all the green energy jobs Obama promised? Didn’t he promise that his initiatives will reduce crude oil demand and lower the sea level?

Lost in all this headlines is the role Iraq plays in matching that increasing crude demand by the world.

You sure still remember Iraq, right:

  • That mid-eastern country liberated by President Bush?
  • That country used to be controlled by Saddam Hussein.
  • That country used chemical weapons on its own people and Iran?
  • That country used to hate America so much that they threatened to cut off oil supply to the US?

Well, 10 years after the Gulf War, Iraq is not exactly a friend of the United States just yet but itcertainly likes US dollar via crude oil exports.

In case you don’t know it, Iraq plans to increases it crude oil production from less than 1 million barrels per day just a few years ago to nearly 12 million barrels per day. Well, do you want to guess who the major beneficiary will be in the near future?

Iraq of course from all that oil income.

The next one on the line is none other than the United States in the form of lower crude oil prices due to ample supply from Iraqi’s six major oil fields and significant capital investment over the past couple of years.

Did you see anyone in the main street news media mention this “side benefit” from President Bush’s Gulf war?

Of course not. They are liberals and they hate President Bush.

That’s why I am here.

 

 

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