Video- 'War for Libyan oil planned long ago, no one cares about people'

U.S. says Libyan rebels may sell oil

David Lawder
Reuters
March 29, 2011

The United States on Monday gave a green light to sales of Libyan crude oil from rebel-held territory, giving a potential boost to forces battling Muammar Gaddafi.

A U.S. Treasury Department official said Libyan rebels would not be subject to U.S. sanctions if they avoid entities linked to Gaddafi’s regime, which would allow them to sell oil under their control.

“The rebels are not part of the government of Libya. They are not subject to the sanctions,” the official said.

But the rebels, who retook a number of oil fields and terminals in eastern Libya over the weekend and were advancing west toward Gaddafi’s hometown of Sirte, must first establish clear lines of control and payment systems that do not involve Libya’s National Oil Corp, its central bank nor any other government entity, the official said.

Full article here

Celente: Would US target Libya if they had broccoli instead of oil?

Gas to Hit $5 Per Gallon Before Summer

Kurt Nimmo
Prison Planet.com
Thursday, March 24, 2011

Oil industry experts warn that the price for a gallon of gas will reach $5 before summer. They blame the unfolding conflict in Libya and across the oil-producing Middle East for exploding prices.



The price for a barrel of oil rose 31 cents to $106.07 today.

Oil prices do not follow the classic laws of capitalist supply and demand. Despite the fact the Energy Department reported a 2 million-barrel rise in crude oil supplies for the week that ended March 18, according to a survey by Platts, the energy information arm of McGraw-Hill Cos, the price of gas continues to rise. The increase represented 970,000 barrels.

Supply and demand is an irrelevant theory under globalist mercantilism.

“Supply and demand mean nothing to the oil industry. Basic economics teaches that if supply goes down, prices will go up. If demand goes down, prices go down. The inverse of each is also true, unless you are in the oil industry,” writes The Mercury in an op-ed. “Previous excuses for price increases of gasoline have been damage to refineries by Hurricane Katrina, a pipeline leak in Alaska, the increased cost of refining for the summer time driving season, the war in Iraq, and most anything that can be associated with gasoline.”

Confronted with an overall supply increase, the industry expects gasoline supplies to decline by 2 million barrels, distillate stocks to shrink by 1.5 million barrels and refinery utilization to increase by 0.3 percentage point to 83.7 percent according to Bloomberg.

Nielsen Wire reports that a 50-cent increase in gas prices would cost the typical U.S. household about $52.50 per month, and if prices were to rise two dollars, that would mean $210 a month, or more than $2,500 a year.

In December, former oil industry chaplain Lindsey Williams said the price of oil would skyrocket to between $150 and $200 a barrel this year. Williams became a friend and trusted confidant of oil industry executives while he served as chaplain for them and their construction crews building the Alaska pipeline during the 1970s.


Williams believes the global elite plan to kill the dollar and bring the once great United States to its knees and reduce it to third world status.

–

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A People Betrayed: West Launches New War for Oil in Libya

CHRIS FLOYD
Empire Burlesque
March 18, 2011

And so now, another war. Led by the United States and the religious extremists in Saudi Arabia, the UN Security Council voted to intervene on behalf of one side in the Libyan civil war. Having already armed and trained Moamar Gadafy’s armies and security forces, the Western war-profiteers have now decided to do the same for his opponents.

These opponents, it must be noted, are at present led by top players who only weeks ago were at the center of Gadafy’s murderous, repressive regime — which was itself, only weeks ago, considered a worthy partner by Western governments and business interests. As As’ad AbuKhalil — a fierce critic of Gadafy for many years –noted today, before the UN vote:

The Libyan people have been betrayed.  Their revolution against the Libyan tyrant has been hijacked by US and Saudi Arabia.  That lousy henchman for Qadhdhafi,  Mustafa Abd-Al-Jali [leader of the rebel's Libyan National Transition Council], is now a Saudi stooge who hijacked the uprising on behalf of a foreign agenda.  I mean, what do you expect from a man who until the other day held the position of Minister of Justice in Qadhdhafi’s regime, for potato’s sake? And don’t you like it when Western media constantly refer to him as “the respected Libyan minister of Justice.”  Respected by who?  By Western governments.

It should also be noted that the Saudis are even now staging a military intervention in Bahrain to help the autocratic regime there put down — with deadly force and brutal repression — a peaceful resistance movement seeking democracy and justice. ““We want to support the opposition who are standing against the dictator,” Hillary Clinton declared today. But she was talking about the dictator in Libya, not the dictator in Bahrain, who has willingly turned his country into a fueling station for the projection of American dominance in the Middle East.

Read the rest of the article.

Are The Prophets Of Doom Right About Major War, $200 Oil, $2000 Gold And Dow 5000 By The End Of 2012?

The American Dream
March 11, 2011

Are the “prophets of doom” right? Is a major war going to erupt in the Middle East? Is the price of oil going to $200 a barrel? Is the price of gold going to hit $2000 at some point over the next two years? Is the Dow going to drop to 5000 by the end of 2012?  Right now there are some very respected financial experts that are making some absolutely stunning predictions.  Charles Nenner, Gerald Celente and Lindsey Williams are all frequent guests on popular television and radio shows and they are all forecasting very difficult economic times over the next couple of years.  So are they right?

Well, only time will tell.  But it really is quite alarming that so many experts with such long track records are warning of economic disaster.

So what exactly are some of these “prophets of doom” predicting?  Well, let’s take a closer look at some of them.

In this first video, Charles Nenner, a former technical analyst for Goldman Sachs, tells Fox Business that he is projecting that a major war will start some time around the end of 2012 and that the Dow is going to plunge all the way to 5000….


In this next video, Gerald Celente of the Trends Research Institute tells Fox News that he is expecting a tremendous amount of economic chaos over the next couple of years and that he believes that the price of gold will rise to $2000 at some point.  For years Celente has been boldly proclaiming that “the Greatest Depression” is heading our way and what he is saying now is quite alarming….



In this last video, Lindsey Williams tells Alex Jones that his high level contacts have told him that there is going to be tremendous chaos in the Middle East and that the price of oil is ultimately going to be in the neighborhood of $150 to $200 a barrel.  Considering how correct Lindsey Williams has been in the past this is a very sobering warning….


Read the rest of the article.

Oil Trims Losses After Saudi Police Fire On Protesters

Claudia Assis
Market Watch
Thursday, March 10, 2011

SAN FRANCISCO (MarketWatch) — Crude-oil futures pared losses Thursday after reports Saudi police opened fire at protesters in the eastern city of Qatif. Crude for April delivery /quotes/comstock/21n!f:cl\j11 (CLJ11 103.14, -1.24, -1.19%) recently lost $1.10, or 1%, to trade at $103.38 but traded slightly over $104 a barrel after the Associated Press reported the clash. Witnesses reported gunfire and stun grenades at several hundred protesters. Saudi Arabia’s is the world’s No. 1 oil exporter and No. 2 producer after Russia.

“Operation Libya” and the Battle for Oil

Prof Michel Chossudovsky
Global Research
March 10, 2011

Part II

Part I  Insurrection and Military Intervention: The US NATO Attempted Coup d’Etat in Libya?

The geopolitical and economic implications of a US-NATO led military intervention directed against Libya are far-reaching.

Libya is among the World’s largest oil economies with approximately 3.5% of global oil reserves, more than twice those of the US.

“Operation Libya” is part of  the broader military agenda in the Middle East and Central Asia which consists in gaining control and corporate ownership over more than sixty percent of the world’s reserves of oil and natural gas, including oil and gas pipeline routes.

“Muslim countries including Saudi Arabia, Iraq, Iran, Kuwait, the United Arab Emirates, Qatar, Yemen, Libya, Egypt, Nigeria, Algeria, Kazakhstan, Azerbaijan, Malaysia, Indonesia, Brunei, possess between 66.2 and 75.9 percent of total oil reserves, depending on the source and methodology of the estimate.” (See Michel Chossudovsky, The “Demonization” of Muslims and the Battle for Oil, Global Research, January 4, 2007) .

With 46.5 billion barrels of proven reserves, (10 times those of Egypt), Libya is the largest oil economy in the African continent followed by Nigeria and Algeria (Oil and Gas Journal). In contrast, US proven oil reserves are of the order of 20.6 billion barrels (December 2008) according to the Energy Information Administration.  U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Reserves)

Read the rest of Part 2.

Faber: Oil will go up ‘ballistically’ if unrest shifts to Saudi Arabia

Business Intelligence Middle East
March 9, 2011

Marc Faber the Swiss fund manager and Gloom Boom & Doom editor sees oil prices extending their bull run despite the 15% run-up this year alone.

In an optimistic scenario demand for oil will rise as the global recovery takes hold, and in a pessimistic scenario prices still go up if the Middle East unrest spreads and crude production is curtailed. In both cases, he says, you should be long energy and energy related shares.

Speaking to CNBC today, Faber said: ” I think long term you should be exposed to energy in either scenario….if you are extra bearish and believe that War World III is going to start soon, as I believe, or in an optimistic scenario”.

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Oil hovers around $105

CNNMoney.com
March 9, 2011

Oil prices held steady Wednesday as investors remained focused on geopolitical concerns ahead of data on U.S. crude supplies, while a government agency forecast higher gas prices for all of 2011.

The benchmark U.S. oil contract, West Texas Intermediate, was up 35 cents to $105.37 a barrel for April delivery.

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Ron Paul on Your World With Neil Cavuto 03/08/11

Oil Shock: Banksters Ready QE3 Asset Bubble

Kurt Nimmo
Infowars.com
March 8, 2011

On Monday, Atlanta Fed boss Dennis Lockhart said that if oil prices continue to climb the Fed will make a new round of asset purchases, in other words it will kick off QE3.

“If [the rising price of oil] plays through to the broad economy in a way that portends a recession, I would take a position we would respond with more accommodation,” Lockhart said at the National Association of Business Economics in Arlington, Virginia.

Lockhart said the magic number for the price of oil is in the range of $150 per barrel. “I think at the $120 range … it’s a manageable level,” he said. “Around $150 it becomes a much more serious concern.”

Lockhart “echoed widespread concerns that surging oil prices would put the brakes on a recovery that only just seems to be taking hold,” reports the Wall Street Journal. “With Brent crude hovering at around $115 a barrel, having made at stab at $120 over recent sessions, investors are looking back to the summer of 2008 when oil made a run at $150 a barrel.”

In response to the unfolding economic depression last November, the private Fed announced plans to buy $600 billion in long-term Treasuries, known as quantitative easing. QE2 – and now possibly QE3 – do nothing for the broader economy, however.

The provided excuse for cranking up the funny machines and printing a ton of fresh new fiat dough is that it boosts the economy. In fact, the scheme does nothing for the larger economy or the nation as a whole – infrastructure projects, education, health care, business development, etc. – as you might expect (if you follow the Fed’s reasoning). Instead, it is a gift for the financial industry and the banksters. The excess paper money flows into the stock market and creates dangerous asset bubbles around the world.

Even establishment economists like former Clintonite Robert Reich warn that the rapid in-flow of funny money will simply create another stock market bubble. It is a classic Ponzi scheme designed to reach dizzying heights and then crash.

Some financial experts say QE2 was not designed to terminate. It was engineered to go on forever, or at least until the entire economy explodes. According to these experts, there was no QE1 and there is now no QE2 – there is simply one long “accommodation” that will eventually spell disaster.

“The Fed never said that QE2 would end,” notes finance expert James Rickards, “that’s a popular misconception but they never said it. What they said was that they would buy $600 billion of intermediate term Treasury securities by June 2011. They never said that was all they would buy. They never said they would stop. The comments were carefully worded so that $600 billion by June was a targeted minimum but they never said anything about a maximum; technically there is no maximum. The first QE program ended in 2010 and the economy immediately began to fall into a double dip.”

Bernanke and the Fed are not finished attacking the dollar. They are determined to kick off another round of debilitating inflation, the ultimate result whenever the money supply is artificially expanded. It is a scientific process, as Congressman Charles Lindbergh said after the Federal Reserve was created in 1913.

QE is forever.

Will The Day Of Rage In Saudi Arabia On March 11 Send The Price Of Oil Into Unprecedented Territory?

The Economic Collapse
March 8, 2011

The price of oil is shaping up to be the number one economic story of 2011, and right now the eyes of the investing world are closely watching the developing situation in Saudi Arabia.  All of the other recent Middle East revolutions have been organized on the Internet, and now all over Facebook and Twitter there are calls for a “Day of Rage” in Saudi Arabia on March 11.  The Saudi monarchy is attempting to head off any protests by promising to give $37 billion in “benefits” to the people and by publicly proclaiming that all political demonstrations are specifically banned.  In addition, the Saudi government is stationing thousands of security forces at various potential “hot spots” around the country.  So far similar measures have not done much to quell unrest in other nations in the Middle East, but Saudi Arabia will be a true test of the revolutionary fervor that is sweeping the region.  The Saudis have a long history of brutally repressing their own people.  They simply do not mess around.  So a revolution in Saudi Arabia will not be nearly as “easy” as it was in Tunisia, Egypt or Libya.  However, if a revolution does sweep across Saudi Arabia, it is going to send the price of oil into unprecedented territory.  Saudi Arabia is the number one exporter of oil in the world, and if their oil fields get shut down even for a little while it is going to have a dramatic effect on the global economy.  With the world already on the verge of a major sovereign debt crisis, the last thing it needs is for the price of oil to start soaring into the stratosphere.

Read the article.

Oil, Gold, and Silver Prices Up as Saudi Arabia Faces Unrest

Kurt Nimmo
Infowars.com
Mrch 7, 2011

Oil market speculators used the escalating conflict in Libya as an excuse to jack up crude prices to $106 per barrel today. Crude oil prices rose on news opposition forces and soldiers loyal to Moammar Gadhafi clashed near some of the country’s key energy infrastructure.



Benchmark crude for April delivery was up $2.25 to $106.67 a barrel by early afternoon in Europe. The price increase is the highest since September 2008, according to the Associated Press. In London, Brent crude for April delivery was up $1.80 to $117.77 a barrel on the ICE Futures exchange.

Asian stocks and currencies also fell on news of rising violence in the Middle East. The MSCI Asia Pacific Index dropped 1.1 percent to 137.83 as of 3:32 p.m. in Tokyo, led by a 1.8 percent drop in Japan’s Nikkei 225 Stock Average.

Oil prices were on a steady rise prior to the engineered revolutions in North Africa. Traders were convinced that demand for oil was set to rise by around 2 percent in 2011. Industry experts and Wall Street speculators predicted a gradual move to $120 and even $150 per barrel oil prices.

Gold and silver prices also spiked on Monday. Gold for April delivery was adding $15.80 to $1,444.40 an ounce at the Comex division of the New York Mercantile Exchange, according to The Street.

After rising 4.2% Friday, spot silver traded up a further 2% or 66 cents to $36.33 a troy ounce today, driven by higher oil prices due to political unrest in Libya and elsewhere in the Middle East, the Wall Street Journal reports.

In December, Lindsey Williams predicted the price of oil would skyrocket to between $150 and $200 a barrel this year. Williams served as a pastor on the Alaskan pipeline and has insider sources within the oil industry.

On March 1, Williams told Alex Jones the uprisings in the Middle East are engineered by the global elite and will soon spread to Saudi Arabia.



Protests are planned in the oil kingdom and the government has promised to dispatch 10,000 troops to put down any dissent. The demonstrations were initially planned for Friday – the Muslim day of worship when demonstrations are traditionally held – but organizers of demonstrations have decided to take to the streets today, March 7, according to Forex News. On Saturday, Saudi Arabia announced it would not allow any demonstrations or sit-in protests in the country.

A member of Saudi Arabia’s royal family, Prince Talal Bin Abdul Aziz Al Saud, said on February 17 the kingdom may see protests unless King Abdullah introduces reforms, according to BBC Arabic TV. Abdullah announced plans to spend about 110 billion riyals ($29 billion) on programs aimed at boosting housing, education and social welfare.

In response to the prospect of demonstrations in Saudi Arabia and the growing conflict in Libya, Dubai’s shares retreated for a third day on Monday. “Investors are shunning assets in the region as the political turmoil, which started in Tunisia more than two months ago, expanded to Oman, Bahrain, Yemen, Libya and Iran,” reports Bloomberg.

On Tuesday, March 1, the Tadawul, the largest stock market in the Arab world, plunged 6.78 per cent following the arrest of a prominent Shia cleric and the prospect of demonstrations in Saudi Arabia.

–

Kurt Nimmo edits Infowars.com. He is the author of Another Day in the Empire: Life In Neoconservative America.

SocGen’s Three Scenarios For Oil See Crude Price Between $110 And $200

Tyler Durden
Zero Hedge
March 7, 2011

After Nomura released a report two weeks back predicting oil could rise to $220 if the MENA situation escalates, this morning SocGen’s Michael Wittner has released his own scenario analysis on the possible outcomes of the 2011 revolutions. His three cases see oil within the following escalating thresholds: $110-$125; $125-$150; and $150-$200. We are fairly confident that the worst case, which as expected involves all sorts of bad things happening in Saudi Arabia, is missing an extra zero somewhere. Some key observations from the report (attached below): “The forward curve for Brent, the better indicator of global oil market fundamentals, is currently in backwardation (nearby premium, forward discount) for the next 5 years, reflecting concerns over growing physical tightness in the crude markets. The oil markets are pricing in an extended Libyan shutdown of crude exports (see below). Even on the WTI forward curve, where prices are still under pressure from local mid-continent US market conditions, the contango has eased and now only extends through 2011; from 2012 through 2015, WTI is also in backwardation. As the Libyan crisis has escalated, the latest US CFTC data show that non-commercial net length for NYMEX WTI futures has reached an all time high. This is a key indicator that a new wave of investor flows is now moving strongly into WTI and the oil complex in general. With the widespread unrest in the Middle East and North Africa (MENA) region expected to continue, and the oil markets worried about further supply disruptions, the attractiveness of commodities and oil to investors has been underscored. With oil prices driving heightened concerns over inflation, oil itself is seen as a good hedge against inflation.” In summary, SocGen sees about $15/bbl risk premium built into current prices, which could jump to as much as $110.

Read the article and see the docs. 

Gas up 33 cents — second biggest two-week jump ever

Reuters
March 6, 2011

NEW YORK — Gasoline prices in the United States posted their second-biggest increase ever in a two-week period, due to the rise in crude oil prices stemming from the turmoil in Libya, an industry analyst said Sunday.

The national average for a gallon of self-serve, regular gas was $3.50 on March 4, according to the Lundberg Survey of about 2,500 gas stations, up 32.7 cents from the previous survey on Feb. 18.

The gross price increase was the biggest since the 38.44 cent-rise that occurred in the Aug. 26-to-Sept. 9, 2005, period following Hurricane Katrina, according to survey editor Trilby Lundberg.

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Oil Price Shock; You Ain’t Seen Nothing Yet

Jeremy Warner
London Telegraph
Friday, March 4, 2011

The most common cause of a spiking oil price is supply shock. We may be seeing just such a phenonenon right now with the effective shut down of Libyan oil. But sometimes it’s excessive demand that does the damage.

Forget the present turbulence, which may or may not be temporary. You don’t have to look far into the future, perhaps as little as a year to 18 months, to see that a major demand challenge is looming which even assuming no further disruption to existing production, will challenge the present supply base to breaking point.

As it is, it’s fair to assume the world is closer to full capacity than producers care to admit. Rewind to the last oil price shock in the summer of 2008, and Saudi Arabia, pumping out oil at the rate of around 9.5 million barrels a day, was having to draw on inventories to meet demand. It’s therefore reasonable to assume that 9.5 million bpd then represented maximum capacity.

Since then, the Saudis have brought a further two fields on stream with a capacity of around 2 million bpd, bringing total capacity up to some 11.5 million bpd. But there is generally reckoned to be an attrition rate of around 6pc per annum on existing fields, taking us back to square one in terms of maximum daily output. This is perilously close to what the Saudis are already producing, and makes the assumed buffer of Saudi spare capacity considerably smaller than the Saudis claim. There’s not much slack anywhere else either.

Now look at growth in demand, virtually all of which is coming from China and other emerging markets. Chinese demand at around 10 million bpd annually is already around half that of the world’s biggest oil consumer, the US. But unlike the US, where demand is in gentle decline, in China it’s rising like a rocket.

Last year Chinese demand rose by close to 1 million bpd. It’ll probably be a bit lower this year, but not much. More cars are now being bought in China than the US, and they’ve got to run on something.

Full story here.

Gas Prices Jump 4 Cents Overnight

Ben Rooney
CNN Money
Thursday, March 3, 2011

NEW YORK (CNNMoney) — Gas prices jumped 4 cents overnight, with the average American driver now paying more than $3.40 a gallon.

The national average price for a gallon of regular gasoline rose to $3.427 on Thursday, according to a daily survey by motorist group AAA. That’s up from $3.387 a gallon on Wednesday.

Gas prices have not averaged more than $3.40 a gallon since October of 2008. The record high was over $4.11 a gallon in July 2008.

The highest gas prices were in Hawaii, where drivers pay an average of $3.82 a gallon.

Full story here.

Wars, Rumors Of Wars, Skyrocketing Oil Prices And Global Economic Chaos – Why Is All Of This Happening?

The Economic Collapse
March 3, 2011

Did anyone out there anticipate that 2011 would be such a wild year?  The year is barely over two months old and we have already seen multiple civil wars erupt, rumors of more wars all over the mainstream media (potentially even including the United States), riots and revolutions breaking out all over the globe, oil prices soaring into the stratosphere and chaos on global financial markets.  So why is all of this happening?  Is all of this one big coincidence or is there a reason why we are witnessing such global chaos right now?  Is it just coincidence that revolutions have broken out in over a dozen countries in the Middle East all at the same time?  Is it just a coincidence that global prices for oil, food and precious metals are all skyrocketing?  Is it just a coincidence that world financial markets suddenly seem more vulnerable than at any time since 2008?  Looking at what is going on in the world right now, it is very tempting to use the phrase “a perfect storm” to describe it.  Unfortunately, this “perfect storm” is very likely to plunge the global economy into yet another financial collapse if it continues to get even worse.

After decades of relative stability, the Middle East has erupted in chaos in 2011.  In the post-World War 2 era, we have never seen a time when there have been so many major internal revolutions all at once.  All of these simultaneous revolutions are driving the price of oil rapidly upwards.

The price of West Texas crude is now over $102 a barrel and the price of Brent crude is now over $116 a barrel and if the chaos in the Middle East continues those numbers are likely to go a lot higher.

Meanwhile, gold has set a new all-time record this week and the price of silver is absolutely exploding.

In fact, just about every kind of “hard asset” that you can possibly name is going up in price.  Investors don’t like all of this instability and they are looking for safe places to put their money.

Unfortunately, the global situation looks like it may become even more heated.
The calls for military action against Libya are rapidly reaching a crescendo.

The U.S. Senate has unanimously passed a resolution calling for the UN Security Council to impose a no-fly zone over Libya, and many members of Congress are openly declaring that the U.S. and NATO should take unilateral action no matter what the UN ultimately decides.

Read the article

Oil surges after Libya airstrike near oil terminal

Reuters
March 2, 2011

Oil prices jumped to near 2-1/2 year highs on Wednesday after an airstrike near Libya’s oil infrastructure kept the market braced for a prolonged disruption from the OPEC nation and worried unrest might spread to other regional producers.

Fresh airstrikes hit Brega, about 2 kilometers (1.2 miles) from a Libyan oil terminal, after embattled leader Muammar Gaddafi launched a land and air offensive to retake territory in Libya’s east.

The reprisal sparked calls from rebels for foreign air strikes on African mercenaries they said were helping him stay in power.

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