Starting gun for the battle royal over UK shale gas seems to have been fired. Timmy, (who first picked up on this from C@W), lost no time in firing an inflammatory salvo - no smooth-talking PR man he, but his original battle-cry was the right one: "a political battle that we must win".
Yes, the supply fundamentals for gas are looking good. But oil ? Cnut Obama is at it again, asserting that it's all the work of the wicked speculators.
The US cannot afford to let speculators artificially drive up the price of oil, the US President said on Tuesday, revealing plans to boost supervision of the market and tackle manipulation. "Rising gas [petrol] prices means a rough ride for a lot of families," President Obama said. "It's like an additional tax that comes right out of your pocket." The measures from the White House include an "at least six-fold" increase in the number of staff who scrutinise the trading of oil futures contracts at US market watchdog the Commodity Futures Trading Commission (CFTC).
Well, we can't object to scrutiny, though it may prove an expensive waste of time. But hey, while they are in the CFTC, how about looking into the manipulation of precious metals ? You don't need to be a conspiracy-loon to raise your eyebrows over this kind of thing - latest in a very long series (almost weekly, in fact) of strange, strange goings-on.
It's "an additional tax" of another kind, Mr President. Go take a look at that one, eh ?
ND
UPDATE - if anyone's interested, more on the bullion shenanigans of this week
Barry is one to talk about price manipulation. QE anyone? or the shafting of your enemy currency in Iran amongst other things. GM too and banks of course tut tut, when it suits you sir.
ReplyDeleteThe world economy kinda resembles the game of Kick Can when you were a kid. A bit of hide a seek, a bit of murder ball. You know that sooner or later the can is going to be filled up with stones and mum is not going to be able to kiss it better.
At least god love us. I hope the comedy carpet in Blackpool survives.
I see they are treating shale gas just the same as nuclear - stupid nit picking regulations, Stop work on a 0.5 shake! You get more than that from a full supermarket delivery lorry going over a speed bump. Never underestimate the stupidity of a green public servant.
ReplyDeleteA shame you cant take the family on holiday to Fukishima isn't Ivan? All those nit picking regulations on nuclear just get in the way eh?
ReplyDeleteHovis, I see you have been brainwashed in the creed that nuclear means big bang and death. This is what the hippies preached in the 60s, 70s and 80s and does not apply to a power station.
ReplyDeleteThe other thing, there have been no deaths at Fukishima caused by radiation but a lot of people died in the tidal wave.
Interesting Ivan, so for you disagreement == brainwashed.
ReplyDeleteNice try but it seems you are suggesting that zero deaths from official statistics means no harm from radiation - something even the most autistic of pro-nuke campaigners would have a hardtime maintaining.
As you well know the damage will be cumulative and not always be fatal, or directly attributable, sterility, still births, raised cancer rates etc. etc.
So my point remains as vailid as ever. Would you happiliy ignore the cordons and take your children there? If you haven't got any perahop syou have just been hanging around that safe plutionium just that bit too long ...
ivan, even if you like a bit of gamma ray sunbathing, think of the cost. Reuters estimates the cleanup cost at around $50 to $130 billion, and about 1% of Japan's landmass unusable for a decade or two. That's heading for the cost of building all of Japan's 50+ nuc power reactors. What's more it's beyond TEPCO's and insurance's resources, so govt has to pony up for it. Not as big as the banking crisis, but heading that way for a single country. Want to risk that for the high population density UK?
ReplyDeleteND Enjoying the fun of Chesapeake CEO's private loans taking 5% off the share price?
ReplyDeleteI see Chesapeake are also squealing that "Two-dollar gas prices are not sustainable" & "Foreign investors are also drilling to delineate the size of gas reserves, adding to the U.S. glut". Fun times.
'Oilman is Maverick' Shock, eh, Mr W ?
ReplyDeleteThe whole energy industry is the stuff of Alice-in-Wonderland right now. Try this for size - a revolutionary (and highly efficient) 500 MW solar plant using a Stirling Engine, due to come on line in December this year, challenged on the grounds it upsets the tortoises (sic)
they're all mad I tell you