imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

VENEZUELA GRANDEST OF GRAND PRIZES FOR US

by Stephen Lendman Friday, May. 26, 2006 at 7:32 AM
lendmanstephen@sbcglobal.net

NEW ESTIMATES OF VENEZUELA'S OIL RESERVES MAKES IT GRANDEST OF GRAND PRIZES TO US

New Estimate of Venezuela's Total Oil Reserves Makes

It the Grandest of Grand Prizes for US - by Stephen

Lendman

I just finished reading an important new book the

author's publisher sent me, which I'll shortly be

reviewing for publication. The book is investigative

journalist (and in his words "forensic economist")

Greg Palast's latest foray into exposing the hidden

from view crimes and wrongdoings of the Bush

administration. I'm very familiar with Palast's

important work and can only wish many others of his

profession did the same sort of it he does - his job.

Sadly most don't, but luckily we have some who do, and

we should pay close heed to what they tell us.

They're our window to the dangerous world around us,

and the information they provide is our protection

from it.

Palast's book is almost encyclopedic in detail, but I

only want to focus here on one part of it that relates

to Venezuela. In it Palast provides information

showing the country may be of far greater strategic

importance to the US than we likely realized. It all

relates to a somewhat arcane theory called Hubbert's

peak that many readers may not know about or

understand well if they do. Before reading Greg's

book, I knew about it but didn't understand it as well

as I do now.

M. King Hubbert was a well-respected geologist of his

time who on March 7, 1956 published a research paper

explaining his notion of "peak oil," the amount of

total reserves likely to be available, when production

would peak, and when we would likely exhaust a finite

supply. Ever since his report came out, it's been

held up as gospel by many who follow the oil market.

The essence of the Hubbert theory, whether we accept

it or not, was that "peak oil" would be reached around

this year. However, in fact, production rose every

year since Hubbert's prediction and new discoveries of

oil have so far kept pace.

A New Interpretation of "Hubbert's Peak"

M. King Hubbert may have been a fine geologist

deserving of the his reputation. But today we know

much more than Hubbert did in his time, and it's

currently believed by some savvy analysts that we're

nowhere near peaking or running out of oil. Palast

sides with that view and concludes that we have enough

oil left untapped to last many decades into the

future. Why? Because there's oil and then there's oil

- there's the easy to find and refine kind called

"light sweet" like what's abundant in the Middle East,

and there's also the harder to find, more expensive to

refine so-called "heavy crude" and oil available from

tar sands. When the latter two categories are added

in, the amount of total oil available skyrockets to

off-the-chart numbers.

Palast makes a key point related to the price of

crude. At a barrel the supply is low because only

the easy to extract and refine kind are economically

feasible. But at a barrel it's a whole new oil

market. The heavy stuff and tar sands then become

economical to extract and refine, and a new far higher

finite supply is realized almost magically. In short,

it's just a question of supply and demand and how the

price of a commodity depends on how much of it

consumers want. Too little demand and the price is

low, but when it's high like now and rising, then so

does the price.

How This Relates to Venezuela

From what we know for sure plus what we think we may

know about Venezuelan "total" oil reserves, I suggest

the reader first take a seat and buckle up. In

previous articles, I reported Venezuela may have

reserves of about 350 billion barrels if all their

known heavy and light crude are counted. That total

is far more than is now officially recognized by OPEC

which means unofficially the country has greater

reserves than Saudi Arabia by that number alone.

But wait, there's more, a lot more. Palast reports a

US Energy Department expert believes Venezuela holds

90% of the world's super-heavy tar oil reserves - an

estimated total of 1,360,000,000,000 (1.36 trillion)

barrels. Let me repeat that - 1.36 trillion barrels.

That alone is more oil than Hubbert believed 50 years

ago lay under the entire planet.

Again, back to the key issue. Whatever the true

highest estimate of reserves is from all varieties of

oil, those reserves are only available at a price. If

it ever gets too low again, which looks unlikely,

those heavy reserves and tar sands oil will again go

off the charts and be uncounted. However, with

today's heavy demand and the likelihood of it

continuing to grow in the future, the price of oil may

continue to rise and all reserves from all sources may

be needed and used to supply the market.

So with a report like this coming from an apparent

credible source (according to Palast) in the US Energy

Department, it takes little imagination for VHeadline

readers to understand more than ever that Venezuela is

likely viewed by any US administration as the world's

most important source of future oil supply. And to

readers who understand US imperial intentions, it

takes even less insight to realize the Bush

administration intends to go all out to get its hands

on it even if it takes a war to do it. The US goal

isn't access to the oil. It's control of the supply

and its price, what countries get it and how much and

which ones don't, what companies profit from it, and

overall how this ocean of oil can be used as a

strategic resource and weapon. Beyond question, the

stakes are enormous, and the battle lines are now

drawn more clearly than ever.

I've reported before on VHeadline that the US is now

planning a fourth attempt to oust Hugo Chavez by

whatever means it has in mind. I think the wheels of

its plan are now in motion, but we won't know what

will unfold until the fireworks begin. With the

information now available and published here, I feel

more certain than ever that US instigated serious

trouble is heading toward Venezuela and maybe harsher

than we might expect. Venezuela's likely total oil

reserves are potentially so great that the country has

to be the grandest of grand prizes for the US. It's a

virtual certainty the US will do anything it takes to

try to seize and control it. For those of us who

respect the sovereign rights of all nations and the

obligation their leaders have above all else to serve

the needs of their people, we can only hope Hugo

Chavez is prepared for what he knows is coming and

will again succeed in deterring it.

Stephen Lendman lives in Chicago and can be reached at

lendmanstephen@sbcglobal.net. Also visit his blog

site at sjlendman.blogspot.com.

Report this post as:

Local News

Change Links 2018 July posted J09 1:27PM

More Pix: "Families Belong Together," Pasadena J02 12:16PM

"Families Belong Together" March, Pasadena J02 12:08PM

Short Report on the Families Belong Together Protest in Los Angeles J30 4:26PM

Summer 2018 National Immigrant Solidarity Network News Alert! J10 11:58PM

Watch the Debate: Excluded Candidates for Governor of California M30 10:20PM

Change Links June 2018 posted M28 12:41AM

The Montrose Peace Vigil at 12 Years M22 1:01PM

Unity Archive Project M21 2:42AM

Dianne Feinstein's Promotion of War, Secret Animal Abuse, Military Profiteering, Censorshi M17 3:22PM

CA Senate Bill 1303 would require an independent coroner rather than being part of police M10 2:08PM

Three years after OC snitch scandal, no charges filed against sheriffs deputies M10 1:57PM

California police agencies violate Brown Act (open meetings) M02 1:31PM

Insane Company Wants To Send Nuke Plant Waste To New Mexico A29 4:47PM

Change Links May 2018 A27 1:40AM

Worker-Owned Car Wash on Vermont Closed A26 10:37PM

GUIDE TO REBEL CITY LOS ANGELES AVAILABLE A12 5:39PM

lausd whistle blower A10 11:58PM

Website Upgrade A10 3:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 1:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 11:58AM

Change Links April 2018 A01 11:27AM

Nuclear Shutdown News March 2018 M31 6:57PM

Join The Protest Rally in Glendale on April 10, 2018! M29 7:00PM

Spring 2018 National Immigrant Solidarity Network News Alert! M19 2:02PM

Anti-Eviction Mapping Project Shows Shocking Eviction Trends in L.A. M16 5:40PM

Steve Mnuchin video at UCLA released M15 12:34AM

Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Clean Ups M06 12:10PM

More Local News...

Other/Breaking News

14 Disturbing Facts About Scott Gottlieb, Trump's FDA Head J20 10:47PM

Behind the scenes at fbi National Academy J20 2:47PM

Treasury Takes Aim at Shell Companies J20 11:18AM

Paraphysique de l'intelligence J20 9:08AM

Oklahoma GOP Senator Jim Inhofe's Bloody Record J20 4:01AM

Globalization: hope on the horizon despite Fake Liberals. J20 3:41AM

Sorry President Trump,Ted Cruz Texas Judicial System,is Worse Than Many Shithole Countries J19 4:49PM

The Shortwave Report 07/20/18 Listen Globally! J19 4:33PM

The System Question as a Survival Question J18 8:54PM

Nation's Largest Voting Machine Co., ESS, Admits Lying Re Having Installed Remote Control J18 11:55AM

Du pain et des jeux J18 9:53AM

Paraphysique de martyrologie J17 8:00AM

Children Incorporated Earns 4-Star Rating on Charity Navigator J16 11:24AM

Democratic Socialists of America J14 4:57PM

Leonard Peltier Non Violent Native American Political Prisoner since 1970's J14 4:18PM

Paraphysique miscellanées de l'aggiornamento J14 12:54AM

FBI Investigated LA County Sheriff Baca,Why Not Hank Skinner's Persecution? J13 3:52PM

Updated Partial List Of Famous Vegetarians, Vegans, & Fruitarians J13 2:59PM

The Shortwave Report 07136/18 Listen Globally! J12 4:36PM

Social Policy as Social Infrastructure J12 3:38AM

Vol I: 84 Varieties Of GOP Election Fraud J12 1:50AM

Texas Can Call it An Execution,But It is A State Sponsored Murder of Hank Skinner.. J11 6:48PM

June 2018 Honduras coup update J11 3:35PM

Maria Estrada doubles down on racist support J11 1:40PM

New York Women in Film & Television Announces 2018 NYWIFT Ha Phuong Scholarship Recipients J11 10:14AM

Trapps de la domination, trapps de l'aliénation J11 1:31AM

Please Work For The Defeat Of Brett Kavanaugh And Why J09 8:54PM

Transinhumanisme ( transe inhumanisme ) J09 12:44PM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy