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October 21, 2008

NGOPECers?

Iran, Russia and Qatar talking about forming a "natural gas OPEC" organization.

Europe and the United States have warned against such a gas export body, saying it could pose a danger to global energy security and create room for price manipulation.

Mostly Europe, because the U.S. gets 84% of its natural gas from domestic production. Most of the remainder (15%) from Canada (still the largest exporter of oil to the US, ahead of Saudi Arabia), and 1% from overseas.

That's not the point though. Domestic oil production, promising as it is, cannot "replace" worldwide oil supplies. It can increase the supply, against demand. The imperative is the free flow of oil, worldwide, at market prices.

Which fluctuate, based on demand and supply. Not the whims of OPEC. Not politics.

Economy.

I hope by now peoples have noticed that the drop in crude has showed up in the price at the pump. Despite a nationwide refining hiccup, Ike induced, it has made it's way through the system.

Energy is a (reasonably) fungible, world-wide commodity. The Russians might fret about the drop of crude (or gas) as it pertains to funding their resurgence, but they can no more prop it up than I can bench my weight.

Much.

Ok my weight in 1987.

On the plus side, Obama's going to have to find another source of bucks other than windfall profit taxes on evil oil companies.

Wait, that's not a plus.

digg this
posted by Dave In Texas at 09:07 PM

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