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How China is Beating the United States in the Global Oil Game
Iraq recently signed its first oil deal in 35 years with a foreign company.
And – quite surprisingly to many observers – the company wasn’t one of ours.
Not surprisingly, the U.S. news media barely acknowledged the deal – even though the agreement was major news throughout the rest of the world.
According to reports from Baghdad, the 22-year deal between the Iraqi government and the China National Petroleum Co. involves $55 billion, or 87% of Iraq’s current total revenue at a conservative long-term estimate of $100 a barrel.
The deal is actually a renegotiated version of a 1997 agreement between China and a…
16Oct2008 | Money Morning | Comments Off | ContinuedFormer Oilman T. Boone Pickens Taps Wind Power, Natural Gas to Replace Foreign Oil
He made his fortune as an oilman, but yesterday (Tuesday) legendary investor T. Boone Pickens unveiled a plan to cut U.S. dependence on foreign oil through the power of alternatives such as wind and natural gas.
“We’re paying $700 billion a year for foreign oil. It’s breaking us as a nation, and I want to elevate that question to the presidential debate, to make it the No. 1 issue of the campaign this year,†Pickens said, USA Today reported.
Pickens launched a Website titled “Pickens Plan,†which went live yesterday, to outline what he calls a “bridge to the future†to help cut…
9Jul2008 | Money Morning | Comments Off | ContinuedFixing the economy: Listen to Hanoi Jane
It is not too often Jane Fonda’s name gets a mention when discussing patriotism and improving the country. But if we want to succeed and continue as an economic powerhouse, we must follow the liberal lady’s exercise advice: No pain, no gain.
For some reason, this country hates pain, even if it leads to monumental improvements. The average American waistline is a great example.
Another fine example is our addiction to crude. We have known for decades that our dependency on foreign oil would eventually cripple this country. Whether we have reached that point or not is moot. The fact that very few…
13May2008 | Guest Contributor | Comments Off | Continued
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