Ordinary people must be rather confused when assaulted by a cacophony of learned opinions from the world authorities, global experts, friends, and other talking, writing and tweeting heads. Now, if I were an emperor or Edward Bernays, author of the original Propaganda (1928), how would I create a narrative about American oil and gas A.D. 2013, and make the world believe it? First, I would have to understand the cold facts. The U.S. still is the top world consumer of petroleum and natural gas. Half of the petroleum is imported. Most of the increase of domestic petroleum production is the non-petroleum light condensate from wells that cost a lot and decline fast. Since my refineries are fine-tuned towards heavier petroleum, not condensate, I have a small problem, but I will use Canadian heavy crude imports through the new Keystone pipeline to solve it. I could go deeper into the Gulf of Mexico and farther north into the Arctic, but such moves are monstrously expensive and risky, and I must be careful. Actually, everything I do is too expensive to continue, so I finance my house of cards by borrowing astronomical amounts of money. Then I borrow even more money to keep on borrowing money. But I do not want to dwell on such details. Instead, Ill help you snort Facebook a little longer. If not, I would need to tell each tax-paying fool that his share of my borrowing has been over one million dollars. Yes, all of you little people became negative millionaires while you were busy tweeting each other! I digressed, but I could not help laughing a little about the total debt I created by globalizing the world economy and exporting my debt all over the place. Fooled ya! Going back to my script: I import a lot of oil from Canada, and will import even more in the future. So, since I think that I can destroy enough demand for petroleum in the U.S., and use Canada and few other countries to fill the rest of my tank, screw OPEC. More specifically, when Saudi Arabia exhausts the Ghawar, the largest oilfield in the world, they will be unable to export enough oil and become irrelevant to me. Screw them...
Posted on: Tue, 29 Oct 2013 12:02:11 +0000
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