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| − | '''The worldwide oil production is in decline, however, global demand is rising.'''
| + | ==Petrodollar== |
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| − | ==Peak Oil==
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| − | The geologist M. King Hubbert successfully predicted in 1956 that oil production in the contiguous United States would peak around 1970.<ref name='hubbert_NEFF'>{{cite journal | title= Nuclear Energy and the Fossil Fuels | author = M. King Hubbert | url=http://www.hubbertpeak.com/hubbert/1956/1956.pdf | journal = Drilling and Production Practice (1956) American Petroleum Institute & Shell Development Co. Publication No. 95, See pp 9-11, 21-22.}}</ref>
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| − | The peak of production follows a logistic distribution function according to Hubbert, with a distinct maximum. When the peak is reached differs from region to region. It depends amongst other things on the profit margin per barrel. Put in simple words: oil is about to run out.
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| − | ==Global Demand==
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| − | Global demand is rising. [http://www.eia.gov/conference/2009/session3/Sweetnam.pdf www.eia.gov]
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| − | ==The Price of Oil==
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| − | The price of oil is crucial for a number of reasons:
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| − | *The [[Petro-Dollar]] system replaced the [[Gold Standart]] of [[Bretton Woods]]: oil is traded for dollars by [[OPEC]] and by way of weapons deals and military contracts recycled into the US economy. The value of the dollar depends heavily on the availability of oil in the world market.
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| − | *The world economy depends on oil and it is not feasable to replace it with other resources in a short time.
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| − | The price of oil is managed for constant demand by the big oil companies ([[Wizards of Money]]) which translates to constant demand for dollars.
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| − | ==Implications==
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| − | When the price of oil gets too high, global demand for dollars declines. A devaluation of the world's reserve currency together with a high oil price, however, is a catastrophic outlook for stock markets. This scenario seems inevitable on the long run. On the short run, the one who controls the regions which are farthest from peak has maximum leverage to control the price of oil. After Saudi Arabia, Iran and Irak comes the Caspian Basin (yet to be explored).
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| − | As no other than the [[Petro-Dollar]] monetary non-system is in sight, seeking "stability" becomes a fetish, enshuring future profits flow in the same direction as they do at present. No price seems too high to pay for "stability". Stan Goff assumes that eventually this may lead to fashistoid population control measures when profits are no longer available to the bulk of the population in the western world. [http://www.unwelcomeguests.net/78 see interview 16:20ff.]
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| − | ==Abiotic ?==
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| − | This scenario does not depend on the question if oil is of abiotic origin or not. The question is that of availability - not of quantity.
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| − | ==Official narrative==
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| − | The above scenario is downplayed. [http://www.eia.gov/tools/faqs/faq.cfm?id=38&t=6 example]. Alternative news sites and investigative journalists seem to be encouraged to mix geopolitical analysis with abiotic theories making it easy to be dismissed as [[conspiracy theorists]] by the {{ccm}}.
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| | ==References== | | ==References== |
| | + | Petrodollars: Problems and Prospects |
| | + | by |
| | + | Dr. Ibrahim M.Oweiss |
| | + | Address before the Conference on The World Monetary Crisis |
| | + | Arden House, Harriman Campus, Columbia University |
| | + | March 1 - 3, 1974 |
| | + | http://faculty.georgetown.edu/imo3/petrod/define.htm (http://faculty.georgetown.edu/imo3/petrod/petro2.htm) |
| | | | |
| | <references/> | | <references/> |
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Petrodollar
References
Petrodollars: Problems and Prospects
by
Dr. Ibrahim M.Oweiss
Address before the Conference on The World Monetary Crisis
Arden House, Harriman Campus, Columbia University
March 1 - 3, 1974
http://faculty.georgetown.edu/imo3/petrod/define.htm (http://faculty.georgetown.edu/imo3/petrod/petro2.htm)
