Oil Production Down By 1 Million Barrels Per Day - Despite Rising Number of Oil Rigs in Saudi Arabia

Two weeks ago, OPEC's oil chief, Abdalla Salem El-Badri, told the world that $80 oil won't last now that OPEC has increased production: "the fundamentals" he said, "do not support the price."

However, this graph , posted by Stuart Staniford from the Oil Drum showing Saudi oil production in 2006 compared to the number of oil rigs entering the country tells a different story. The oil rigs entering the country increased sharply, while oil production continued to drop.

Now we have this from Goldman Sachs: "We believe the current price rally is critically different from last year's, as the fundamentals are substantially stronger...global crude oil production is over 1 million barrels per day lower than last year, while demand is over 1 million bpd higher.


From what I've been reading recently - officialdom is starting to sound a lot like the peak-oil crowd did a couple of years back.

The International Energy Agency, adviser to 26 industrial nations, said
last week that consumption of energy would outpace new production for the next
five years, leading to a supply crunch in 2012.

"The results of our analysis are quite strong," said IEA oil analyst
Lawrence Eagles. "Something needs to happen. Either we need to have more
supplies coming on stream, or we need to have lower demand growth."

It's starting to look as though Matthew Simmon's declaration from 2005 that Saudi Oil has peaked may have been bang on.

JFK Quotes You Probably Haven't Heard

Here are some JFK quotes that you've likely never heard. I would ask the question - when will we ever hear a President utter such words again?


a warning to the American people not to fall into the same trap as the Soviets, not to see only a distorted and desperate view of the other side, not to see conflict as inevitable, accommodation as impossible and communication as nothing more than an exchange of threats.

Commencement Address American University, Washington, Monday, June 10, 1963

Let us call a truce to terror. Let us invoke the blessings of peace. And as we build an international capacity to keep peace, let us join in dismantling the national capacity to wage war.

September 25, 1961

Our primary long-range interest in Geneva, however, is general and complete disarmament -- designed to take place by stages, permitting parallel political developments to build the new institutions of peace which would take the place of arms.

June 10, 1963

It is therefore our intention to challenge the Soviet Union, not to an arms race, but to a peace race- -to advance together step by step, stage by stage, until general and complete disarmament has been achieved. We invite them now to go beyond agreement in principle to reach agreement on actual plans.

Address Before the General Assembly of the United Nations. September 25, 1961

but this administration has failed to recognize, has failed to recognize that in these changing times, with a revolution of rising expectation sweeping the globe, the United States has lost its image as a new, strong, vital, revolutionary society.

University of Illinois Campus, October 24th, 1960

I believe in an America... where no public official either requests or accepts instructions on public policy from the Pope, the National Council of Churches or any other ecclesiastical source

Address to the Greater Houston Ministerial Association, September 12, 1960

If a free society cannot help the many who are poor, it cannot save the few who are rich

Inaugural Address of John F. Kennedy FRIDAY, JANUARY 20, 1961

In this serious hour in our Nation's history when we are confronted with grave crises in Berlin and Southeast Asia, when we are devoting our energies to economic recovery and stability, when we are asking reservists to leave their homes and their families for months on end and servicemen to risk their lives--and four were killed in the last two days in Viet Nam and asking union members to hold down their wage requests at a time when restraint and sacrifice are being asked of every citizen, the American people will find it hard, as I do, to accept a situation in which a tiny handful of steel executives whose pursuit of private power and profit exceeds their sense of public responsibility can show such utter contempt for the interests of 185 million Americans.

News Conference April 11, 1962

In short, at a time when they could be exploring how more efficiency and better prices could be obtained... a few gigantic corporations have decided to increase prices in ruthless disregard of their public responsibilities.

April 11, 1962

Harry Truman once said there are 14 or 15 million Americans who have the resources to have representatives in Washington to protect their interests, and that the interests of the great mass of other people, the hundred and fifty or sixty million, is the responsibility of the President of the United States. And I propose to fulfill it.

Atlantic City at the Convention of the United Auto Workers. May 8th, 1962

I realize that there are some businessmen who feel only they want to be left alone, that Government and politics are none of their affairs, that the balance sheet and profit rate of their own corporation are of more importance than the worldwide balance of power or the Nationwide rate of unemployment. But I hope it is not rushing the season to recall to you the passage from Dickens' "Christmas Carol" in which Ebenezer Scrooge is terrified by the ghosts of his former partner, Jacob Marley, and Scrooge, appalled by Marley's story of ceaseless wandering, cries out, "But you were always a good man of business, Jacob." And the ghost of Marley, his legs bound by a chain of ledger books and cash boxes, replied, "Business? Mankind was my business. The common welfare was my business. Charity, mercy, forbearance and benevolence were all my business. The dealings of my trade were but a drop of water in the comprehensive ocean of my business!"

Members and guests of the Florida State Chamber of Commerce, whether we work in the White House or the State House or in a house of industry or commerce, mankind is our business. And if we work in harmony, if we understand the problems of each other and the responsibilities that each of us bears, then surely the business of mankind will prosper. And your children and mine will move ahead in a securer world, and one in which there is opportunity for them all.

Florida Chamber of Commerce, November 18th, 1963

The inspiration for these quotes came from a documentary entitled Evidence of Revision. It's a series of five videos, each about an hour and a half long that you can find on Google Video. I would highly recommend finding the time to watch it. Once you do - you'll be left with some strong doubt as to who killed this man. More significant to the here and now - you'll realize that the completion of a Presidential Commission of inquiry does not mean that the public is in possession of the truth - I'm no 9/11 conspiracy theorist - but that doesn't mean I have to consider the commissions report to be anything more than toilet paper.