Gashostage.com

Officials said Iran, hampered by a shortfall in funding, would halt the import of 200,000 barrels per day of gasoline on Sept. 23, 2006. They said no decision has been made on when to begin gasoline rationing.
Despite its status as the fourth largest oil producer in the world, Iran lacks refining capacity to meet the nation’s fuel needs.

The announcement to end gasoline imports — most of it from Western Europe — stemmed from a decision by parliament to reduce the budget for gasoline imports to $2.5 billion from $4 billion, Middle East Newsline reported.

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Another red herring if you ask me.  Make the world feel bad for me… let them think about how many innocent people are going to suffer in Iran because of your actions… blah blah blah….

US President George W. Bush said it was time to move past a debate over whether human activity is a significant factor behind global warming and into a discussion of possible remedies.

“I have said consistently that global warming is a serious problem. There’s a debate over whether it’s manmade or naturally caused,” Bush told reporters.

“We ought to get beyond that debate and start implementing the technologies necessary to enable us to achieve a couple of big objectives: One, be good stewards of the environment; two, become less dependent on foreign sources of oil, for economic reasons as for national security reasons,” he said.

Bush cited “clean-coal technology,” efforts to develop automobiles powered by hydrogen or ethanol, and his push for the United States to develop significant new nuclear energy capabilities.

“The truth of the matter is, if this country wants to get rid of its greenhouse gases, we’ve got to have the nuclear power industry be vibrant and viable,” he said.

Does anyone find it strange how Bush is now worried about climate change?  Now he wants to ”become less dependent on foreign sources of oil, for economic reasons as for national security reasons.” What does this have to do with global warming?  Sure many of the problems come from burning oil, but his reasons are for “Security” and not for the environment.  Wake up Bush!

Iran on Sunday repeated threats that it was ready to use its massive oil exports as a weapon to defend itself if it felt in danger in an international dispute over its atomic program.

But Oil Minister Kazem Vaziri-Hamaneh said international sanctions on 2.5 million barrels per day of Iranian crude exports would be impractical and would send oil prices over $100 a barrel, up from around $70 now.

Iran has been hauled before the U.N. Security Council over suspicions it is seeking nuclear missiles, a charge it denies. It could face economic sanctions and the United States has consistently declined to rule out military action.

Vaziri-Hamaneh said earlier this month the world’s fourth biggest crude producer would prefer not to play the oil card and would only do so to defend its rights.

 

He struck a similar tone on Sunday, telling state television: “I think using the oil weapon would be advantageous to Iran in times of threats.”

“But using such a weapon in the normal situation in the country and oil markets would mean confronting the world and we do not have such a policy,” he added.

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Using Oil as a weapon might work for a little while, but it is not a viable solution in the long term.  Iran might just be looking down the barrel of a gun which will be held by many of the world leading countries.  I think Iran is just posturing, but they had better hope they do not push the world leaders too far, as eventually they will push back.  Just ask Iraq and Saddam, it takes a lot of effort to get the world on board, but it can happen, and the results will not be to Iran’s liking.

World oil prices could triple if the West’s stand-off over Iran’s nuclear programme escalates into conflict, the Saudi Arabian government has warned. The Saudi ambassador to the US, Prince Turki Al-Faisal, said such an event could send prices spiralling from their current level of about $70 per barrel. Iran is the Opec cartel’s number two oil producer and analysts fear it could halt exports if the dispute worsens. Tehran is currently examining proposals aimed at ending the diplomatic impasse.

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Scare mongers are already ringing the bell of warning, stating that oil prices will more than triple in the event of a war with Iran.  One wonders if these scare tactics are being perpetrated by the big oil conglomerates.  You have to expect that the prices will increase substantially in the event of a war as Iran is a major player.  But to start the panic now is silly.

It was with great apprehension that Winston Churchill converted his military from coal to oil. He understood that being reliant on your enemy for the primary resource that runs both your military might and your economy (which also pays for your military), is a fools strategy. Left with no other viable alternative energy option, he converted the military to oil to make gains in the speed and efficiency of his fleets. Churchill would be rolling in his grave if he could see the magnitude of the mess we are in today.

The good news is, we now have efficient alternative energy sources that are also economically viable. FFV vehicles that use E85 and hybrid cars are already available to supplement our energy needs, heck forty percent of Brazilian cars today are already fueled by ethanol. Converting to these alternatives would reduce our national security/economic/environmental concerns and increase demand for some of our wilting farming sectors.

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Former Enron Corp. President Jeffrey Skilling says he contemplated suicide after his company crumbled and authorities began to ratchet up legal pressure on him.

“I’ve come to the conclusion that life is better than the alternative, which was not a conclusion that was real clear to me for a period of time,” Skilling told The Wall Street Journal in an interview published in Saturday editions.

Skilling, 52, said he sought psychiatric help but was only able to emerge from a deep, two-year malaise after his 2004 indictment in which he was charged with conspiracy, fraud and insider trading, among other counts.

“The indictment, in a lot of ways, that was the turning point,” Skilling told the newspaper. “That’s when I started climbing back.”

During those couple of years of depression, Skilling said he turned into a recluse, retreating to his mansion in an upscale part of Houston, where he lingered in bed and obsessively followed coverage of the scandal.

In the interview, Skilling insisted he was innocent despite a jury convicting him on 19 counts.

Skilling says that he stupidly helped convict himself by telling federal authorities — whom he described as the “Gestapo” — too much.

“I was the best source of information that the government had,” he said. “Absolutely.”

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Does anyone actually feel sorry for Mr. Skilling?  This man helped swindled thousands of investors by “cooking” the books at Enron.  I understand how he might want to commit suicide, I just wonder how many people who lost everything they own because of his actions also considered suicide and does he care? 

Jeffrey Skilling still says he is innocent, even after a jury found him guilty on 19 counts of fraud.  I am sorry.  If you cannot admit your mistakes, I don’t feel sorry for you Mr. Skilling.  That is my take.  What is your opinion?

The deficit in the broadest measure of foreign trade showed an unexpectedly large improvement during the first three months of this year, but soaring global oil prices are expected to limit such gains.

The Commerce Department reported Friday that America’s current account trade deficit fell to $208.7 billion in the January-March quarter, down 6.5 percent from the all-time high deficit of $223.1 billion set in the final three months of last year.

The improvement far exceeded expectations which had the first quarter imbalance dropping by just $1 billion from the fourth quarter record high.

The biggest change came in a drop in the amount of money that America sends overseas in the form of foreign aid and payments that families provide to relatives in foreign countries. American investment earnings also shifted back into positive territory and the deficit on goods declined a bit.

The deficit in the current account is considered the best measure of America’s international standing because it covers not only trade in goods and services but also investment flows and foreign aid.

The deficit must be financed by the willingness of foreigners to hold an increasing amount of U.S. assets. So far, that has not been a problem because foreigners have been more than willing to sell their cars, televisions and computers to Americans and hold dollars in return. That money is invested in stocks, Treasury bonds and other U.S. assets.

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Many of the countries lead economist are concerned about the oil prices and the effects it will have on the world economy.  It is time that people look to other energy sources and work towards getting off our fossil fuel dependency.

Consumer inflation registered another sizable increase in May, pushed higher by soaring gasoline prices. And most worrisome, there was further evidence that the jump in energy costs is beginning to cause more widespread inflation troubles.

The Labor Department reported Wednesday that its Consumer Price Index posted a 0.4 percent increase in May after an even bigger 0.6 percent rise in April. Gasoline prices jumped by 4.9 percent and have been soaring this year at an annual rate of 69.4 percent so far this year as motorists contend with pump prices above $3 per gallon in many parts of the country.

Excluding energy and food, core inflation rose by a larger-than- expected 0.3 percent. That increase was certain to get attention at the Federal Reserve, where Chairman Ben Bernanke last week said a recent uptick in core inflation has Fed officials concerned.

Bernanke had called core inflation rising at an annual rate of 3.2 percent over the past three months as “unwelcome.” With the latesta data, core prices are now rising at an annual rate of 3.8 percent, the fastest pace in 11 years.

“These extremes likely seal the deal for a Fed rate hike on June 29,” said Michael Gregory, senior economist at BMO Nesbitt Burns, a Toronto investment firm.

Bernanke’s comments on June 5 contributed to a 199-point plunge that day in the Dow Jones industrial average. Stocks have been posting big losses in recent weeks not only in the United States but around the globe as investors worry about future prospects at a time when the world’s largest economy is facing slowing growth and rising inflation pressures.

Investors are concerned that the Fed will raise rates for a 17th time at its next meeting on June 28-29, increasing risks that the hoped-for soft landing for the economy will instead be a more severe slowdown.

The 0.4 percent increase in overall inflation in May was led by a 2.4 percent jump in energy costs after gains of 3.9 percent in April and 1.3 percent in March. So far this year, energy prices have been rising at an annual rate of 30.8 percent, almost double the 17.1 percent gain for all of 2005.

Overall, consumer prices through May have been rising at an annual rate of 5.2 percent, up from a 3.4 percent gain for all of 2005. Excluding food and energy, core consumer prices are up at an annual rate of 3.1 percent through May, an acceleration from a 2.2 percent rise in 2005.

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Price of fuel is really starting to hurt the global economy.  As oil prices rise, expect inflation to continue to outpace wage increases.  Its sad really.

Biodiesel reduces emissions of carbon monoxide (CO) by approximately 50% and carbon dioxide by 78% on a net lifecycle basis because the carbon in biodiesel emissions is recycled from carbon that was already in the atmosphere, rather than being new carbon from petroleum that was sequestered in the earth’s crust. (Sheehan, 1998)
Biodiesel contains fewer aromatic hydrocarbons: benzofluoranthene: 56% reduction; Benzopyrenes: 71% reduction.
It also eliminates sulfur emissions (SO2), because biodiesel does not contain sulfur.
Biodiesel reduces by as much as 65% the emission of particulates, small particles of solid combustion products. This reduces cancer risks by up to 94% according to testing sponsored by the Department of Energy.[citation needed]
Biodiesel does produce more nitrogen oxide (NOx emissions than petrodiesel, but these emissions can be reduced through the use of catalytic converters. As biodiesel contains no nitrogen, the increase in NOx emissions may be due to the higher cetane rating of biodiesel and higher oxygen content, which allows it to convert nitrogen from the atmosphere into NOx more rapidly. Properly designed and tuned engines may eliminate this increase.
Biodiesel has higher cetane rating than petrodiesel, and therefore ignites more rapidly when injected into the engine. It also has the highest energy content of any alternative fuel in its pure form (B100).
Biodiesel is biodegradable and non-toxic – tests sponsored by the United States Department of Agriculture confirm biodiesel is less toxic than table salt and biodegrades as quickly as sugar.[citation needed]
In the United States, biodiesel is the only alternative fuel to have successfully completed the Health Effects Testing requirements (Tier I and Tier II) of the Clean Air Act (1990).
Since biodiesel is more often used in a blend with petroleum diesel, there are fewer formal studies about the effects on pure biodiesel in unmodified engines and vehicles in day-to-day use. Fuel meeting the standards and engine parts that can withstand the greater solvent properties of biodiesel is expected to–and in reported cases does–run without any additional problems than the use of petroleum diesel.

The flash point of biodiesel (>150 °C) is significantly higher than that of petroleum diesel (64 °C) or gasoline (−45 °C). The gel point of biodiesel varies depending on the proportion of different types of esters contained. However, most biodiesel, including that made from soybean oil, has a somewhat higher gel and cloud point than petroleum diesel. In practice this often requires the heating of storage tanks, especially in cooler climates.
Pure biodiesel (B100) can be used in any petroleum diesel engine, though it is more commonly used in lower concentrations. Some areas have mandated ultra-low sulfur petrodiesel, which reduces the natural viscosity and lubricity of the fuel due to the removal of sulfur and certain other materials. Additives are required to make ULSD properly flow in engines, making biodiesel one popular alternative. Ranges as low as 2% (B2) have been shown to restore lubricity. Many municipalities have started using 5% biodiesel (B5) in snow-removal equipment and other systems.

Biodiesel refers to a diesel-equivalent, processed fuel derived from biological sources. Though derived from biological sources, it is a processed fuel that can be readily used in diesel engined vehicles, which distinguishes biodiesel from the straight vegetable oils (SVO) or waste vegetable oils (WVO) used as fuels in some modified diesel vehicles.

In this article’s context, biodiesel refers to alkyl esters made from the transesterification of both vegetable oils and/or animal fats. Biodiesel is biodegradable and non-toxic, and has significantly fewer emissions than petroleum-based diesel when burned. Biodiesel functions in current diesel engines, and is a possible candidate to replace fossil fuels as the world’s primary transport energy source.

Biodiesel can be distributed using today’s infrastructure, and its use and production is increasing rapidly. Fuel stations are beginning to make biodiesel available to consumers, and a growing number of transport fleets use it as an additive in their fuel. Biodiesel is generally more expensive to purchase than petroleum diesel, but can be made at home for much cheaper than either. This differential may diminish due to economies of scale, the rising cost of petroleum and government tax subsidies.