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Oil prices are β€˜entering the red zone,’ warns International Energy Agency chief

Oil prices are β€˜entering the red zone,’ warns International Energy Agency chief

'We should all see the risky situation, the oil markets are entering the red zone." That warning comes from Fatih Birol, executive director of the International Energy Agency, in an interview with Bloomberg on Tuesday. He added that expensive energy β€œis back at a bad time, when the global economy is losing momentum. We really need more oil.” Birol’s words are important because the IEA advises industrialized nations on energy policy and coordinates emergency oil releases globally. On that point, Birol said the agency isn’t currently considering using its emergency reserves.

Trump’s request for OPEC to max out oil production may backfire – Houston Chronicle

Trump’€™s request for OPEC to max out oil production may backfire – Houston Chronicle

"If President Donald Trump gets what he wants from OPEC, it might not bring an end to the high oil prices he’s been complaining about for months. U.S. crude futures responded on Wednesday to the news that Saudi Arabia had joined Russia in pumping at close to record levels by rising 1.6 percent to $76.41 a barrel -- the highest since 2014."

"In his 30 years covering the oil market, Jefferies analyst Jason Gammel said he can’t recall ever seeing anything like the State Department request.'

β€œThis is the lowest level of spare capacity in the global system relative to demand that I’ve ever seen,” Gammel said in an interview on Bloomberg television. β€œSpare capacity is moving to a precariously low point” and $100-a-barrel crude is a realistic possibility, he said."

Ethel H. Spill

Ethel H. Spill

"On February 4, 1977, at approximately 1900, the Ethel H (II) ran aground on Con Hook Rock in the Hudson River near West Point, New York, while being towed by the tug McAllister Brothers. The forward section of the barge began taking on water."

"Due to darkness and heavy ice conditions, none of the 60,000 barrels of No. 6 oil aboard the Ethel H (II) was observed to be leaking into the water at the time of the grounding. At 0255 February 5, the dispatcher reported oil leaking from the #1 starboard tank on the Ethel H (II). Oil was observed both north and south of the vessel, but did not reach the shore due to 12 to 20 inches of shorebound ice. By 1015, the Ethel H (II) had shifted partially off Con Hook Rock and was in danger of sinking. Tugs assisted to help prevent the barge from sinking. Sea Land Environmental Engineering Co, contracted by McAllister Towing Co., and the USCG Atlantic Strike Team (AST) arrived on-scene February 5. After oil was pumped from submerged tanks, the barge's list was reduced to 15 degrees."

"Once the barge was secured from sinking, Amerada Hess Corporation, owners of the Ethel H (II) and McAllister Towing Co., refused responsibility for clean-up of any oil in the Hudson River. The USCG took control of the cleanup, retaining Sea Land Environmental Engineering Company as the prime contractor. Reports of oiled birds prompted the New York State Department of Conservation and the U.S. Fish and Wildlife Service to establish a primary bird cleaning center. Several marinas and boat clubs on the Hudson reported oil impacts. Extensive clean-up efforts continued through April 14, funded by the federal 3ll(k) oil pollution fund."

May 14, 2018 8:29 am Update

I hope you are making alternative summer plans should OPEC decide to embargo oil from the energy “independent” United States and its allies.