Daily Digest

Daily Digest 11/10 - Taiwan $ Surrenders Gains, Energy Price Spike, Gold & Silver Futures Drop

Wednesday, November 10, 2010, 10:00 AM
  • China Says U.S. Does Not Intend to Repay Debt
  • Greenlight Capital's Einhorn says Fed's QE 'perverse'

  • There Was A Fed Chairman Who Swallowed A Fly
  • American Silver Eagles in Record Territory
  • China Central Bank’s Ma Says Highly Alert for Inflation Risks
  • Taiwan Dollar Surrenders Gain as Intervention Seen; Bonds Rise
  • Commodities Rise to 25-Month High on Demand for Crops, Metals
  • South Floridians confront Social Security shortfall
  • Mantega Says Brazil May Take Additional Currency Measures, Estado Reports
  • China Resisting Being Economic Lifeline for US: IMF
  • China to Use 20% of Global Energy by 2035
  • Energy Price Spike Looms, Agency Says
  • US Declared Financial War to the World - Prof. Dr. Michael Hudson (Video)
  • Fabricação de dólares cria sensação de "guerra cambial" entre países
  • Illinois Wants Wisconsin's Rejected Stimulus Funds
  • Kansas Schools Facing $50 Million Budget Shortfall
  • Florida Agency Issues Deadlines for Unemployment Benefits
  • Gold, Silver Futures Drop as CME Group Boosts Margins on Comex Contracts

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Economy

China Says U.S. Does Not Intend to Repay Debt

China ramped up its rhetoric against the United States on Tuesday, with a Chinese credit ratings agency accusing the United States of the intent not to repay its debt by deliberately weakening its currency.
The China and the United States have exchanged words in recent years about the strength of the Chinese currency against the U.S. dollar and the U.S. trade deficit with China. The United States relies heavily on capital inflows to finance its deficit.
The Dagong Global Credit Rating Co, Ltd, in an English language release from on its website, cut the United States' local and foreign currency long-term sovereign credit rating to A-plus from AA to reflect what it called the United States' "deteriorating debt repayment capability and drastic decline of the government's intention of debt repayment."


Greenlight Capital's Einhorn Says Fed's QE 'perverse'

Hedge-fund manager David Einhorn said he continues to hold gold as he lambasted the Federal Reserve's unconventional monetary easing as "perverse" and inflationary. In his latest investment letter to clients, obtained by Reuters on Tuesday, Einhorn reiterated his views from one year ago that the U.S. government's financial chiefs are adopting short-sighted policy decisions. "Quantitative Easing or QE is a euphemism for monetization of government debt or simply the electronic equivalent of 'printing money,'" Einhorn wrote. 


There Was A Fed Chairman Who Swallowed A Fly (Peter Schiff)

In the 16 months since Bernanke assured us that QE1 would not jeopardize price stability, oats prices are up 40%, concentrated orange juice up 45%, gold and rice up 50%, corn up 55%, coffee up 60%, copper up 70%, sugar up 90%, and cotton and silver up 100%! (The sluggish Dow Jones Industrials are “only” up 30%.) Last week, Kraft Foods reported a 26% rise in third quarter revenue; however, because of steeply rising material costs, profits actually dropped 8.5% over the same period. If Bernanke is correct in assuming that consumer prices will stay low, the only way Kraft shares could go up would be for the market to assign much higher multiples to lower earnings. You can hope that will happen, but it’s not a wise bet.


American Silver Eagles in Record Territory


Sales of the United States Mint’s American Silver Eagle bullion coins have recently moved into record territory. For the year to date, the Mint has sold 29,110,500 of the one ounce silver bullion coins, which exceeds last year’s record annual sales total. This will mark the third consecutive year that sales have set a new record. In 2008, the total of 19,583,500 nearly doubled the previous annual high set in 2002. In 2009, sales rose further to reach 28,766,500. For the current year, sales seem poised to break well above the 30 million ounce mark by year-end.


China Central Bank’s Ma Says Highly Alert for Inflation Risks


Ma Delun, a deputy governor of China’s central bank, said the nation is highly alert for inflation risks and won’t leave inflation unchecked. The nation should be on alert for inflation and asset bubbles fueled by the U.S.’s so-called quantitative easing, Ma said at a forum in Beijing today. 


Taiwan Dollar Surrenders Gain as Intervention Seen; Bonds Rise


Taiwan’s dollar surrendered most of the day’s gain in the last minutes of trading on speculation the central bank intervened to check appreciation that may hurt exports. Government bonds gained. The central bank bought the U.S. dollar, according to two traders who declined to be identified.

Commodities Rise to 25-Month High on Demand for Crops, Metals


Commodities extended a rally to a 25- month high as the global appetite for crops outpaced dwindling supplies, and precious metals surged on demand for a haven from slumping currencies. The Thomson Reuters/Jefferies CRB Index of 19 raw materials rose as much as 1.6 percent to 320.38, the highest level since Oct. 6, 2008. As of Nov. 5, the gauge climbed for 11 straight weeks, the longest rally since 1977. It has jumped 21 percent since Aug. 31, led by cotton, sugar and silver


South Floridians Confront Social Security Shortfall


Baby boomers nearing retirement are growing nervous for good reason about the future of Social Security for themselves and younger generations. A focus group of Floridians age 40 to 75 will discuss the program’s potential insolvency and future benefits on Monday, Nov. 15, at a forum in Doral sponsored by AARP and the Rockefeller Foundation.
Many Floridians were bitterly disappointed when low inflation brought word of no Social Security raise this year or next year, but potential insolvency and reduced cost-of-living adjustments down the road are far more serious concerns.
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Mantega Says Brazil May Take Additional Currency Measures, Estado Reports


Brazilian Finance Minister Guido Mantega said today that the government may take additional measures to protect the economy from U.S. efforts to weaken the dollar, O Estado de Sao Paulo reported, citing comments by the minister in Frankfurt. Mantega said the U.S. decision to inject $600 billion in the economy puts a spotlight on the currency war, the Sao Paulo- based newspaper reported. He said U.S. policies may generate speculative bubbles that can lead to the bankruptcy of economies, O Estado reported. According to O Estado, Mantega said the government will take the necessary steps to prevent U.S. policies from contaminating Brazil’s economy.

China Resisting Being Economic Lifeline for US: IMF


China is resisting pressure to become a locomotive to pull the floundering US economy out of its hole, notably by stubbornly pegging its yuan to the dollar, a senior IMF official said Tuesday.


China to Use 20% of Global Energy by 2035


In its annual World Energy Outlook report released on Tuesday, the global energy watchdog predicted that China’s demand would jump 75 per cent between 2008 and 2035

Energy Price Spike Looms, Agency Says


The International Energy Agency warned Tuesday that governments aren't doing enough to prepare for the next spike in energy prices. The Paris-based IEA said more must be done to increase energy efficiency and boost green technologies in order to meet what it predicts will be a 36 per cent jump in energy demand — increasingly driven by China — between 2008 and 2035....The IEA estimated China's demand will jump by 75 per cent, accounting for more than a third of the increase in demand.

US Declared Financial War to the World - Prof. Dr. Michael Hudson (Video)


There is no possibility of agreement at the upcoming G20 summit because the U.S. is declaring financial war on other countries, believes American economist and wall street analyst Prof. Dr. Michael Hudson. The U.S. has been pushing China to revalue its currency -- at a time when Washington has been pumping billions of dollars into its economy -- a move viewed by other countries as an attempt to deliberately weaken the greenback.


Fabricação de dólares cria sensação de "guerra cambial" entre países 


(Video....Watch starting at 30 seconds into this video)

Illinois Wants Wisconsin's Rejected Stimulus Funds


Illinois transportation officials say they'll take the $810 million in federal high-speed rail funds that Wisconsin Gov.-elect Scott Walker has said he'll reject.... Illinois has received $1.2 billion in high-speed rail funding. Transportation Secretary Gary Hannig says the state could make improvements to the Chicago-St. Louis corridor with Wisconsin's money.

Kansas Schools Facing $50 Million Budget Shortfall


The immediate problem is a $50 million shortfall in the current school budget brought on by lower statewide property tax valuations, an increase in students receiving free lunch and a larger student population, the KASB reported. Unless the 2011 Legislature makes up the difference that could cause a $75 drop in the base state aid per student, which now stands at $4,012 per student. But bigger cuts could be on the way because schools currently are receiving $200 million in federal stimulus funds which expire this school year.


Florida Agency Issues Deadlines for Unemployment Benefits


The Florida Agency for Workforce Innovation on Tuesday told unemployment recipients the pending deadlines for ending extended benefits under the assumption Congress won't pass another extension during a lame-duck session next week. During the recession, the federal government had created several levels of additional benefits beyond the standard 26 weeks of state coverage. An emergency unemployment compensation, or EUC, program kicks in after the initial 26 weeks is exhausted; then several tiers of an extended benefit, or EB, program kick in. Barring congressional action, about 106,000 Floridians will run out of benefits as of Dec. 4 and another 41,000 will become ineligible every week. 


Gold, Silver Futures Drop as CME Group Boosts Margins on Comex Contracts


Silver fell from the highest price in 30 years after CME Group Inc.’s Comex unit raised margin requirements. Gold dropped from a record. The minimum amount of cash traders must deposit when borrowing from brokers to trade silver futures will rise to $6,500 per contract from $5,000 for exchange members, said Michael Shore, a spokesman for the exchange in Chicago. Silver surged as much as 7 percent to $29.34 an ounce in New York today, the highest price since March 1980, before retreating. “The exchange wants to rein in the volatility,” said Matt Zeman, a metals trader at LaSalle Futures Group in Chicago. “The threat of margins going up will cause people to liquidate. They may not want to tie up as much of their money.”

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

14 Comments

saxplayer00o1's picture
saxplayer00o1
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Posts: 4060
Re: Daily Digest 11/10 - Taiwan $ Surrenders Gains, Energy ...

"Gold is the "elephant in the room" that must be addressed by policymakers, as it's being used as an alternative monetary asset because of unease about the strength of developed economies, Robert Zoellick, president of the World Bank, told CNBC Wednesday"

"The global currency system needs further reform, including the possibility of adding the Chinese yuan to the International Monetary Fund's Special Drawing Rights basket of currencies, Xia Bin, an academic adviser to the People's Bank of China, said Wednesday.

SDRs were created by the IMF in 1969 to supplement its members' official reserves. Each SDR represents a claim to foreign currencies for which it may be exchanged in times of need.

Although SDRs are denominated in U.S. dollars, their nominal value is derived from a basket of currencies, namely the Japanese Yen, U.S. dollar, U.K. pound and euro.

Speaking at a forum, Xia said the dollar-led international currency system was a cause of the recent global financial crisis. The U.S. should resolve its own structural problems and stop blaming other nations for its woes, he said, adding that over-printing the dollar isn't good for the U.S. itself. "

"BRUSSELS Nov 10 (Reuters) - The availability of oil worldwide has already peaked, the European Union's energy chief Guenther Oettinger said on Wednesday.

"My fear is that the global consumption of oil is going to increase, but European oil consumption has already reached its peak. The amount of oil available globally, I think, has already peaked," Oettinger told a news briefing in Brussels.

He was presenting a new EU energy strategy for investing 1 trillion euros over the next decade in a common EU energy network, to curb the bloc's dependence on fossil fuel imports."

"California's plan to sell government office buildings to generate short-term cash will cost hundreds of millions of dollars more than previously estimated and is the equivalent of long-term borrowing at 10% interest, according to an internal review prepared for the Legislature.

Gov. Arnold Schwarzenegger and state lawmakers approved the building sales in 2009 and put the structures, including the Ronald Reagan State Building in downtown Los Angeles, on the market in February. The plan is to use the proceeds from the sale of 24 state buildings at 11 locations to shrink the deficit. The idea has no shortage of critics, who say the plan is a mere accounting gimmick, as the state will have to pay to lease back the offices in the coming years."

"BEIJING (Dow Jones)--China's central bank adviser Xia Bin Wednesday said the effect of the U.S.'s monetary policy is similar to "rampantly issuing currency," and called for emerging economies to step up oversight of capital accounts.

The U.S. Federal Reserve's quantitative easing policy could affect international commodities prices, Xia said on the sidelines of a forum. Under the QE policy, the Fed buys bonds to inject cash into the U.S. economy. "

"LONDON (MarketWatch) -- The cost of insuring Portuguese government debt against default rose slightly on Wednesday after Portugal sold 1.242 billion euros ($1.715 billion) of 6- and 10-year government bonds. News reports said the sale of 6-year bonds produced a yield of 6.156%, up from 4.371% in an August auction. The 10-year yield rose to 6.806% from 6.242% in a previous sale, reports said. Bids for the 10-year bonds exceeded supply 2.1 times, down sharply from 4.9 at the previous auction. The spread on Portuguese five-year credit default swaps, or CDS, widened two basis points to 455, according to data provider Markit. That means it would cost $455,000 a year to buy protection against default for five years, up from $453,000 on Tuesday."

"DUBLIN (AP) -- Ireland's financial troubles loomed large Wednesday as investors -- betting that the country soon could join Greece in seeking an EU bailout -- drove the interest rate on the country's 10-year borrowing to a new high.

The yield on 10-year bonds rose above 8 percent for the first time since the launch of the euro, the European Union's common currency, 11 years ago."

"A bailout of Ireland and Portugal through the European Financial Stability Fund would resolve current market tension and not lead to contagion, according to Goldman Sachs Group Inc.

“The likelihood of Ireland and Portugal entering an IMF- designed adjustment program funded by the EFSF has, in our view, increased,”Francesco Garzarelli, chief interest-rate strategist at Goldman in London, wrote in a research report today. “Unlike in the aftermath of the Greek ‘bailout,’ we are of the view that such an outcome will not lead to contagion. Rather, it may mark a resolution of ongoing European Monetary Union sovereign tensions.” "

  • Other news, headlines and opinion:

Gold Advances on Investor Demand for Alternative to Currencies

Wall Street Collects $4 Billion From Taxpayers as Swaps Backfire

Hungary crisis taxes could stay until 2014-document

Cash-strapped Harrisburg again freezes OT payments

Romanian Inflation Quickens to 7.9% as VAT Boosts Prices for Fourth Month

If benefits cut, union may sue city (Cincinnati)

San Jose City Council rebuffs talk of selling municipal water system, even as deficit swells to $70 million

Senators Propose Raising Gasoline Tax Nationally

McAlvany Weekly (Audio..Great info, but skip the first 5 minutes)

Currency War Spreading to Mexico as Carstens Signals Lower Rates Next Year

Surging Rare-Earth Prices Spur Mining in Kazakhstan, Kyrgyzstan, Greenland

Current Mortgages Turning Delinquent Rises for First Time in a Year

Slide in Home Prices Signals Trouble Ahead: IAS

U.S. bonds may no longer be a safe haven

MarkM's picture
MarkM
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Posts: 837
Re: Daily Digest 11/10 - Taiwan $ Surrenders Gains, Energy ...

Maybe this should be on XRM's timeline for collapse as well.

"The number of federal workers earning $150,000 or more a year has soared tenfold in the past five years and doubled since President Obama took office, a USA TODAY analysis finds."

http://www.usatoday.com/news/nation/2010-11-10-1Afedpay10_ST_N.htm

Now THAT'S exponential growth, with no regard to the political party in power.

saxplayer00o1's picture
saxplayer00o1
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Re: Daily Digest 11/10 - Taiwan $ Surrenders Gains, Energy ...

 

"GM's debt grew in the third quarter to $8.6 billion from $8.2 billion in the previous quarter. Its underfunded pension obligations also increased in the last quarter, to $29.4 billion from $26.4 billion in the second quarter."

idoctor's picture
idoctor
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Re: Daily Digest 11/10 - Taiwan $ Surrenders Gains, Energy ...

Bonds Tumble After Anemic 30-Year

 Auctionhttp://www.cnbc.com/id/40107096

 

 Bond investors predictably shied away from a sale of long bonds Wednesday, following the Fed away from the long end of the curve and into shorter maturities.

Comstock | Getty Images

A $16 million sale of the 30-year bond awarded a yield of 4.32 percent, far above expectations of about 4.275 as anemic demand weighed on the auction. There was just $2.31 bid for each dollar auctioned, a measure  known as the bid-to-cover ratio that was the worst for the long bond in a year.

Foreign demand as measured through indirect bidding also was weak, coming in at 38 percent of the total sale.

Treasury prices plunged after the auction results at 1 pm ET, sending yields on the 30-year to 4.32 percent, their highest since May 18 as prices fell 1-3/32.

Several factors made the 30-year sale grim. The Federal Reserve is not planning to buy 30-year bonds as part of its $600 billion Treasury purchasing program. The Treasury Department recently said it has no plans to cut 30-year issuance. And inflation worries have made the 30-year look unattractive to investors.

Trading volume Wednesday was 170 percent of the 10-day average according to Ian Lyngen, senior government bond strategist at CRT Capital Group in Stamford, Conn.

"You can think of it as a confirmation of yesterday's back-up in yields," Lyngen said. "It brought up enough people who wanted to be on either side of that trade."

Tuesday's sell-off gained momentum after a $24 billion sale of 10-year Treasury notes drew fewer bids than normal, although the high yield at the auction was still lower than the yield at which 10-year notes were trading in the open market.

"What dealers are trying to determine right now is to see what yield level in long-end rates is going to start to attract the domestic fund manager buyers that tend to be the biggest bidders in long-bond auctions," said William O'Donnell, head of U.S. rates strategy at RBS Securities in Stamford, Conn.

nickbert's picture
nickbert
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Dubious Support: Cramer supports Bernanke (humor?)

 

Bernanke Deserves Thanks, Not Scorn

Bernanke is doing a great job. He's not only taking on Washington, he is taking on the world in the name of trying to get this economy moving again, and that is a lot more than anyone else is doing. It's time to applaud the man and castigate those rich people who offer nothing for those who are down and out and just trying to get by. They should be ashamed.

Oh f*** me.... the Cramer "foot in mouth" readings are off the charts!  Judging from his track record, does this mean we only have a few weeks until the economy and dollar prove him wrong in the usual epic manner? Wink 

- Nickbert

britinbe's picture
britinbe
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Posts: 381
Re: Daily Digest 11/10 - Taiwan $ Surrenders Gains, Energy ...

found this on another site

http://www.youtube.com/watch?feature=player_embedded&v=RwetW1B3J8A

Also I had a letter from my bank in Belgium telling me that because of a new law to protect people from fraud I cannot use my debit card (meastro card which is linked to my current account) in countries not on an approved list.  This list includeds 56 countries in mainly Europe and the former USSR and excludes countries such as China, countries in the Middle East and North and South America.  Of course the issues with the Russian Mafia have been resolved haen't they and organised crime is a thing of the past!!  v pissed at this but little I can do about it at the moment!!  Is this the start of capital restrictions??

rjs's picture
rjs
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Posts: 445
Re: Daily Digest 11/10 - Taiwan $ Surrenders Gains, Energy ...
IEA Acknowledges Peak Oil - If you go to the executive summary of the 2009 International Energy Agency World Energy Outlook, and search for "peak oil", your browser will come up empty.  The whole subject was so beneath the dignity of a serious energy agency that they didn't even bother mentioning it. However, yesterday, the 2010 IEA World Energy Outlook became available.  And if you repeat the exercise in that executive summary, you will come upon a section titled: Will peak oil be a guest or the spectre at the feast? Followed by an explicit discussion of the whole question.  The IEA's position is summarized in the graph above - conventional crude oil production has already peaked in 2006!  Suddenly, the subject of impending peak has gone from not worthy of discussion to in the past already!
Rector's picture
Rector
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Posts: 490
Re: Daily Digest 11/10 - Taiwan $ Surrenders Gains, Energy ...

Oh crap.  I didn't even get past the first article about the Chinese figuring out that we intend to default through devaluation.

idoctor's picture
idoctor
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Posts: 1731
Re: Daily Digest 11/10 - Taiwan $ Surrenders Gains, Energy ...

Take a look at Cisco in after hours!! Biggest post earnings drop since 1994!

 

 Cisco Systems reported improved earnings, but the recovery was mostly as expected, and the company's shares retreated 4 percent as investors cashed in on their recent gains.

AP

The computer networking giant said it earned $2.4 billion, or 42 cents a share in its fiscal first quarter, excluding one-time items, against a profit of 36 cents a share during the same period last year.

Sales rose to $10.75 billion in the most recent quarter, up from $9.021 billion last year.

Analysts who follow Cisco predicted on average that the company would report a profit of 40 cents a share on sales of $10.74 billion.

Analysts typically make forecasts that exclude one-time items. In contrast, net profit for the quarter was $1.9 billion, or 34 cents a share.

Cisco told CNBC that its non-GAAP gross margin came in at 64.3 percent, roughly in line with estimates.

Investors reacted to the results by pushing the stock down about 4 percent in extended trading Wednesday. Get after-hour quotes for Cisco here.

"The Street was expecting a bigger beat," said Avian securities analyst Catharine Trebnick. "They're not stellar results, they're okay results. It shows they're executing, but it also indicates there's a mixed spending environment."

"Things are back to normal, but it looks like they didn't really kill the number, so there's possibly some mixed signals regarding spending."

The shares had climbed around 20 percent since hitting a year's low at the end of August, as the tech sector rallied on hopes of a recovery in spending.

Cisco Chief Executive John Chambers said in a statement that the company saw capital spending "moderate" in some areas, but that thecompany was positioned for growth.

Cisco's customers who cut back during the recession have recently begun spending more on their network infrastructure, with phone companies buying more advanced equipment to handle growing smartphone traffic and corporate clients upgrading their data center equipment.

The pace of the recovery had been in doubt, particularly after Cisco Chief Executive John Chambers spooked tech investors last quarter by citing "unusual uncertainty" among customers.

maceves's picture
maceves
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Peak chocolate?

To add to the daily dose of gloom and doom.....

http://www.gizmodo.com.au/2010/11/were-running-out-of-chocolate/

or from an ecological standpoint......

http://abcnews.go.com/Technology/Business/comments?type=story&id=6871539

or what about from the speculator's or investor's angle?

http://abcnews.go.com/GMA/video/trouble-candyland-11190898

But don't  worry, they have found the genome to save our chocolate.......

 

Full Moon's picture
Full Moon
Status: Diamond Member (Offline)
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Posts: 1258
Re: Peak chocolate?
maceves wrote:

To add to the daily dose of gloom and doom.....

http://www.gizmodo.com.au/2010/11/were-running-out-of-chocolate/

or from an ecological standpoint......

http://abcnews.go.com/Technology/Business/comments?type=story&id=6871539

or what about from the speculator's or investor's angle?

http://abcnews.go.com/GMA/video/trouble-candyland-11190898

But don't  worry, they have found the genome to save our chocolate.....

 

Maceves

 SO NOT FUNNY ... Talk about doom and Gloom .      Might be a best investment yet ?

 FM

 

Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
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Posts: 1443
Re: Peak chocolate?

Peak Chocolate - The delicious horse of the apocalypse.

Full Moon's picture
Full Moon
Status: Diamond Member (Offline)
Joined: Oct 14 2008
Posts: 1258
Re: Peak chocolate?

 Beer , chocolate ... beer , chocolate .... Not sure which one would be the better barter  when we have people  needing comfort  ?  Yup I  stil think chocolate .    LOL

 FM

Woodman's picture
Woodman
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Posts: 1028
Re: Daily Digest 11/10 - Taiwan $ Surrenders Gains, Energy ...

Also in the 2010 World Energy Outlook from the IEA, see the Key Graphs at http://www.worldenergyoutlook.org/ and go to the graph on Page 7.  This is similar to the chart Chris noted in a past report that was not in the actual 2009 report, but may show the IEA is all but admitting Peak Oil.  The only way to show rising production to meet future demand is to insert these wedges of "fields yet to be developed" and "fields yet to be found"!

See more discussion at theoildrum.com

http://www.theoildrum.com/node/7100

 

 

 

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