Oil expert says 3 countries control pricesVenezuela, Russia, Iran said to be at fault By Peter Hull (Contact)
The Post and Courier
Friday, May 30, 2008
Make no mistake. There is an energy crisis. Three countries are to blame. And ethanol is a scam. So says Michael J. Economides, a provocative petroleum expert and professor of engineering at the University of Houston, who told a trade conference in Charleston on Thursday that he predicted three years ago that crude oil would hit $100 a barrel. When that threshold was breached in February, it also broke an important psychological barrier, Economides said. "The toothpaste is out of the tube," he said. Massive increases in oil usage since the turn of the century by China and other nations has played a significant role in pushing up the price, Economides said. There never had been a country in history that increased oil consumption by 20 percent in a year until China saw its usage grow by one-fifth in three consecutive years recently. "China has gone berserk," Economides said. But according to Economides, a frequent contributor to conservative publications such as "Human Events" and a high-profile skeptic about human-induced climate change, it's the "energy militant nations" — Iran, Venezuela and Russia — that control oil prices, perhaps by as much as $50 a barrel. Whenever the leader of Iran makes headlines because his country has enriched uranium, or when Venezuela throws political jabs at the U.S., the price of oil spikes, Economides noted. Post-Soviet Russia, he said, controls oil prices and supplies across Europe. Vladimir Putin, Russia's prime minister and until recently its president, "has been able to do with oil and gas what communist leaders did with nuclear weapons," Economides said. In other remarks at the 35th annual South Carolina International Trade Conference, Economides described ethanol, a much-touted alternative "green" fuel, as "the biggest scam in the energy business of the last 100 years." It takes so much raw product — in this case, corn — to produce a gallon of ethanol that it takes more energy to produce the fuel than the product provides, he said. If the U.S. converted all its corn supply to ethanol, it would provide for only 20 percent of the country's oil consumption, he said. Further, if all soybeans in the U.S. were converted to biodiesel, 96 percent of diesel fuel in the U.S. still would come from traditional sources, he said. By 2030, 87 percent of energy still will come from oil, gas and coal, Economides said. There are no alternatives to traditional fuels in the foreseeable future, he said. Reach Peter Hull at 937-5594 or phull@postandcourier.com. |
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Comments
This article has 8 comment(s)
Posted by desspec on May 30, 2008 at 8:03 a.m. (Suggest removal)
There are alternatives to lubricants, though ... full synthetics from polyalphaolefin base-stocks made from American natural gas.
Posted by gcmadness on May 30, 2008 at 8:28 a.m. (Suggest removal)
We (the U.S.)have plenty of oil and should use it. Why should we succumb to 3 countries, that for the most part, aren't "friends". We have the technology to drill safely without harming the enviroment. Unlike China, who will be drilling 45 miles off the coast of the Keys. I urge everyone to visit schnittshow.com and join Operation Drill Bit. We need to send a loud & clear message to our legislators that to continue to be the world power we have been, we must be as self sufficent as possible when it comes to energy. I am all for Solar, Wind, Geothermal, etc., but until we can come up with a viable solution to power our transportation, we need to get the oil we possess.
Posted by Jane on May 30, 2008 at 9:37 a.m. (Suggest removal)
Ethanol also has to be transported by truck (using oil!) because it can't travel through normal pipelines because of moisture build up in the pipeline. Not to mention we would have to cut down 93 million acres of trees to keep up the corn production and cars get less mileage! It is politicians in Washington playing kissing kissing with farmers that want this ethanol nonsense. It is contributing to higher food costs as well. Hello! We're burning our food!
gcmadness thanks for the website. That is a great idea! I think I will be buying drill bits this weekend and sending them to the Senate committee that voted AGAINST drilling for shale oil last week! I believe I read that we have at least a hundred years of oil there! We need to drill for our own oil. Our national security depends on it.
Posted by Jane on May 30, 2008 at 9:38 a.m. (Suggest removal)
Oops! Meant to say kissy kissy not kissing kissing!
Posted by CaptPete on May 30, 2008 at 11:25 a.m. (Suggest removal)
We need to be using more nuclear energy, Hydro-electric and coal. We also need to drill for new oil( get three million barrels more a day).This will make a difference. Bio-diesel can not compete outside niche markets.
Posted by Jane on May 30, 2008 at 11:30 a.m. (Suggest removal)
www.humaneventss.org has a good article today on this! It is at the very top of the page today. There is a petition to sign on the article as well telling congress to let us drill.
Good quote from the article:
"Congress is coming back on Mon. to try to pass legislation such as Warner-Lieberman "cap& trade" anti-global warming bill which- BY ITSELF, and without the costs added by other DEMOCRAT initiatives would boost the price of gas to about $6.23/gallon"!!! Yikes!! And that is without other initiatives.
Folks...read the article and sign the petition!!!!!!!
Posted by gcmadness on May 30, 2008 at 1:15 p.m. (Suggest removal)
Thanks Jane! I did it! I signed the petition, and donated $10. Hopefully enough people will follow suit. Still gonna pay Lowes a visit this week-end and buy about 3 Drill Bits. Let's Fight the Good Fight!!!
Posted by Jane on May 30, 2008 at 1:39 p.m. (Suggest removal)
Thanks gc! Spread the word! :-)