“Flammable ice”: Chinese breakthrough could lead to global energy revolution

•May 25, 2017 • 1 Comment

https://www.rt.com/business/388964-china-mining-flammable-ice/

Chinese miners have managed to extract ‘combustible ice’ from the seafloor of the South China Sea, according to the Ministry of Land and Resources.

The successful collection of the frozen fuel was “a major breakthrough that may lead to a global energy revolution,” said China’s Minister of Land and Resources, Jiang Daming.

‘Flammable Ice’ is methane hydrates with molecules of methane gas trapped in a lattice of ice crystals. It can exist only in conditions of very low temperatures and high pressure. One cubic meter of combustible ice is equal to 164 cubic meters of natural gas, according to the US Energy Information Agency.

“It looks like ice crystals, but if you zoom into a molecular level, you see the methane molecules are caged in by the water molecules,” said Associate Professor Praveen Linga from the Department of Chemical and Biomolecular Engineering at the National University of Singapore, as quoted by BBC.

In spite of the low temperature, the hydrates are easily flammable, as the gas encased in the ice catches fire once you bring it to a flame.

The discovery is China’s first success in the mining of flammable ice following almost twenty years of research and exploration, according to the ministry.

The mining site is reportedly located in the Shenhu area of the South China Sea, 300 kilometers from Hong Kong. The miners managed to extract a daily average of 16,000 cubic meters of gas with high purity from the site.

The natural gas hydrate is believed to be the best replacement for natural gas and oil. Moreover, fire ice is more environmentally safe and in large reserves, according to the head of the China Geological Survey Bureau, Zhong Ziran.

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“The successful collection of the frozen fuel was “a major breakthrough that may lead to a global energy revolution,” said China’s Minister of Land and Resources, Jiang Daming.”

huh?

“The natural gas hydrate is believed to be the best replacement for natural gas and oil. Moreover, fire ice is more environmentally safe and in large reserves”

we will see..

“One cubic meter of combustible ice is equal to 164 cubic meters of natural gas”

401

Trump proposes sale of half of US oil reserves

•May 25, 2017 • 2 Comments

https://finance.nine.com.au/2017/05/24/09/04/trump-proposes-selling-half-of-americas-strategic-oil-reserve

President Donald Trump’s budget released Tuesday proposed radically downsizing the US Strategic Petroleum Reserve, arguing that America’s shale boom has lessened the need for an emergency stockpile.

Trump’s proposal would sell off half the oil in the SPR, an emergency storage facility created amid the energy shocks of the 1970s.

Slashing the reserve would raise an estimated $16.6 billion through 2027, part of a budget plan that slashes social spending programs and many government departments, while boosting defense spending and border security.

The budget proposal said US oil production has risen and the share of US oil imported from OPEC countries has fallen sharply compared with the 1970s, so cutting the SPR in half “would very likely provide sufficient protection in the event of an energy crisis.”

“A path to energy security means enabling more American production and investment, not having the Government store an unnecessary large amount of oil underground,” the document said.

The crude oil stockpile is stored in underground salt domes at four sites in Louisiana and Texas, and currently holds about 688 million barrels, equivalent to more than 140 days of imported oil supply.

The SPR already had been slated for some reductions, after Congress reached a short-term budget deal in December 2016 that allowed DOE to sell up to $375.4 million in oil this year.

The Trump plan would allow DOE to sell about 270 million barrels, “roughly half of what remains” after already-planned sales, which would allow the Energy Department to shutter two of the four storage facilities.

Critics of the proposal included Columbia University professor Jason Bordoff, a former energy aide to former President Barack Obama, who said on Twitter that selling the oil would be “foolish,” especially at today’s relatively low prices.

But T. Boone Pickens, founder of BP Capital and a veteran of the US oil industry, said on Twitter that it was “good to re-examine 40-year-old energy programs” and recommended reducing the SPR over 10 years to avoid disrupting oil markets.

US oil prices finished at $51.47 per barrel Tuesday, up 34 cents. The average price of the crude in the SPR is $29.70.

The proposal comes just as OPEC oil producers are due to meet to try to extend an agreement limiting output meant to boost oil prices, so the prospect of more oil on markets will not be welcome. However, the sales of crude from the reserve likely would be too gradual to impact world prices.

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“Slashing the reserve would raise an estimated $16.6 billion through 2027, part of a budget plan that slashes social spending programs and many government departments, while boosting defense spending and border security.”

interesting move..does this drive the oil price down a bit or does it work in reverse?..i would think down..

401

Duterte: “US, EU meddle in other countries & kill people under guise of human rights concerns”

•May 24, 2017 • 8 Comments

https://www.rt.com/shows/rt-interview/389163-philippines-duterte-interview/

“There’s not even a whimper” when powerful nations bomb civilians or “invent” WMDs to invade other countries, Philippines President Rodrigo Duterte told RT, arguing that the West pretends to care about human rights only when it suits its agenda.

The Philippines leader sat down to speak with RT’s Maria Finoshina ahead of his five-day visit to Moscow that is kicking off on Monday.

Maria Finoshina: Mr. President, it has been almost a year since your inauguration. Have you faced anything that you were not expecting when you took office?

Rodrigo Duterte: I did expect almost everything that came my way. I’ve been a politician for almost 40 years – excluding the term now. So I would say that on the national front I was kept informed all the time by the news and, of course, by sources in government. But I never realized the magnitude of the contamination of the Filipinos in so far as drugs are concerned.

When I became president and everything was available to me for information, I was almost appalled. I didn’t know that we have reached millions of contaminated. So, when I was mayor, I said, do not destroy my city. And do not destroy the young people of Davao City, because they are our assets. We are not rich. Most of us are poor. And we depend on our sons and daughters to feed us when we get old. We do not have any housing here for – few and between. And we need our children to buy the medicines, pay the hospitals, pay for our burial. Do not corrupt them with drugs. Do not destroy their minds.

And I said, “because I will kill you.” I was very clear with that. Do not destroy my country. Do not destroy our young people, because if you do that, I will kill you. And when I became president, I said, “Do not destroy the Filipino youth. I’m the president, I’m supposed to take care of them.” There are so many criminals walking around. They stopped it when I said that. When I was mayor, I told them: “I’m not a policeman but I build the city as mayor.” As president now, I am not a wholesale violator of human rights. I’m not the police – I just give orders. But I build the country.

My orders were very clear: Go out and hunt for them, the drug lords. Arrest them if possible, but if they confront you with violence that placed the lives of policemen or security forces in danger, kill them. Because in the past this was what really prevented policemen and the military from doing it. Why? Because they were so afraid of the human rights thing, which is a new phenomenon. Actually, in the guise of the human rights, countries like EU and America are interfering into the affairs of other nations. In the guise of human rights.

MF: The bitter irony is that, while you are trying to protect civilians, to protect the youth, you sometimes – and you admitted that in one of your interviews – innocent civilians can become victims. Do you think it is a fair price to pay?

RD: Yes. Even in war, even in your own country, if there is fighting between the police and security forces, and civilians are hit, accidentally, and they die. That is not a crime for the police or the security officer. Because they use automatic guns. And when you are confronted with automatic guns, several bullets go out of the barrel, and some of those would penetrate the walls of the houses, and some will go long way and hit another one. But it is really in connection with the fight between law and order and criminals. But you have to pay, the state has to pay. But – sorry. Just like Americans. When they drop the bomb there, it is so powerful that it also kills others there.

But we are talking about human liability. So, it doesn’t say that, because they are Americans, they are exempted. And just because I am a small time government official, I am not exempted. So, where’s the fairness there? No? When they drop bombs, they kill so many villages, and there’s not even a whimper. America invaded Iraq. What was the excuse? That there were weapons of mass destruction. And yet when they invaded Iraq, so many people were killed. So where is justice now?

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dude is really pissing some fat cats off with bold truth..i said he would get a visit from black flag wavers over 8 months ago..looks we are about to see that as well..

https://seeker401.wordpress.com/2016/09/23/duterte-to-the-eu-fuck-you/

this guy is going to have unfortunate accident or see his country under attack from black flag wavers..

https://seeker401.wordpress.com/2016/09/15/philippines-leader-duterte-wants-to-boot-us-troops-out-of-countrys-south/

“The special forces, they have to go. They have to go in Mindanao, there are many whites there, they have to go,” he said, adding that he was reorienting the country’s foreign policy. “I do not want a rift with America, but they have to go.”

and where is the trouble brewing? check it out below..

https://www.rt.com/news/389452-duterte-isis-philippines-martial-law/

401

$100 in bitcoin in 2010 now worth almost $73 million

•May 24, 2017 • 8 Comments

https://www.rt.com/business/389190-bitcoin-historic-price-high/

After soaring nearly 65 percent in the last month, the digital currency bitcoin smashed the historic $2,000 mark on Saturday. The total market cap of the asset has likewise climbed to $32.92 billion.

The cryptocurrency has reached a new high on Monday, trading at $2,167.24 as of 10:15 am GMT.

The world’s most popular virtual currency first broke the $1,000 valuation four years ago, but later dropped in price as a result of factors, including the implosion of the major exchange Mt. Gox.

Since then bitcoin has regained lost ground, more than doubling its value since the beginning of the year partly due to global political uncertainty and increased interest in Asia. Investors turned to the asset as a “safe haven” against geopolitical risks.

Early investors in bitcoin would stand to benefit the most if they held on to the currency. Those who bought $100 of bitcoin at the 0.003 cent price on May 22, 2010, would now be sitting on around $72.9 million.

While some market observers think the rally will continue, others express concerns the asset may have entered a speculative bubble.

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“Those who bought $100 of bitcoin at the 0.003 cent price on May 22, 2010, would now be sitting on around $72.9 million.”

what goes up..must come down..but when?

“The cryptocurrency has reached a new high on Monday, trading at $2,167.24 as of 10:15 am GMT.”

401

Iran concerns making region closer: Trump

•May 24, 2017 • 5 Comments

http://www.9news.com.au/world/2017/05/23/04/36/iran-concerns-making-region-closer-trump

US President Donald Trump has said that shared concern about Iran was driving Israel and many Arab states closer and demanded that Tehran immediately cease military and financial backing of “terrorists and militias”.

In stressing threats from Iran, Trump echoed a theme laid out during weekend meetings in Saudi Arabia with Muslim leaders from around the world, many wary of the Islamic Republic’s growing regional influence and financial muscle.

Trump has vowed to do whatever necessary to broker peace between Israel and the Palestinians, dubbing a peace accord “the ultimate deal”. But ahead of his Holy Land visit, he gave little indication of how he could revive talks that collapsed in 2014.

Trump received a warm welcome in Riyadh from Arab leaders, especially over his tough line on Tehran, which many Sunni Muslim Arab states regard as seeking regional control.

In Jerusalem, in public remarks after talks with Israeli leaders on the first day of his two-day visit, he again focused on Iran, pledging he would never let Tehran acquire nuclear arms.”What’s happened with Iran has brought many of the parts of the Middle East toward Israel,” Trump said at a meeting with President Reuven Rivlin.

In his comments to Netanyahu, Trump mentioned a growing Iranian influence in conflicts in Syria, Yemen and Iraq, where it either backs Shi’ite fighters or has sent its own forces.

Trump said there were opportunities for cooperation across the Middle East.

“That includes advancing prosperity, defeating the evils of terrorism and facing the threat of an Iranian regime that is threatening the region and causing so much violence and suffering,” he said.

http://www.bbc.com/news/world-middle-east-39973197

US President Donald Trump has told Israel’s Prime Minister, Benjamin Netanyahu, that Iran will never have nuclear weapons.

He suggested the Iranians thought they could “do what they want” since negotiating a nuclear deal with world powers in 2015.

Mr Trump arrived in Israel from Saudi Arabia, where he sought to win Arab states’ support for fighting extremism.

He has called for a peace deal between Israel and the Palestinians.

However, he has been vague about what form it should take, saying he prefers to leave it to both sides to decide between them in direct talks.

The two-day visit to Israel forms part of Mr Trump’s first foreign trip as US president.

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trump pushing the shia hate wagon real hard..

“In his comments to Netanyahu, Trump mentioned a growing Iranian influence in conflicts in Syria, Yemen and Iraq, where it either backs Shi’ite fighters or has sent its own forces.”

touch the wall and kiss the ring tour of the middle east..and a stop in belgium to greet the masters of the universe..

401

Trump nominates Callista Gingrich as ambassador to Vatican

•May 24, 2017 • 1 Comment

Callista Gingrich applauds husband Republican presidential candidate Newt Gingrich.

http://www.reuters.com/article/us-usa-trump-gingrich-vatican-idUSKCN18F2N4

President Donald Trump plans to nominate Callista Gingrich as ambassador to the Vatican, the White House said in a statement on Friday.

She is the wife of former Republican House Speaker Newt Gingrich and produces documentary films on public policy and history.

The announcement came as Trump embarked on Friday on his maiden foreign trip as president, which will include a visit to the Vatican.

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ffs..jobs for the “boys”..mr and mrs PNAC are firmly in the house..

401

Standard & Poor’s ratings blow to small banks

•May 24, 2017 • 1 Comment

http://www.theaustralian.com.au/business/financial-services/standard-poors-ratings-blow-to-small-banks/news-story/3d561b75612def5f64cd2fa36b8fe1ca

The government’s much-hyped competitive boost to second-tier banks from the major-bank liability tax is set to disappear after Standard & Poor’s downgraded 23 domestic financial institutions due to the higher risk of a “sharp correction” in the property market.

The move came as the big four commercial banks released impact statements from the levy showing some $1.4 billion would be raised in the first full year. However, there is a prospect of a revenue shortfall in the hundreds of millions, given their deductions from company tax.

But the regional banks, which are not caught by the levy, expressed shock that the majors had been spared any rating move. Each of the big four banks retained their “AA-” rating.

Bank of Queensland chief executive John Sutton told The Australian he was “perplexed and disappointed” by S&P’s move, which “over time” would erode the competitive advantage from the six-basis-point tax announced in the budget.

“We considered this outcome in our scenario planning but we thought it would be very perverse if we were downgraded and the four majors kept their rating because they’re too big to fail,” Mr Sutton said yesterday. “I find it incredibly odd that the implicit guarantee was worth two notches to the majors’ credit ratings but now it’s been increased to three.”

BoQ will have to pay more for its funding as a result of its one-notch downgrade to BBB-plus, increasing the prospect of an interest rate increase.

Mr Sutton said this was despite the bank’s balance sheet being in “much better shape” than when it was last rated at BBB in 2013.

Also, the bank had very little exposure to the overheated Sydney and Melbourne property markets, which have caused so much concern among regulators, ratings agencies and some investors.

A combination of these factors, along with moves to diversify BoQ’s funding base and significantly lengthen its debt maturities, had resulted in two credit upgrades since 2013.

Mr Sutton said the next big issue for the regionals was the prudential regulator’s midyear discussion paper on the financial system inquiry’s recommendation for local banks to be “unquestionably strong”.

Second-tier lenders are hoping for a tilt of the playing field in their favour through an adjustment in mortgage risk-weights, which currently favour the big banks able to use internal models to calculate risk instead of the regionals’ standardised models.

Bendigo and Adelaide Bank also suffered a downgrade yesterday, from A-minus to BBB-plus, as did Liberty Financial.

Suncorp-Metway, however, was stable at A-plus.

Meanwhile Westpac, Commonwealth Bank, National Australia Bank and ANZ disclosed the impact statements from the tax to the Australian Securities Exchange.

Westpac will be the hardest hit, coughing up $370 million before tax and $260m after tax, followed by NAB ($350m and $245m) and ANZ ($345m and $240m).

Paradoxically for the largest bank, CBA will pay the least ($315m and $220m).

ANZ, which has urged the banks to move on from the tax, continued to be the most conciliatory of the big four.

Through their chairs, the other three banks again turned on the government.

CBA chair Catherine Livingstone said the levy was poorly designed policy, drafted without consultation, and there were deep concerns about the bank’s ability to serve its customers better and continuing to deliver for shareholders and the broader economy.

She also targeted further measures that potentially intrude on the bank’s operations with significant implications for sound corporate governance.

“For example, the fact that regulators will be empowered to override your board calls into question the established, fundamental governance framework which governs publicly listed companies,” Ms Livingstone said.

NAB chair and former Treasury secretary Ken Henry said the bank would continue to “strongly object” to the tax by engaging with shareholders, the broader community, the government and the parliament.

The bank, he said, was encouraging a Senate committee to conduct an inquiry into the tax so Australians could have a deeper understanding of the process behind the tax and how it would work.

“We have also called for the exposure draft legislation to be released for public consultation so the community can have its say. This is an important step for a reform of this scale and nature,” Dr Henry said.

Westpac chairman Lindsay Maxsted said he was disappointed the tax did not apply to foreign banks.

In response to the government’s position that the impost should be “absorbed”, Mr Maxsted said no company could simply absorb a new tax because the impact of higher costs ultimately flowed through to customers, shareholders, suppliers and staff, or a combination of the four.

“No decision has been made on how we respond to the levy,” he said. But as an indication of its impact over the full year if shareholders were to absorb all the pain, Mr Maxsted said the tax would be equivalent to 8c a share, or 4.3 per cent of the dividends paid.

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“Standard & Poor’s downgraded 23 domestic financial institutions due to the higher risk of a “sharp correction” in the property market.”

aka..the bubble will pop..the big 5 will survive..the others..maybe not..

401

 
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