Canadian PM eyes China after US pipeline delay

Canadian Prime Minister Stephen Harper said Sunday that he was looking at exporting more oil to China after the United States delayed a decision on a controversial pipeline. 

President Barack Obama's administration last week put off a decision on Keystone XL project after a major protest campaign by environmentalists, who say the pipeline would be prone to accidents and worsen climate change.
  
The conservative Canadian leader, taking part in a summit in Hawaii hosted by Obama said the pipeline decision had produced "extremely negative reactions" and that he discussed oil exports with Chinese President Hu Jintao.
 
"This does underscore the necessity of Canada making sure that we are able to access Asian markets for our energy products," Harper told reporters. "I indicated that yesterday (Saturday) to President Hu of China."
The Harper government has pressed Obama to approve the 1,700-mile (2,700-kilometer) pipeline extension, which would stretch through Montana, South Dakota, Nebraska, Kansas and Oklahoma before ending up in Texas.
 
Canada, the pipeline's lead company TransCanada, and Obama's Republican opponents say the $7 billion project would provide the United States with a stable source of energy from an ally and create thousands of jobs.

"I remain optimistic that the project will eventually go ahead because it makes eminent sense," Harper said.
"This project is obviously what's in the best interest not just of the Canadian economy but also of the American economy," he said.

But environmentalists say an accident would be disastrous for aquifers in the US Great Plains and point to spills on an existing Keystone pipeline. The oil comes from tar sands, meaning it produces high levels of carbon emissions blamed for global warming.

The Obama administration, in ordering further study, cited particular concern about the pipeline's planned route through the Sand Hills area of Nebraska, which has a sensitive ecosystem and shallow groundwater.
The State Department delayed a final decision until 2013, after next year's presidential election.

 
Canadian PM eyes China after US pipeline delay

Saudis Slash Oil Output; Say Market Oversupplied - CNBC

Somewhere there is a futures trader who just put the down-payment on his yacht thanks to these bozos. Will someone please explain to me how the price of oil is going up and gas now averages more than $3.50 a gallon if there is no shortage in the marketplace especially since the economy in the US continues to get downgraded every week.

Saudi Arabia's oil minister said on Sunday the kingdom had slashed output by 800,000 barrels per day in March due to oversupply, sending the strongest signal yet that OPEC will not act to quell soaring prices.

Consumers have urged the exporters' group to pump more crude to put a cap on oil, which surged to more than $127 a barrel this month, its highest level in 2 1/2 years amid unrest in North Africa and the Middle East.

Oil Ministers from Kuwait and the United Arab Emirates echoed Saudi Arabia's Ali al-Naimi's concerns about oversupply and said rocketing crude prices were out of the hands of OPEC, which next meets in June.

"The market is overbalanced ... Our production in February was 9.125 million barrels per day (bpd), in March it was 8.292 million bpd. In April we don't know yet, probably a little higher than March. The reason I gave you these numbers is to show you that the market is oversupplied," Naimi told reporters.

Two Saudi-based industry sources told Reuters last week the kingdom had cut output due to poor demand, prompting selling by traders who saw it as a sign of a well-supplied market.

Saudis Slash Oil Output; Say Market Oversupplied - CNBC

Obama Won't Drill For Oil In The U.S. But He Will Loan Money To Brazil So They Can Do It

This story would be laughable if it wasn't true. When Brazil starts drilling, thanks to our financing, will they offer us discounted oil? I don't think so! We have American Companies which employ Americans that want to drill right here in the good old United States of America The reason that these companies aren't drilling isn't because they can't afford it, they are some of the riches companies in America, but rather because the Federal and State Governments won't let them drill offshore. Why you ask, well because our Politicians think it makes more sense to import oil from corrupt countries which are ruled by dictators, which by the way hate us, pollute the environment with reckless abandonment, and enslave their own people. If Oil is so last century, as we are told by so often by our Congress and President, when they trying to jam Cap and Trade down our throats, why are we encouraging other countries to drill for that evil black gold. I forgot logic has no place in Washington.



Obama Underwrites Offshore Drilling
Too bad it's not in U.S. waters.

You read that headline correctly. Unfortunately, the Obama Administration is financing oil exploration off Brazil.

The U.S. is going to lend billions of dollars to Brazil's state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil's Tupi oil field in the Santos Basin near Rio de Janeiro. Brazil's planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan.