Frank Gaffney: Saudis Waging ‘Economic Warfare’ Against U.S.

Monday, April 25, 2016

Center for Security Policy founder Frank Gaffney tells Stephen K. Bannon, “This is a time, I think, for truth to the Saudis,” he said. “They have been playing a double game against us for a long time. They buy our weapons, they sell us oil, they like us to protect them. But the reality is that they are undermining us in many ways, including through various forms of economic warfare.”

“You know, they said explicitly when they were driving down the price of oil – which consumers like us appreciated, by lower gas prices – that they were doing it to destroy our fracking industry. That is a hostile action. They’re now talking about dumping Treasury bills, if they’re held accountable for what they did on 9/11, and I believe they were directly involved in 9/11. That’s an act of economic warfare as well,” Gaffney charged.

He also said the Saudis were acting to “facilitate and underwrite the jihad,” as long as the jihadis aren’t working to destabilize the Kingdom of Saudi Arabia.

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If you would like to do something to prevent the Saudis or any other country or organization from damaging the U.S. economy by manipulating oil prices, join Fuel Freedom. It can be done.

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News From the Leading Edge of Fuel Competition

Friday, February 12, 2016

The following is the latest email from Fuel Freedom. We highly recommend you subscribe to their newsletter here.

Greetings, Fuel Freedom Fighter!

Why fuel choice matters for California, new electric cars on the way, and a report about gasoline Read, share, and enjoy!

E85 can help California cut emissions now

Fuel Freedom Foundation (Feb 10, by Landon Hall) - We’ve seen firsthand who drives flex-fuel vehicles and fills them up with E85 ethanol in California: They’re soccer moms, financiers, electricians and students. They’re all races and ethnicities, and they represent the whole socioeconomic spectrum. This is exactly the kind of diverse group needed to help California reach its goal of cutting emissions from oil and gasoline.

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Game Change: Tesla And GM Announce Affordable, Long-Range Electric Cars

Think Progress - Two of the world’s leading electric vehicle producers say that they will soon deliver 200+ mile range EVs at a game-changing price of $30,000 or less — including tax incentives. Until now, EVs have not been considered a mass-market consumer vehicle in the United States for two key reasons — high price and low range. But with battery prices continuing their unexpectedly rapid price drop, both General Motors and Tesla have announced that they can address both of those problems simultaneously in the near future. For GM, it will be the Chevy Bolt, and for Tesla, the Model 3.

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BP Claims That Oil Storage Limit Is Far Nearer Than We Realize

OilPrice.com - BP CEO Robert Dudley is warning that storage tanks will be completely full by the end of H1. "We are very bearish for the first half of the year," Dudley said at the IP Week conference in London Wednesday. "In the second half, every tank and swimming pool in the world is going to fill and fundamentals are going to kick in," he added. "The market will start balancing in the second half of this year.”

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7 Facts You Should Know About Gasoline, from our Brand New Report

Union of Concerned Scientists - Changes to the cars we drive make headlines every day, but changes to the fuels we use to power them are hidden from view, behind the gas pump. My new report, Fueling a Clean Transportation Future, released today, takes a broad view of how transportation fuels are changing. I delve deep into the changing sources of oil used to make gasoline and the growing negative consequences for the climate; the way ethanol is made today, and the prospects to make it cleaner in future; and the growing importance of electricity as a transportation fuel, and what it will take to realize the full climate benefits of this important technology.

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OPEC Determined to Bring U.S. Oil Industry to Ruin

Sunday, January 24, 2016

The following is an article by Aygun Badalova, originally published in Trend:

What we are seeing today in the oil market is no less than war to the death between Saudi Arabia and the North American oil industry, Gal Luft, co-director of the Institute for the Analysis of Global Security (IAGS), a Washington based think tank focused on energy security, and a senior adviser to the United States Energy Security Council believes.

“Relying on their deep pockets and 800 billion dollars of cash reserves, the Saudis have taken a calculated risk to keep prices low enough for long enough time for the American drillers to go bust,” Luft told Trend.

“They don't seem to care that in the process they are ruining the economies of other exporters like Nigeria, Angola, Iran and Venezuela who don't have such staying power,” he added.

Meanwhile, the world oil prices hit 11-year lows on Monday, December 21. Brent crude was trading down 2 percent at $36.16 a barrel on London’s ICE Futures Europe Exchange for cargoes loading in February. West Texas Intermediate was trading down 1.4 percent at $34.25 a barrel for January cargoes.

Saudi Arabia, by producing 10.25 million barrels per day of oil in the third quarter of 2015, ranks first among OPEC member countries in terms of crude production. The country was the one who pushed OPEC's strategy shift last year to defend market share rather than cut output to support prices.

Luft believes that the Saudi Arabia’s strategy is now beginning to work.

“The North American market is showing weakness and most producers are in the red. In the coming 12 months we will begin to see bankruptcies, defaults and consolidations,” he said.

The U.S. Energy Information Administration (EIA) forecasts U.S. crude oil production to decrease through the third quarter of 2016 before growth resumes late in 2016. Projected U.S. crude oil production averages 9.3 million barrels a day in 2015 and 8.8 million barrels a day in 2016.

Talking about the further dynamics of oil prices, Luft said that the return of Iranian oil can push prices even lower to the 20's as the market is still well supplied.

There is also a possibility of a peace deal in Libya which can bring additional product to market before long, according to Luft.

“That said there are always other factors at play that can drive prices up, most important of which is escalation of the situation in the Middle East and an irreversible collapse of the peace initiative in Libya and additional takeovers by ISIS [the IS terrorist organization],” Luft said.

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