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Saudi Oil Minister: We Won’t Ramp Up Oil Production Soon

Saudi Oil Minister: We Won’t Ramp Up Oil Production Soon

Khalid al Falih

Saudi Arabia plans to stay within the limits of its ceiling under the OPEC+ production cut deal in May and will certainly not rush to ramp up production, although it would respond to customer needs if they want more oil, Saudi Energy Minister Khalid al-Falih said on Wednesday.

As the U.S. announced on Monday that it would be ending sanction waivers for all Iranian oil customers, the Trump Administration said that it “had extensive and productive discussions with Saudi Arabia, the United Arab Emirates, and other major producers to ease this transition and ensure sufficient supply.”

While the U.S. and President Trump appear certain that Saudi Arabia would compensate for Iranian losses, the Kingdom seems reluctant to start swiftly raising production before seeing actual figures for how much Iranian oil will actually be lost and how tight the market will be.

Saudi Arabia’s oil production in May is pretty much set and will differ “very little” from previous months, Reuters quoted al-Falih as saying in Riyadh today.

Last month, OPEC’s de facto leader and largest producer Saudi Arabia followed through its commitment from February to cut deeper and pump well below 10 million bpd in March. Saudi Arabia’s crude oil production dropped by a massive 324,000 bpd from February to stand at 9.794 million bpd in March—just as al-Falih had said the Kingdom would do. Saudi Arabia pumped around 9.8 million bpd in March, some 500,000 bpd below the 10.311-million-bpdcommitment in the OPEC+ deal.

Speaking today, al-Falih said, as carried by Reuters:

“Inventories are actually continuing to rise despite what is happening in Venezuela and despite the tightening of sanctions on Iran. I don’t see the need to do anything immediately.”

 …click on the above link to read the rest of the article…

Living With Integrity

Living With Integrity

It’s time to choose a new direction.

Every so often, our work in the premium side of PeakProsperity.com is deemed so important that our paying subscribers request we share it with the general public. Last week’s ‘Off The Cuff’ podcast received so many of these requests that we are releasing it to all here.

In last week’s Off The Cuff podcast, Chris delivered a very personal message about how we each decide to live our lives.

A growing number of people are watching the “prosperity” around them — record high asset prices, record-low unemployment, new technologies, etc — and yet feeling that we’re making the wrong trade-offs as a society. All that wealth is flowing into fewer and fewer pockets, ecosystems are faltering and an alarming number of species are dying off, depression rates (especially among the youth) are skyrocketing.

In short: there’s more money flowing around than ever, and yet we and the planet are becoming sicker and unhappier.

Why?

From Chris’ point of view, it comes down integrity. The modern human way of life lacks integrity as a guiding principle. For those of us who desire a better future, brining our actions into better alignment with our integrity is the path to true prosperity.

My ultimate diagnosis of what’s going on in the United States culture and a lot of Europe culture — probably in other cultures, but I can’t speak to them as well – it’s that they lack integrity. Now, integrity isn’t simply “Oh, I don’t lie”. Integrity means that your actions are for the greater good. Sometimes there are acts of integrity which actually are not optimal for you; they’re optimal for the larger society around you.

Integrity is thinking out seven generations. Integrity is saying that beauty matters in our life, and that when we take out a species, we’re taking away something extraordinarily beautiful.

 …click on the above link to read the rest of the article…

To stop global catastrophe, we must believe in humans again

To stop global catastrophe, we must believe in humans again

We have the technology to prevent climate crisis. But now we need to unleash mass resistance too – because collective action does work @billmckibben

Solar panels in La Colle des Mees, Alpes de Haute Provence, south-eastern France.
 ‘We have two relatively new inventions that could prove decisive to solving global warming before it destroys the planet. One is the solar panel.’ Photograph: Gérard Julien/AFP/Getty Images

Because I am concerned about inequality and about the environment, I am usually classed as a progressive, a liberal. But it seems to me that what I care most about is preserving a world that bears some resemblance to the past: a world with some ice at the top and bottom and the odd coral reef in between; a world where people are connected to the past and future (and to one another) instead of turned into obsolete software.

And those seem to me profoundly conservative positions. Meanwhile, oil companies and tech barons strike me as deeply radical, willing to alter the chemical composition of the atmosphere, eager to confer immortality.

There is a native conservatism in human beings that resists such efforts, a visceral sense of what’s right or dangerous, rash or proper. You needn’t understand every nuance of germline engineering or the carbon cycle to understand why monkeying around on this scale might be a bad idea. And indeed, polling suggests that most people instinctively oppose, say, living forever or designing babies, just as they want government action to stabilise the climate.

Luckily, we have two relatively new inventions that could prove decisive to solving global warming before it destroys the planet. One is the solar panel, and the other is the nonviolent movement.

 …click on the above link to read the rest of the article…

The Trump Administration’s Iran Policy Will Hasten Imperial Decline

The Trump Administration’s Iran Policy Will Hasten Imperial Decline

There was a postwar order, but was it liberal?  Like most political orders, it looked much better on paper than it did in practice and to the core members of the order than those on the margins…

Liberal values were only remotely attached to the postwar institutions.  Sovereign equality did not translate into a liberal world order.  The postwar institutions were run by the most powerful countries, with middle and lesser powers either shunted to the back of the room or locked out altogether…Third World now comprised most of the world’s states, but it was on the outside looking in.  Western states enjoyed democracy and the rule of law, but the U.S. and the former colonial masters undermined rather than supported democracy and human rights elsewhere. Some Western states and analysts presumed that the global order must have some legitimacy because there were no great (or at least successful) revolts by the Third World, but they mistook coercion and the lack of alternative for consent…

The suggestion, then, is that if the international order is having greater difficulty creating rule-based governance, it might have less to do with the weakening of liberalism and more to do with the fact that the rules that have been in place for decades were overdue for an overhaul, and especially given a shift in power from the West to the East.  

– From Michael N. Barnett’s piece: The End of a Liberal International Order That Never Existed

A primary focus of my writing of late centers around the idea that the policies of the Trump administration, and the neocons in control of it, will hasten the decline of U.S. imperial power and more rapidly usher in a multi-polar (and possibly bifurcated) world. Today’s news regarding the elimination of waivers on Iranian oil imports provides another perfect example.

 …click on the above link to read the rest of the article…

Trump Kicks the Sanctions Can on Iran Oil

Trump Kicks the Sanctions Can on Iran Oil

Sanctions on Iran have failed. The weakness of the U.S. position in the oil markets is now complete. Donald Trump’s Energy Dominance strategy has failed.

The announcement by Secretary of State Mike Pompeo (R – The Eschaton) that no more sanctions waivers will be granted to importers of Iranian oil. Those that do so will face sanctions.

But let’s look at what is actually on the table.  Waivers will be extended to a year from now during a ‘wind-down’ period. But, I thought these past six months were the ‘wind down’ period Don?

I told you these would get extended the minute they were granted. Because three of these countries — India, Turkey and China — are in open revolt over the policy. 

And they have built plenty of infrastructure to get around these sanctions when or if they are ever implemented.

Three of the eight countries granted waivers — Italy, Greece and Taiwan — do not need waiver extensions as they’ve already cut their imports to zero.

No Disruptions

But the main issue here is the extension. It’s clear that Trump and his merry band of neocon handlers are afraid of further disruption of the oil supply and demand, otherwise the extensions wouldn’t have been granted at all.

They talk tough about UAE and Saudi Arabia adding supply but the reality is it isn’t that easy to spin up new supply. And the year-long waiver extension is proof of this. They’ll certainly sell all they can but there are those pesky OPEC quotas to deal with.

No one was willing to go along with the Saudis OPEC+ plan where they and Russia would be pigs more equal than the others this winter, so it’s unlikely that will happen now that Trump has helped them push prices back towards $75 per barrel.

 …click on the above link to read the rest of the article…

Mapping The Countries With The Most Oil Reserves

Mapping The Countries With The Most Oil Reserves

There’s little doubt that renewable energy sources will play a strategic role in powering the global economy of the future.

But, as Visual Capitalist’s Jeff Desjardins notes, for now, crude oil is still the undisputed heavyweight champion of the energy world.

In 2018, we consumed more oil than any prior year in history – about 99.3 million barrels per day on a global basis. This number is projected to rise again in 2019 to 100.8 million barrels per day.

The Most Oil Reserves by Country

Given that oil will continue to be dominant in the energy mix for the short and medium term, which countries hold the most oil reserves?

Today’s map comes from HowMuch.net and it uses data from the CIA World Factbook to resize countries based on the amount of oil reserves they hold.

Here’s the data for the top 15 countries below:

Venezuela tops the list with 300.9 billion barrels of oil in reserve – but even this vast wealth in natural resources has not been enough to save the country from its recent economic and humanitarian crisis.

Saudi Arabia, a country known for its oil dominance, takes the #2 spot with 266.5 billion barrels of oil. Meanwhile, Canada and the U.S. are found at the #3 (169.7 billion bbls) and the #11 (36.5 billion bbls) spots respectively.

The Cost of Production

While having an endowment of billions of barrels of oil within your borders can be a strategic gift from mother nature, it’s worth mentioning that reserves are just one factor in assessing the potential value of this crucial resource.

In Saudi Arabia, for example, the production cost of oil is roughly $3.00 per barrel, which makes black gold strategic to produce at almost any possible price.

Other countries are not so lucky:

*Total cost (bbl) includes production cost (also shown), capital spending, gross taxes, and admin/transport costs.

 …click on the above link to read the rest of the article…

Gas Driller at Center of 2019 Pulitzer-Winning Book on Fracking Still Faces Legal Battles

Gas Driller at Center of 2019 Pulitzer-Winning Book on Fracking Still Faces Legal Battles

Girl playing hopscotch at a playground near a fracking well pad in Pennsylvania

Eliza Griswold’s book Amity and Prosperity: One Family and the Fracturing of America examines the impacts of fracking in western Pennsylvania, and on Monday it was awarded the Pulitzer Prize in General Nonfiction.

Griswold’s book carefully refuses the birds-eye view of fracking’s impacts — readers will find few state or national statistics — and instead presents the detailed results of seven years of on-the-ground reporting. It traces the story of one extended family in western Pennsylvania, a small handful of neighbors, and eventually the two-person legal team that took on their case, now covered by a sealed settlement with natural gas driller, Range Resources, which still faces additional related legal battles today.

The New York Times Book Review called Amity and Prosperity a “valuable, discomforting book.” The 336-page narrative presents the Haney family’s experiences as a story of failed systems, both legal and political, and the pummeling of small town residents in the Marcellus Shale, not only by the arrival of fracking, but also by the region’s long history with extractive industries like timber, coal, and steel; by the national painkiller addiction epidemic; and by the extraordinary difficulties created by the decline of family farming.

The book begins at — and frequently returns to — the county fair’s 4H competition, where Stacey Haney’s son and daughter are entering “two goats, two pigs and four rabbits.” Griswold recounts how Stacey, a nurse, and her neighbors suffer as family pets, prize goats, and treasured horses become ill and die — and at the same time, Stacey’s son Harley is suffering from a mysterious ailment that neither Stacey nor the doctors are initially able to diagnose.

Book Spoiler Alert

Note: the next two paragraphs contain spoilers that readers may wish to avoid.

 …click on the above link to read the rest of the article…

Iran Threatens To Close Strait Of Hormuz If US Blocks Its Oil Exports

Iran Threatens To Close Strait Of Hormuz If US Blocks Its Oil Exports

With oil surging to a six month high after a now confirmed report that Trump will not reissue Iranian oil export waivers after they expire on May 2, removing up to 1 million barrels from the market…

… Tehran has gone on the offensive and on Monday a senior Iranian military official said the Islamic Republic will close the Strait of Hormuz if it’s prevented from using it, the state-run Fars news agency reported.

“The Strait of Hormuz based on international law is a waterway and if we are prevented from using it, we will close it,” Reuters reported, citing Alireza Tangsiri, head of the revolutionary guards navy force.

Separately, the semi-official Tasnim news agency on Monday quoted an unnamed Iranian oil ministry source as saying that “whether the waivers continue or not, Iran’s oil exports will not be zero under any circumstances unless Iranian authorities decide to stop oil exports … and this is not relevant now.” The source added that “we have been monitoring and analyzing all possible scenarios and conditions for the advance of our country’s oil exports, and necessary measures have been taken … Iran is not waiting for America’s decision or the lack of it to export its oil. We have years of experience in neutralizing efforts by enemies to strike blows against our country.”

* * *

To be sure, this is not the first time Iran has made such a threat: back in December Iran warned it would close the global oil chokepoint, when it said that “if someday, the United States decides to block Iran’s oil (exports), no oil will be exported from the Persian Gulf.” 

President Rouhani’s December threat had been welcomed by hardline clerics and military officials, including Gen. Qassem Soleimani, the commander of the Revolutionary Guard’s elite Quds Force.

 …click on the above link to read the rest of the article…

Mainstream to jetstream

Mainstream to jetstream 

A couple of decades ago, renewable energy was almost an outlier: the new kid on the block. But now, solar and wind are not just mainstream: in both developed and emerging economies, they are the preferred option when it comes to power generation.

A powerful synergy of enabling factors and demand-side attributes is propelling solar and wind to compete against, and win, in competition with even the most cost-effective and flexible hydrocarbon-fuelled sources of power. Renewable energy is now the preferred choice when it comes  to reliable, affordable, and environmentally responsible energy.

A new report on global renewable energy trends from Deloitte Insights charts the astonishingly rapid disruption of traditional energy systems and markets that renewables are causing as the cost of photovoltaic and windfarm power plants continues to fall.  

Clearing the way

Longstanding barriers to the greater deployment of renewables have faded thanks to three strong attributes: rapidly approaching grid parity, cost-effective and reliable grid integration, and technological innovation. Solar and wind can now beat conventional sources on price while increasingly matching their performance. Moreover, the integration of renewables is actually solving grid problems rather than exacerbating them. Wind and solar are now competitive across global markets even without subsidies.

Onshore wind has become the world’s lowest-cost energy sources for power generation, with an unsubsidized levelized cost of US$ 30 -60/MWh, which falls below the range of the cheapest fossil fuel , natural gas—which weighs in at around US$ 42 – 78/MWh. Except for combined-cycle gas plants, the levelized costs of all conventional sources and nonintermittent renewables have either remained flat (biomass and coal) or increased (geothermal, hydropower, and nuclear) over the past eight years, while the cost of onshore wind and utility-scale photovoltaic (PV) plants have dropped by 67 and 86 percent respectively as the cost of components has plummeted and efficiency has increased—trends that are expected to continue.

 …click on the above link to read the rest of the article…

SHALE STOCK LOSES 99% OF ITS VALUE: Investor Warning For The Future Of The Industry?

SHALE STOCK LOSES 99% OF ITS VALUE: Investor Warning For The Future Of The Industry?

If you think the carnage taking place in the shale oil companies is nearly over, you couldn’t be more wrong.  I believe the bloodbath in the shale oil stocks has only just begun.  Once we see the majority of shale stocks trading on the pink sheets as penny stocks will we finally close the book on the Greatest Energy Ponzi Scheme in history.

I first wrote about the “Disconnect” between the major oil companies share prices versus the shale stocks in my article, THE BLOODBATH IN U.S. SHALE STOCKS CONTINUES: Worst Is Yet To Come.  In that article, I showed how several of the major oil companies’ stock prices had corrected back close to their highs set in October 2018.  However, the shale stocks never really recovered and are still considerably lower than their peaks set last year.

Here is the chart from that article linked above:

Even though many of the shale stocks shown in this chart have seen their prices move higher since I posted it in the middle of March, they are still well off their highs. For example, Whiting Petroleum peaked at $55 in October and is currently trading at $27.  Thus, it is still 50% off its peak last year.  Furthermore, Oasis trading at $6.60 is still 53% off its high of $14.

However, there are some outliers like Pioneer.  Pioneer hit $190 back in October 2018 and was only trading at $140 in mid-March.  So, it was still well off its October peak.  Although over the past month, Pioneer is now trading at $175, so it’s not too far from its previous high.   While Pioneer’s share price is behaving much better than Whiting, Continental, Oasis, and Callon, I believe there is a huge “PERMIAN PREMIUM” being paid by investors who have more money than sense.

 …click on the above link to read the rest of the article…

What’s Your Carbon Budget? You Probably Don’t Want to Know

What’s Your Carbon Budget? You Probably Don’t Want to Know

But if politicians ran governments on them, the planet might have a fighting chance.

CrawfordCarbonBudget.jpg
Live within your carbon means. Photo via Shutterstock.

Conservative politicians are happily fighting carbon taxes and generally ignoring the issue of global warming. At the same time, an uneasy feeling is rippling through the climate-science community these days. 

After decades of cautiously understating the consequences of global warming, their models are now showing temperature increases far higher than anyone expected. And other projections show that Canada, including British Columbia, is going to get a lot hotter than, say, San Francisco.

A news story in Science magazine recently reported that computer models of future climate are “running hotter” than they used to. 

Older models projected temperature increases of 2 C to 4.5 C with a doubling of preindustrial carbon dioxide levels. Now at least eight models, generated in the U.S., Britain, France, and Canada, predict “equilibrium climate sensitivity” at 5 C or even higher. That is, temperatures won’t level off at 1.5 C or 2 C, as the Paris Accord requires. Instead they will keep climbing until our collective goose is well and truly cooked.

The story quotes John Fyfe of the University of Victoria’s Canadian Centre for Climate Modelling and Analysis, as saying, “It’s a bit too early to get wound up… But maybe we have to face a reality in the future that’s more pessimistic than it was in the past.”

The centre’s model, like the others, is being developed for the 2021 report of the Intergovernmental Panel on Climate Change. Unless these forecasts are drastically revised, the IPCC report will bring very unwelcome news — especially to our federal and provincial governments.

 …click on the above link to read the rest of the article…

The Undeniable Signs Of A Shale Slowdown

The Undeniable Signs Of A Shale Slowdown

Pump jack

The world’s largest oilfield services company said its earnings were hit in the first quarter because of a slowdown in shale drilling activity.

“First-quarter revenue of $7.9 billion declined 4% sequentially, reflecting the expected reduction in North America land activity and seasonally lower international activity in the Northern Hemisphere,” Schlumberger CEO Paal Kibsgaard said in a statement. Pricing for its services was “soft,” while fracking and other “drilling-related businesses” saw a dip in activity.

The company was unbowed, noting that the weakness in North America is offset by improving conditions globally. “From a macro perspective, we expect the oil market sentiments to steadily improve over the course of 2019,” as the OPEC+ cuts tighten up the market. Also, Kibsgaard said that the “weakening of the international production base” after “four years of underinvestment” will become “increasingly evident,” which should spark an uptick in spending. 

The global E&P sector is “starting to normalize.” In fact, spending could rise by 7 to 8 percent this year around the world.

However, U.S. shale is in a different situation. After spending heavily for years, which successfully ramped up production to record heights, many shale companies are still not performing well financially. As a result, the U.S. shale industry is at somewhat of an inflection point. Kibsgaard said that the sector is “set for lower investments with a likely downward adjustment to the current production growth outlook.”

While the industry is looking up globally, the outlook for U.S. shale is rather downbeat. “[T]he higher cost of capital, lower borrowing capacity, and investors looking for increased returns suggest that future E&P investment levels will likely be dictated by free cash flow,” Kibsgaard said. “We therefore see E&P investments in North America land down 10% in 2019.” 

 …click on the above link to read the rest of the article…

‘Virtually No Risk of Drilling Restrictions,’ West Virginia Official Tells Fracking-Reliant Petrochemical Industry

‘Virtually No Risk of Drilling Restrictions,’ West Virginia Official Tells Fracking-Reliant Petrochemical Industry

A slide from a presentation by West Virginia official Michael Graney, who listed "virtually no risk of drilling restrictions" as a reason to bring fracked-gas reliant petrochemical development to the region.

This week, at an industry conference focused on wooing petrochemical producers to West Virginia, officials from the state and federal government made clear their support for continuing fracked shale gas extraction and petrochemical industry development near the natural gas-rich Marcellus Shale.

Why should petrochemical companies build in West Virginia, Pennsylvania, and Ohio? For one thing, don’t expect regulation of shale gas drilling, Michael Graney, executive director of the West Virginia Development Office, predicted in his presentation.

“Contrasted to other U.S. regions, Tri-State region is industry-supportive and industry-friendly,” read a slide that Graney, who was appointed by West Virginia Governor Jim Justice in September 2018, presented to the conference. “Virtually no risk of drilling restrictions.”

Graney also elicited “hallelujahs” from the crowd after describing West Virginia’s low worker turnover rates.

“We have earned an A from the Cato Institute in fiscal policies,” he told representatives from fossil fuel and petrochemical companies, referring to a libertarian think tank that Sourcewatch describes as “founded by Charles G. Koch and funded by the Koch brothers.”

‘Everything within the government’s power’

Traffic with a Shell plastic manufacturing plant in the background in Pennsylvania.


Shell is already building a massive plastic manufacturing plant reliant on fracked-gas feedstocks known as an “ethane cracker,” in Pennsylvania. Credit: Sharon Kelly, DeSmog

At the ninth annual West Virginia Manufacturers Association’s Marcellus and Manufacturing Development Conference, officials from the U.S. Department of Energy (DOE) offered the petrochemical industry the services of the federal government.

“And what we’re going to do is everything within the government’s power to shine a bright light on this and help get this over the finish line,” Steven Winberg, the Department of Energy’s Assistant Secretary for Fossil Energy, told the conference. “With regard to DOE, there’s a couple of things that we can do. One is, private sector investors can take advantage of the DOE’s loan guarantee program.”

 …click on the above link to read the rest of the article…

The U.S. Is Losing Influence In The World’s Biggest Oil Region

The U.S. Is Losing Influence In The World’s Biggest Oil Region

Egypt Saudi

Egyptian President Abdul Fatah al-Sisi’s visit to the White House on April 9, 2019, resulted in one of the worst setbacks for U.S. Middle Eastern policy under the Donald Trump Administration.

What was supposed to be a fence-mending exercise between the two countries essentially ended many of the meaningful strategic aspects of the U.S.-Egyptian relationship, despite the fact that the public appearances between the two presidents appeared to be cordial. There have been significant areas of difference and frustration between Egypt and the US, even since the Trump Administration came to office, but there was at least a concerted effort on both sides to work harmoniously.

There has also been good personal chemistry between the two presidents since Trump ended what the Egyptians had regarded as a disastrous period under Barack Obama. President Sisi had essentially broken off strategic relations with the U.S. during the Obama Administration tenure in order to resist Obama’s insistence that the Muslim Brotherhood play a larger role in Egyptian politics.

The question now is who in the Washington bureaucracy will take the blame for pushing Trump to insist on actions by al-Sisi which any fundamental analysis of the situation points to being infeasible and against Egypt’s view of its own strategic interests.

That is not to say that Egypt wishes to end cordiality and cooperation between Washington and Cairo; it does not. But certain battle lines have been drawn in the greater Middle East, and Cairo and the U.S. are not altogether on the same side. Both sides will need to undertake significant, careful action to put relations back on a positive path before the break becomes calcified.

The failure on this occasion lay at the door of the U.S. for failing to realize that Washington now needs Egypt more than Egypt needs the U.S.

 …click on the above link to read the rest of the article…

Life imitates art: Norway rejects oil prospecting in sensitive Arctic islands

Life imitates art: Norway rejects oil prospecting in sensitive Arctic islands

In what seemed like an episode of the Norwegian television drama Occupied, Norway’s largest political party joined smaller ones in the nation’s parliament to prevent oil exploration in the scenic Lofoten archipelago. The Labor Party’s environmental wing made climate change and scenic beauty big issues.

Unlike another contentious oil resource, Alaska’s Arctic National Wildlife Refuge, these islands get around 1 million visitors each year. That implies that many Norwegians have actually seen the islands.

In the history of oil-rich nations, Norwegians have followed an unorthodox path. While most such nations have chosen to subsidize domestic prices of petroleum products or at least keep them cheap by policy, Norway has taxed consumption of oil and oil products as if the country were an importer trying to economize on petroleum use.

A recent Bloomberg survey showed that the average price of a gallon of gas worldwide was $3.48. The range was 1 cent in Venezuela to $7.61 in Hong Kong. Norway ranked second highest at $6.89.

Even more strange is that Norway has become a leading market for all-electric cars. About one-third of all new cars sold in the country last year were all-electric. Of course, Norway has very large hydroelectric resources, resources which produced 93.6 percent of the country’s electricity in February 2019, the most recent month for which data is available. But these copious hydropower resources have long been available and didn’t prevent the country from becoming dependent on petroleum-fueled transportation just like the rest of the world.

Norway also made a fateful and propitious decision shortly after the discovery of its oil and natural gas riches in the North Sea. The country decided to invest much of the tax revenue derived from oil and gas in a sovereign wealth fund to be managed on behalf of the Norwegian people for use by future generations.

 …click on the above link to read the rest of the article…

Olduvai IV: Courage
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Olduvai II: Exodus
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Olduvai
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Olduvai II: Exodus
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Olduvai III: Cataclysm
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