Home » Posts tagged 'oil dependence'

Tag Archives: oil dependence

Olduvai
Click on image to purchase

Olduvai III: Catacylsm
Click on image to purchase

Post categories

Post Archives by Category

The Insanity of Aotearoa New Zealand Closing it’s One and Only Oil Refinery

The Insanity of Aotearoa New Zealand Closing it’s One and Only Oil Refinery

Aotearoa New Zealand is in the process of making the biggest strategic blunder in it’s contemporary history by closing it’s one and only oil refinery, leaving us at the mercy or lack there of, of the fossil fuel industry and the super powers arguing over the lasts of the planets resources.
“One of the changes with the transition is we’re less dependent on a single refinery than we were previously. And our supply will be coming from a range of refineries around the Asian region.”
– Naomi James, speaking on Newsroom Pro Talks

Having exactly Zero oil refineries in Aotearoa makes us less dependent? Smell a neoliberal rat anyone?

New Zealand pre-ordered more oil stocks just before Russia invaded Ukraine, increasing government reserves this month – at a critical time.

“The Government and New Zealand fuel companies together hold more than 1.7 million tonnes of oil in tanks, ship holds, and international ticket contracts acquired just in time for last week’s international action.”
“Just in Time”, this is how this culture teeters like the proverbial Jenga Stack.
Read and watch the Orwellian neo-liberal double speak embedded below. In one foul swoop we are now depending on BP and Exon Mobil to keep our trucks rolling. Watch the dystopian interview with this puppet here; NZ bolsters emergency oil stocks backed by offer of Marsden Point storage

This is late stage capitalism, risking everything because the balance sheet says it’s more profitable importing 100% of the nations refined fuel needs, than this entire country having One Oil Refinery !
Can the reader see how dependent this insane decision makes our isolated country to biosphere incinerating corporations? It’s clear to me that the government should nationalise this strategic asset asap.

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

Saudi Arabia’s Oil-Bust Cash-Flow Debacle Begins to Bite

Saudi Arabia’s Oil-Bust Cash-Flow Debacle Begins to Bite

Hangover of oil dependence has only just begun.

It was supposed to be the biggest, most ambitious, most lucrative infrastructure project Spain’s construction industry had ever undertaken on the Arabian Peninsula. Launched three years ago, the high-speed rail link project between Medina and Mecca was a dream come true worth some €6.7 billion, the perfect payoff of decades of patient lobbying of the House of Saud by Spain’s former King Juan Carlos I. But now it’s a rotting financial albatross around the necks of 12 large Spanish companies.

Even from the beginning, things were not easy. Within a year and a half, the project was suffering significant delays. And two months ago, the consortium asked the Saudi government for more funds — “an absolute minimum of €1.4 billion” — to cover the Saudi Railways Organization’s “unforeseeable demands,” such as, amazingly, keeping desert sand off the tracks.

None of the consortium partners want to take responsibility — or the attendant financial hit — for keeping sand off the tracks. And the House of Saud, already hemorrhaging money due to the oil bust, is in no position to pay Spanish companies extra funds for it.

Now, news is leaking that the Saudi Railway Organization stopped paying advances on the consortium’s work over six months ago. According to the Spanish financial daily Expansión, the consortium could be owed hundreds of millions of euros in late payments. Although the reasons for non-payment are as yet unconfirmed, sources in Spain are blaming it on the House of Saud’s acute cash-flow problems.

Saudi Arabia’s oil-dependent economy is in a bit of a pickle. For its budget to break even, the country needs an oil price of $104 a barrel, claims the Institute of International Finance.

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

Olduvai IV: Courage
Click on image to read excerpts

Olduvai II: Exodus
Click on image to purchase

Click on image to purchase @ FriesenPress