If the Saudi oil reserves are ‘overstated’ as reported here by Al Jazeera, the ramifications are tremendous. It would mean that the world has now consumed more than half of all of the oil that was ever in the ground and that there is less remaining than was once thought. The price impact could be very large, given the world’s increasing reliance on fossil fuels. Welcome to the world of Peak Oil.
Category: Saudi Arabia
The Supreme Council of the Armed Forces of Egypt mentioned Tuesday that work will soon begin on a new national constitution. Efforts continue to encourage protestors back to work. They are now arguing for labor rights and higher pay. After protests were put down by force in Iran, Iranian MPs call for the death penalty for opposition group leaders Mehdi Karroubi and Mirhossein Mousavi. This time, the US is strongly and quickly standing behind the protestors. On the other hand, the US reaction is not likely to be as eager in Yemen, where protests have continued into their fifth day. Protestors are not terribly happy about the US-back President, nor are they very happy about the American drone strikes against Yemeni nationals as part of the “War on Terror”. All of the strike activity continues to bring up the question “Where next?” While all eyes are on Pakistan, whose push for nuclear arms gives it one of the larger nuclear arsenals in the world, fears are rising that some nuclear weapons may be lost in this very unstable country. Oh, and one source of angst against the government in Pakistan is its cooperation with the US drone attacks that have led to a large number of civilian deaths. But Democracy is winning the day as protests continue in Baharain, despite the King’s gifting every family in the country with $3,000 to soothe the nerves. Sadly, America finds itself in the ironic situation where it is not the self-avowed bastion of democracy it once claimed itself to be. Perhaps this is a problem with marketing.
Few Americans know very much about the drone strikes in different countries, but it turns out they may not care. Many Americans, including a majority of Republican primary voters are preoccupied with whether Barack Obama is an American citizen. (He is.) Despite the falsity of the claim, House Speaker John Boehner and Majority Leader Eric Cantor do not believe it is their job to correct their constituents. This comes even as Republicans plan to attack the 14th Amendment which argues that anyone born on American soil is a US citizen. This seemingly innocuous guarantee prompted an outcry from Representative Louie Gohmert (R-Tx) last summer. On the other hand, they are not very helpful on the economy either. After the Republicans campaigned on jobs, jobs, jobs, John Boehner says that if the proposed draconian cuts to the federal budget cost jobs, “so be it.” The loss of more jobs, would of course limit future federal revenue, creating more budgetary problems in the future.
Despite several costly provisions, the House succeeded on its third attempt in one week to extend several provisions of the PATRIOT Act. 27 Republicans voted against it and 65 Democrats voted for the extension which includes “roving wiretap” court orders and allows authorities to seize “any tangible things” in a search. See how your Representative voted here.
In other portions of the US Government, Supreme Court Justices Scalia and Thomas are taking heat for failing to recuse themselves from apparent conflicts of interest revolving around their involvement with the Koch Brothers prior to the Citizens United ruling last year, in which the two justices argued slavishly in favor of corporate interests such as those of the ultra-libertarian Koch brothers. Clarence Thomas’ wife is also head of a Tea Party group. While many Tea Party groups are financed in part by the billionaire Koch brothers, Clarence Thomas has failed to report income from his wife’s political activities for more than a decade now, prompting the Supreme Court Justice to uncomfortably claim that he did not understand the corresponding tax law when the news became public. Oops.
The US government is asking Twitter to divulge information pertaining to the whereabouts and names of people associated with WikiLeaks in a move that bodes poorly for internet privacy rights. This and other issues related to first amendment rights may be reasons that Julian Assange has brought civil liberties advocate Alan Dershowitz onto his legal defense team.
The New York Stock Exchange is being purchased by the German Börse, all while Republicans across the nation continue to argue against Socialism. Not to worry, the two leading shareholders in the Börse run an American hedge fund. The NYSE is struggling to maintain profitability by leaving retail investments for derivatives trading.
In Space, the probe NExT (formerly Stardust) makes history as it flies past its second comet, Tempel 1. It was first launched toward Comet Wild 2 12 years ago and has very limited fuel remaining onboard.