What would the Pharaohs think?

[clocker]

From the second link:
"About a million barrels a day of crude and refined products are shipped northward on the Suez Canal, according to estimates from the U.S. Department of Energy. A separate pipeline linking the Red Sea and the Mediterranean carries another 1.1 million barrels a day. Together, that is roughly 2% of global oil production".

2% is significantly less than the 30% you claim.

Furthermore, Dalton Garis and the science of petroleum market behavior are irrelevant.
Essentially comparable to the "expert" commentators at a WWE event, he is studying a script.
There is no way the oil corps lose as the "market" is structured today.

[sandman_1]

From the second link:
"About a million barrels a day of crude and refined products are shipped northward on the Suez Canal, according to estimates from the U.S. Department of Energy. A separate pipeline linking the Red Sea and the Mediterranean carries another 1.1 million barrels a day. Together, that is roughly 2% of global oil production".

2% is significantly less than the 30% you claim.

Furthermore, Dalton Garis and the science of petroleum market behavior are irrelevant.
Essentially comparable to the "expert" commentators at a WWE event, he is studying a script.
There is no way the oil corps lose as the "market" is structured today.

Global oil production, keyword here production, not shipments. The shipments are going to be significantly less than total production. Probably more inline with oil exports.

http://www.eia.doe.gov/country/index.cfm#countrylist

Yea the professor doesn't know what he is talking about, sure.

Here are his credentials:

Dr. Dalton Garis
Associate Professor of Economics


Email: [email protected]
Phone: +971 2 607 5297
Office: 2116 (Bu Hasa)


Academic Qualifications

* Ph.D., Resource Economics, University of Florida
* M.Sc., Agricultural Economics, Texas A & M University
* B.Sc., Industrial Engineering, University of Massachusetts

2003 to now Associate Professor of Economics, Petroleum Institute, Abu Dhabi

Dr. Garis has over 20 years experience in commodity price analysis and over 10 years experience in Qur’anic economics. He has been an invited speaker at oil and gas, refinery, and petrochemical conferences in the Gulf region presenting research on cash and futures petroleum market behavior and price formation. Dr Garis has presented research on oil prices and energy alternatives at the American Society of Mechanical Engineers annual conference in Anaheim, California, USA, and the Society of Petroleum Engineers regional conference in Bahrain. He has acted as a consultant on the use of futures and options markets for wet barrel hedging for Gulf producers, and also is a regular contributor to Islamic economics and finance forums in the Middle East, specializing in Shar’iah-compliant commodity based futures and options hedging for producers. His book on Qur’anic economics, Manna From Heaven will be published this winter.

Dr. Garis is a columnist for Oil and Gas News, ADNOC News, Oil & Gas Middle East, and Zawya on oil pricing and marketing issues.

Research Interests
Petroleum market price analysis
Futures petroleum market behavior
Islamic finance and economics

So what are yours since you are so quick to compare him to a WWE commentator?

[clocker]

How many "experts", "professors" and "economists" studied the financial system and foresaw the crisis we are now embroiled in?
How did they stop/mitigate it?

Fie on your experts.

[mjmacky]

I'm of the persuasion that we cannot avoid another major war. What part in history makes that seem possible. We do all we can to prevent hostilities from spilling over and will just invent a new kind of multinational conflict somewhere in the process. We'll call it WWIII but it'll be a whole different monster.

[megabyteme]

Yea the professor doesn't know what he is talking about, sure.

Here are his credentials:

Dr. Dalton Garis
Associate Professor of Economics


Email: [email protected]
Phone: +971 2 607 5297
Office: 2116 (Bu Hasa)


Academic Qualifications

* Ph.D., Resource Economics, University of Florida
* M.Sc., Agricultural Economics, Texas A & M University
* B.Sc., Industrial Engineering, University of Massachusetts

2003 to now Associate Professor of Economics, Petroleum Institute, Abu Dhabi

Dr. Garis has over 20 years experience in commodity price analysis and over 10 years experience in Qur’anic economics. He has been an invited speaker at oil and gas, refinery, and petrochemical conferences in the Gulf region presenting research on cash and futures petroleum market behavior and price formation. Dr Garis has presented research on oil prices and energy alternatives at the American Society of Mechanical Engineers annual conference in Anaheim, California, USA, and the Society of Petroleum Engineers regional conference in Bahrain. He has acted as a consultant on the use of futures and options markets for wet barrel hedging for Gulf producers, and also is a regular contributor to Islamic economics and finance forums in the Middle East, specializing in Shar’iah-compliant commodity based futures and options hedging for producers. His book on Qur’anic economics, Manna From Heaven will be published this winter.

Dr. Garis is a columnist for Oil and Gas News, ADNOC News, Oil & Gas Middle East, and Zawya on oil pricing and marketing issues.

Research Interests
Petroleum market price analysis
Futures petroleum market behavior
Islamic finance and economics

So what are yours since you are so quick to compare him to a WWE commentator?

Your professor has EVERY reason (highlighted in bold) to say things that will help (spread fear and) raise the price of oil. Extremely biased commentators typically have minimally valuable information to offer- regardless of their resumes.

[clocker]

@Sandman:
I'm not sure why we're even arguing about this.
Whether the Canal handles 2% or 30% matters not...it's open for business and there's no delay, so whatever was flowing before is flowing now.
Thus, there should be no change in crude barrel prices (at least no changes because of "fear" or "uncertainty" regarding the Suez).

The Suez is undeniably an important piece of the worldwide shipping network and Egypt makes a lot of money off it, so no one in Egypt has incentive to throttle it.
In the unlikely event that it does become impeded, Big Oil will snap it's fingers and start using alternative routes (and building new ones) and/or call for military intervention.
Petty concerns like democracy, jihad and social unrest will not stop the flow of oil and money.

[sandman_1]

@Sandman:
I'm not sure why we're even arguing about this.
Whether the Canal handles 2% or 30% matters not...it's open for business and there's no delay, so whatever was flowing before is flowing now.
Thus, there should be no change in crude barrel prices (at least no changes because of "fear" or "uncertainty" regarding the Suez).

The Suez is undeniably an important piece of the worldwide shipping network and Egypt makes a lot of money off it, so no one in Egypt has incentive to throttle it.
In the unlikely event that it does become impeded, Big Oil will snap it's fingers and start using alternative routes (and building new ones) and/or call for military intervention.
Petty concerns like democracy, jihad and social unrest will not stop the flow of oil and money.

I think the main concern is if there was a hostile regime put in place, like Iran, to the USA. Also I think you will find that we have agreement on more things than not. We just slightly differ in opinion. I do agree that they purposely do things to artificially raise oil prices. Things can happen just by a word/rumor on Wall Street.

@megabyteme

He is not my professor. And do you have proof to back up your argument in regards to this professor? I mean what you pointed out wasn't proof and was pretty weak. Also the guy works for a college so it isn't like the guy is in the private sector here. http://www.pi.ac.ae/PI_ACA/cor/index.php

[clocker]

I think the main concern is if there was a hostile regime put in place, like Iran, to the USA.

Irrelevant.
We've spent billions installing (or at least, attempting to install) a "friendly" democratic regime in Iraq so we could access their oil (remember that Rumsfeld promised that Iraqi oil revenue would pay for the war?) and have nothing to show for it.

The type of government that happens to be perched above oil supplies is simply window dressing- a sop to the masses- and totally irrelevant to the corporations who actually wield power.
Arrangements can and have been made with the full spectrum of political expression...money is money, it knows no borders and brooks no conscience.

Edit:
Belatedly addressing the thread title:
The Pharoahs would consider Mubarak a gigantic pussy.
They would have considered Hitler and Stalin to be lightweights.
The Pharoahs would have considered their thoughts about anything to be none of your goddamn business.

[999969999]

Edit:
Belatedly addressing the thread title:
The Pharoahs would consider Mubarak a gigantic pussy.
They would have considered Hitler and Stalin to be lightweights.
The Pharoahs would have considered their thoughts about anything to be none of your goddamn business.

I agree. These riots would have been put down immediately.

[999969999]

Just for the sake of debate, we open up every source of oil/gas we have and produce enough to supply our demand, we become self sufficient.

How likely do you think it would be that.

I think it would be very likely that we could become self-sufficient using nuclear power and coal for electricity and natural gas for fuel for our vehicles.

Our fuel price would be lower than the world market?

You've got me here.

Oil companies would only sell to us and not the more profitable world market?

And here.


Oil companies would drill more to keep prices lower when demand rises?

And here.


There are many drilling sites available for production that are not opened, it's not in the financial interest of the oil companies to increase supply.

But it may be soon.
Edit.

As for Egypt, we should keep our noses out.

For once, I agree with you on something!

....