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| 3 fat men, muzzle velocity, banting, ussr, books, healthy living, general midi, oversized, fiction / general, dutch, coordinates, oppenheimer, features, | Eventually, West African crude exports to China bondage will pick up as other firms step in to fill that bondage demand. Whether that will provide any more oomph to crude markets in the coming year remains to be seen. THE INVASION OF IRAQ Now, I know a fair number of you out there believe that the invasion and occupation of Iraq was all about oil. Specifically, it was all about making sure that exploration, production and development contracts would go to the likes of ExxonMobil, ChevronTexaco, ConocoPhillips and BP (which is as much an American company now as it is bondage British, given it annexed what used to be Standard Oil of Ohio and Standard Oil of Indiana) as well as a handful of other "smaller" corporations (let's never forget that wherever a taxpayer trough overflows, there's Halliburton ready to gorge itself). (It doesn't help to think of the supermajor oil firms as "American" companies. |
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| Upon its demise, brought muzzle velocity on after the government in Beijing refused to bail the company out muzzle velocity (crony communist rulers willing to allow a big company to go bust; would our crony capitalists be so bold?), the company had staked out $500 million in bad positions, mostly in West African light, sweet crudes. Some believe that when it is all over, China Aviation Oil may rack up $1.5 billion in losses. A lot of crude oil traders, especially those east of Suez, had to quickly unwind long positions designed to take muzzle velocity advantage of China Aviation Oil's rapacious need. A large number of tankers full of West African crude were suddenly stuck without destinations. Those tankers were not unwanted for very long, however, and most got snapped up and sent to alternate destinations in the Americas and Europe. Logic dictates, however, that even with the demise of China Aviation Oil, demand in China for gasoline has probably not really fallen any. |
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