The petroDollar system breaking down, where oil is no longer paid for in Dollars internationally, essentially would be the death knell to the US Dollar as the reserve currency. It means the US can't borrow with 'exorbitant privilege' anymore, and it means the US Treasury market is set for an out-of-control interest rate spiral.
To make a good salad is to be a brilliant diplomatist - the problem is entirely the same in both cases. To know exactly how much oil one must put with one's vinegar.
I'm a bit of an alchemist sorceress. I've collected probably 1500 oils from around the planet over the last ten years. I'm kind of obsessed with the sensuality of it.
The people among which I lived - and yet live, mainly - made their living from cotton, wheat, cattle, oil, with the usual percentage of business men and professional men.
There is enough oil out there for world demand. It is true that a lot of what's driving oil prices up right now is not the lack of supply. There's enough supply.
Immense deposits of kimmeridge clay, containing the oil-bearing bands or seams, stretch across England from Dorsetshire to Lincolnshire. [An early political recognition of the native resource. The Geological Survey had identified the inflammable oil shale in reports since at least 1888.]
We've subsidized oil companies for a century. That's long enough. It's time to end the taxpayer giveaways to an industry that rarely has been more profitable, and double-down on a clean energy industry that never has been more promising. Pass clean energy tax credits. Create these jobs.
To ask whether the mainstream media has a conservative or liberal bias is like asking whether al-Qaida uses too much oil in their hummus. It's - I think they might use too much oil in their hummus - but it's the wrong question.
Today, as a result of a miraculous set of circumstances, Iran is going to get between $50 to $55 billion in oil revenue, which is unheard of in the history of the revolution.