Did I Read Juan Cole Correctly? US Fracking will Replace Loss of Blown Up Syrian Oil

[KoKo]

Last edited Sun Sep 28, 2014, 08:22 PM - Edit history (1)

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US Strikes ISIL Oil Fields in Quest to Defund it: But Will it Replace Oil With Fracking?

by Juan Cole

Sawt al-Iraq [Voice of Iraq] reports that during the past two days, Saudi, UAE and American fighter jets attacks small oil refineries originally built for Syria by Turkey, which had been run by ISIL in Deir Ezzor. the day before yesterday the allies struck 12 refineries that ISIL had been in control of, and from which it allegedly earned $2 mn a day.

At the same time, Western strategy is to seek more Middle Eastern allies. Pressure is being put on a reluctant Turkey to step up and play an active role in combating ISIL. US VP Joe Biden recently met with Turkish President Tayyip Erdogan in this connection.

The Succor Front (Jabhat al-Nusra), al-Jabhat al-Nusrah, which is linked to al-Qaedah, withdrew from positions in West Ghouta in Damascus and in Deraa for fear of American air strikes on their territory.

Alaraby (UK) reports that the ISIL fields in Syria pump less thaan 100,000 barrels a day. Although theoretically this could bring the organization millions of dollars a day, Alaraby thinks it is considerably less. US officials said that increases in US production could offset the loss to the world market of ISIL petroleum.

Unfortunately US increases would be through fracking, which would be very bad for the environment. The more logical way of proceeding would be to enact a carbon tax and get people taking public transport or driving electric cars; if enough did that, the demand for petroleum would fall dramatically.

http://www.commondreams.org/views/2014/09/28/us-strikes-isil-oil-fields-quest-defund-it-will-it-replace-oil-fracking

[frazzled]

1. Syria barely has any oil, so no

There's nothing needed to make up for it. One-tenth of one percent of the entire world's oil usage comes from Syria.

After all, Syria itself produces very little oil — currently around 60,000 barrels of oil per day, or less than 0.1 percent of the world's total.

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/09/09/syria-hardly-has-any-oil-so-why-does-it-matter-so-much-to-oil-markets/

[KoKo]

2. But, that article also describes there isn't any Reserve Oil from Saudi Arabia

or Libya like in the past to make up the difference because they've had extra demand.
and if the pipeline through Turkey gets damaged then the price of oil will skyrocket on world markets.

That's would explain why they need our own US resources if this war continues and more disruption occurs. We've been told this war is endless. So...i can see now from the article you linked why we would have to sell them our fracked oil. Juan Cole, unfortunately seems correct to caution that we will see an outcry for more fracking here in the USA to "Export" to balance out the loss of Syria and Libya's oil production, according to your link:

=====From Your WaPo Link:=====

3) The world can't deal with minor oil disruptions as well as it used to. But there's still more to the story. After all, disruptions in the oil market are hardly new. And as the chart above suggests, the amount of oil currently offline is a bit higher than in years past, but not drastically higher.

There's something else going on here: In the old days, Saudi Arabia and other OPEC producers had plenty of "spare capacity" — that is, idle wells they could bring online rapidly when disruptions happened. The mere existence of this spare capacity was often enough to placate the oil markets.

Trouble is, Saudi Arabia may well have less spare capacity than it used to. A recent report (pdf) from the International Energy Agency estimates that OPEC's spare capacity is now just 2.2 million barrels per day — well down from the three-year average of 3 million barrels per day. This data is always a bit fuzzy, but it suggests that the world has less ability to deal with disruptions than it used to. And that, the IEA says, may help explain why oil futures are generally spiking higher lately:

[sendero]

4. fracking..

.... the oil-drilling equivalent of what you get from a soda while making that slurping noise at the end.

the dregs. wells that last barely a year. some quick profits for the energy companies but not a long term source of oil period.

[KoKo]

5. No...it's pretty puny....but, enough to "tide them over" THEY THINK...

The PTB that is...who are "Masters of the Universe."

USA Does Fracking and Extracts its last Oil Resources and gives it away to the Middle East to do the "Final Solution" to the Conflicts Over there?

[KoKo]

6. BTW...Great Visual! At the "End of Times...Give it Away for Endless War"

American Resources....for GLOBAL PROFIT.

[woo me with science]

3. K&R

[KoKo]

7. Thanks..I still think this is worth a view/read from Professor Cole

Was surprised at lack of interest......

[woo me with science]

8. Me, too.

[hack89]

9. "US poised to become world’s leading liquid petroleum producer"

The US is overtaking Saudi Arabia to become the world’s largest producer of liquid petroleum, in a sign of how its booming oil production has reshaped the energy sector.

US production of oil and related liquids such as ethane and propane was neck-and-neck with Saudi Arabia in June and again in August at about 11.5m barrels a day, according to the International Energy Agency, the watchdog backed by rich countries.

However, even Saudi officials do not deny that the rise of the US to become the world’s largest petroleum producer – with an even greater lead if its biofuel output of about 1m b/d is included – has played a vital role in stabilizing markets.

Global crude prices have fallen in the past two years, in spite of the turmoil in Syria and Iraq, fighting in Libya and Russia’s conflict with Ukraine.

http://www.ft.com/cms/s/0/98104974-47e4-11e4-be7b-00144feab7de.html#axzz3EolVEHoZ

[Baclava]

10. The Kurds are sitting atop an ocean of oil

Shaikan reserves upped to 13.7 billion barrels.

http://www.offshore.no/international/news/article.aspx?Id=20685