Diversification! Oil prices falling!

[UML]

DOOM AND GLOOM!!!!

[megadoc1]

Oil is on the way down again

[bluesclues]

all of the markets are crashing. every stock in china plummetted 30% and still slipping. the grexit will have something to do with it. brics may soon be a reality.

well.. all except for bitcoin.. which just went up almost 30% and rising

[The_Honourable]

Things getting a bit sticky...

[The_Honourable]

Crude oil is sliding to new lows

Crude oil just cracked $42 a barrel for the first time in over 6 years.

On Thursday after, West Texas Intermediate crude futures fell nearly 3% to below $42 a barrel in New York.

As prices continue to get hammered on excess supply, the oil market got even more bad news on that front this week.

On Tuesday, the 12-member oil cartel OPEC reported that its output rose to a three-year high in July. Iran was one of the biggest producers, and the country is expected to boost its output for exports when economic sanctions are lifted.

In the US, the latest data from the Energy Information Administration released Wednesday showed that crude inventories fell by 1.68 million barrels last week, a smaller-than-expected decline. Stockpiles remain at the highest levels for this time of year in at least 80 years.

Also on Wednesday, the International Energy Agency said in a monthly report that the global oil market would remain oversupplied through 2016, even though lower oil prices are expected to boost demand growth at the fastest pace in five years.

WTI fell into a bear market last month — defined as a 20% fall from recent highs — and is now down as much as 30% from highs reached in June. Compared to this time last year, WTI prices are down about 60%.

Source: http://www.businessinsider.com/crude-oi ... -13-2015-8

[Habit7]

Stop spreading DOOM AND GLOOM PNM lies.

Kamla and her astute government will stabilize world oil prices.

[janfar]

WTI is falling as the US has too much reserves and their rig count has risen.

Brent went up on the other hand. I don't think it will hold for long.

Republicans win election---> Operation Iranian Freedom+ Operation Iraqi freedom 2= 200usd per barrel.

[Habit7]

Republicans win election---> Operation Iranian Freedom+ Operation Iraqi freedom 2= 200usd per barrel.

+Operation Syrian Freedom+Operation Venezuelan Freedom+Operation Yemeni Freedom=YEAH!!!!

[The_Honourable]

For real. Donald Trump looking like the Republicans choice for president. Kamla or Rowley better hope some war happens otherwise no causeway or rapid rail happening.

[The_Honourable]

$39.89

Crude oil crashes below $40 per barrel

Crude oil just crashed below $40 per barrel for the first time since 2009.

West Texas Intermediate crude oil futures in New York fell more than 3% to as low as $39.89 per barrel.

On Friday afternoon, data from driller Baker Hughes showed that the oil rig count climbed by two to 672 — the fifth straight week with a rise. Shortly after the data release, WTI slipped below $40.

The slide toward $40 per barrel gained momentum earlier this week after the US Energy Information Administration reported a larger-than-expected build in crude inventories last week.

This added to signs that the oil market remains oversupplied, with unequal demand, as the 12-member oil cartel OPEC continues to pump at an unrelenting pace. The group's latest monthly report showed that its output surged to a three-year high in July, boosted by Saudi Arabia, Iraq, Angola, and Iran. More Iranian oil is expected on the market when economic sanctions are lifted.

Oil is now headed for its longest weekly losing streak since 1986, according to Bloomberg. Oil is in a bear market, and prices are down nearly 35% from recent highs.

Friday's drop comes amid a bigger sell-off in global markets. The major averages are seeing their sharpest weekly loss of the year, and the Dow lost more than 350 points during Friday's session.

Brent crude oil, the international benchmark, fell to $45.10, the lowest level in six years.

Source: http://www.businessinsider.com/crude-oi ... -21-2015-8

[UML]

PNM doesn't want this hot potato

[Dizzy28]

^ But what has the PP done to diversify the income stream over the past 5 years?

[jm3]

^ exactly pnm were calling for diversification 5 years ago we would not be worrying so much right now if that had of happened.

[Habit7]

^ exactly pnm were calling for diversification 5 years ago we would not be worrying so much right now if that had of happened.

PNM was diversifying into aluminium smelting and UNC protested. Snap election called for fresh mandate, UNC won and cancelled all contracts.

5 years later no diversification and aluminium prices are up.

[jm3]

Yep real sad pp got voted in

[zoom rader]

^ exactly pnm were calling for diversification 5 years ago we would not be worrying so much right now if that had of happened.

PNM was diversifying into aluminium smelting and UNC protested. Snap election called for fresh mandate, UNC won and cancelled all contracts.

5 years later no diversification and aluminium prices are up.

Was the smelter state own or was it foreign for foreign profits.
If it was foreign how does the aluminium prices give this country millions. It can't be from gas cause the price was a secret.

How did PNM plan on making money off the smelter.

Cheap gas prices we never knew about and massive profits for foreign shareholders.

All this while a skilled workforce is taken advantage off and health risks high.
Don't forget they never got clearance to ship the toxic pot waste on sea and land

PNM con job.

[Habit7]

ZR most oil & gas companies in T&T are foreign owned. You have even called for govt to leave the private sector. Govt earns revenue from these companies by taxing their product. This would be no different with aluminum smelting, we will tax their product.

The downstream though is that we will have a local source of aluminum and it can be added into manufacturing products from cans to airplanes.

I refuted that toxic waste stupidness already viewtopic.php?f=4&t=604437&p=8426730#p8426730

[nervewrecker]

ZR most oil & gas companies in T&T are foreign owned. You have even called for govt to leave the private sector. Govt earns revenue from these companies by taxing their product. This would be no different with aluminum smelting, we will tax their product.

The downstream though is that we will have a local source of aluminum and it can be added into manufacturing products from cans to airplanes.

I refuted that toxic waste stupidness already viewtopic.php?f=4&t=604437&p=8426730#p8426730

I'll have to take a read into this later.

We manufacture cans here BTW?

Sent from my Nexus 7 using Tapatalk

[EmilioA]

Was the smelter state own or was it foreign for foreign profits.
If it was foreign how does the aluminium prices give this country millions. It can't be from gas cause the price was a secret.

How did PNM plan on making money off the smelter.

Cheap gas prices we never knew about and massive profits for foreign shareholders.

All this while a skilled workforce is taken advantage off and health risks high.
Don't forget they never got clearance to ship the toxic pot waste on sea and land

PNM con job.

How does govt make money from all them methanol, ammonia , urea etc plants in Point Lisas ?

[zoom rader]

ZR most oil & gas companies in T&T are foreign owned. You have even called for govt to leave the private sector. Govt earns revenue from these companies by taxing their product. This would be no different with aluminum smelting, we will tax their product.

The downstream though is that we will have a local source of aluminum and it can be added into manufacturing products from cans to airplanes.

I refuted that toxic waste stupidness already viewtopic.php?f=4&t=604437&p=8426730#p8426730

I'll have to take a read into this later.

We manufacture cans here BTW?

Sent from my Nexus 7 using Tapatalk

Nervewrecker and other Tuners.

EMA gave clearance but the Internationals toxic waste bodies never gave them clearance to ship, especially the stringent USA.

The local EMA as we all know was a PNM Rubber stamp at that era.

The Smelter owners never got clearance to ship internationally from the international bodies.

Oil and gas companies pay trini a Royalty Tax and Lease.

Smelter was exempt from Taxes.

The only way the government could have made little money was from the Sale of cheap natural gas and taxes from the underpaid workforce.

Downstream industries is a joke. The PNM tried Down streaming with ISCOTT and that failed as only one plant was brought on line at that time, Dansteel.

Smelter had far more Cons that pros

I don't know what Habit7 trying to refute.

[Habit7]

ZR I deal with fact not conjecture, so until you can match that then you have nothing worthwhile.

How ignorance killed the smelter

By David Renwick
Story Created: Sep 22, 2010 at 12:36 AM ECT
Story Updated: Sep 22, 2010 at 12:36 AM ECT

I was a little disappointed, no, amend that, VERY disappointed, that Energy and Energy Affairs Minister Carolyn Seepersad-Bachan obviously failed – assuming, that is, if she tried at all – to convince her Cabinet colleagues to ignore the People's Partnership misguided election campaign anti-aluminium smelter rhetoric and press ahead with the project.
But a pathetic combination of lack of vision, ignorance and emotion prevailed and Finance Minister Winston Dookeran delivered the coup de grace in his 2010-2011 budget address on September 8.
Since the political likelihood is that the People's National Movement (PNM), even under its assertive new leader Dr Keith Rowley, will not regain office for at least another ten years, there is little chance of this unwise decision being reversed.
After a period of 36 years, therefore, the idea of aluminium smelting as an essential ingredient in Trinidad and Tobago's move towards developed country status – a goal by the way, both Jamaica and Barbados have borrowed from us – seems to have hit the buffers.
How sad and, indeed, how hypocritical, since both ministers Seepersad-Bachan and Dookeran were members in good standing of the United National Congress (UNC) in 1998 when, as the government, that party signed an agreement with Norway's renowned aluminium producer, Norsk Hydro, for the construction of a 237,000 tonne a year smelter, to be sited at the Point Lisas industrial estate.
Neither disassociated themselves from the policy at the time and presumably both concurred with the statement by their then party leader and Prime Minister, the Honourable Basdeo Panday, that: "The country's quest for an aluminium smelter is finally within our grasp," adding, pointedly, that he was "determined to move the children of sugar workers out of the plantation economy and seasonal employment, into the world of regular work and permanent jobs in a modern industrial sector".
If today's children of those earlier sugar workers get the impression that Ms Seepersad-Bachan and Dookeran care somewhat less about moving them into "the world of regular work and permanent jobs in a modern industrial economy" than Panday did, who could blame them?
Ms Seepersad-Bachan is doubly culpable in this matter because she is one of the few members – if not, the only member – in a Cabinet dominated by lawyers, to have a technical background (in her case, electrical engineering).
She is assumed, therefore, to be in a better position to be able to grasp the significance of the role heavy industry, and the materials it produces, plays in the creation of an industrial society, the only path to full economic development.
Ask China, which is industrialising at a breakneck pace and putting itself way ahead of India in this regard, the latter having chosen services as its medium of development.
Thanks to its frenetic pace of industrialisation, China has now achieved the position of being the world's second largest economy in only a few decades.
The energy and energy affairs minister, specifically mentioned "metals and associated downstream industries" in her list of projects for "the prioritisation and allocation of natural gas", as she put it, when presenting the results of the latest Ryder Scott audit of the country's natural gas reserves in July.
Aluminium is a metal, right?
She did not, repeat not, specify "steel" in her announcement.
The fact that aluminium, one of the key building blocks of industrialisation, has now been unceremoniously dismissed from consideration, on the basis, according to the budget speech, of "much public criticism", "health and environmental risk," "viability" and "concern about the optimal use of gas," (all of which have been already effectively discredited by real experts) it seems clear to me that the People's Partnership government is bent on retarding Trinidad and Tobago's economic development, rather than enhancing it.
Forget developed country status by 2020, as the PNM administration had envisaged.
This desirable objective has seemingly been postponed, perhaps to Jamaica's date of 2030, perhaps to never.
It brings tears to one's eyes that this new government can apparently see only the small picture and not the big one, as the PNM was clearly capable of doing.
Mr Dookeran made great play in his budget with small and medium size enterprises (SMEs), outsourcing, culture-based activities, the fashion industry, tourism, even free trade zones.
All of these are fine but they almost all rest on the essential element of a low-paid workforce.
No country has ever truly developed or become richer (Trinidad and Tobago is already rich by international standards) in the absence of industrialisation, both heavy and light.
We already enjoy much of the latter; the former is what now counts.
On another budgetary matter, not directly related to energy (and I hope my readers will forgive me for raising it, though there are undoubtedly many energy industry people involved) - why did Dookeran choose to disrupt the on-going activities relating to the eventual settlement of the debt owed to depositors in CLICO's former short-term investment funds?
He has completely up-ended the efforts that were successfully being made, under the supervision of the Central Bank and the former finance minister, to repay all the money owed over a modest period of time, on the basis of resources already presumably advanced by the government to the company and on its own efforts at putting its various businesses back in order.
There are people I know who hold signed statements by CLICO, setting out a schedule of repayments of their outstanding balances, with a token amount of interest attached.
These signed pledges may very well be the basis of future court cases, demanding that they be fulfilled.
The Dookeran alternative of a small lumpsum payment and settlement over 20 years, by which time almost all of the creditors will be dead is patently absurd.
I expect the People's Partnership to lose significant support over this ill-advised act.

David Renwick was awarded the Hummingbird Medal (gold) in 2008 for the development of energy journalism in Trinidad and Tobago.

http://www.trinidadexpress.com/business ... 01184.html

Plus where were they going to ship the toxic waste products since other countries refuse to accept it. This question was never answered by PNM .

Waste export

The EMA said it was also satisfied that the company had made arrangements to export hazardous waste material to a facility in Arkansas, in the United States.

McIntosh told reporters that it had taken more than a year to grant the CEC despite the Patrick Manning Government's apparent rush to get the project off the ground.

Energy Minister Dr. Lenny Saith said last week that construction of the plant would begin within a month.

The U.S.-based aluminum company, Alcoa, has also submitted a request for clearance for a similar plant. McIntosh said that matter was still before EMA.

http://jamaica-gleaner.com/gleaner/2007 ... ness9.html

EMA at that time was a puppet of the PNM. This is the same EMA that cooked up bogus reports on Biche high school.
Biche high in full operations without any problems at present .

The smelter company never got clearance to ship to US via international waters. Making arrangements does not mean you got clearance from the US.

First you said PNM never answer the question of waste disposal, then when show you PNM approved solution you jump to another canard. That EMA is the same EMA as today which the govt is underfunding and according to the govt commissioned Armstrong Report produced a bogus CEC for the highway.

You need to keep quiet and ban yuh belly because low oil prices mean less production in North Sea. So hold on tight in T&T and wave yuh baliser in Sando East even with a crapaud in a tie as your MP because you going to be seat #21+ to form the PNM govt.

[zoom rader]

^^^^ Habit7, Stop trying to twist things around.

Applying for a request for clearance is not the same as getting clearance.
Alcoa never got any clearance from the international bodies to ship on Land and sea.
EMA is for Trini .

The U.S.-based aluminum company, Alcoa, has also submitted a request for clearance for a similar plant. McIntosh said that matter was still before EMA.

[EmilioA]

Looks like ZR ignoring how Govt does get money from Point Lisas.

[zoom rader]

Looks like ZR ignoring how Govt does get money from Point Lisas.

They government makes money via the sale of Natural Gas, some of those industries still enjoying Big tax brakes on exporting and plant & machinery import duties.

Wasa also makes money via selling Desalcott water at nearly $8 a cubic yard, I cant remember if that's in US $$$

All industries at Pt lisas pay the estate a rent/lease which is a private company.

The Government getting chicken feed money in Pt Lisas bro

[EmilioA]

Looks like ZR ignoring how Govt does get money from Point Lisas.

They government makes money via the sale of Natural Gas, some of those industries still enjoying Big tax brakes on exporting and plant & machinery import duties.

Wasa also makes money via selling Desalcott water at nearly $8 a cubic yard, I cant remember if that's in US $$$

All industries at Pt lisas pay the estate a rent/lease which is a private company.

The Government getting chicken feed money in Pt Lisas bro

How much is that chicken feed ? You could give a approximation?

Also I see you leave out VAT, Corporate Tax, Income Tax on the employees , Customs and Excise. Make sure to include those thing in your calculation. I go check back later.

[RASC]

Zoom Rader you still have a job with oil this low?

[zoom rader]

Looks like ZR ignoring how Govt does get money from Point Lisas.

They government makes money via the sale of Natural Gas, some of those industries still enjoying Big tax brakes on exporting and plant & machinery import duties.

Wasa also makes money via selling Desalcott water at nearly $8 a cubic yard, I cant remember if that's in US $$$

All industries at Pt lisas pay the estate a rent/lease which is a private company.

The Government getting chicken feed money in Pt Lisas bro

How much is that chicken feed ? You could give a approximation?

Also I see you leave out VAT, Corporate Tax, Income Tax on the employees , Customs and Excise. Make sure to include those thing in your calculation. I go check back later.

I ent left out nothing as I said most industries still enjoying tax benefits from customs and excise .
Corporate tax is a joke, most fiddle their books
Vat on what? that sell 90% of their products abroad.
Employees are ripped of by being underpaid and weak unions.

[zoom rader]

Zoom Rader you still have a job with oil this low?

Yep at wuk now. Companies still making a killing with low prices.

Most companies used the oil price to get rid of non productive workers and shake off tie up contracts with service companies. Its win win for them. Shell oil win big time since they brought up smaller producers.

At present is cost North sea producers around $16US to process the oil from sea to land terminals which they sell for at the going price $40US, do the maths they still making a killing.

[nervewrecker]

Looks like ZR ignoring how Govt does get money from Point Lisas.

They government makes money via the sale of Natural Gas, some of those industries still enjoying Big tax brakes on exporting and plant & machinery import duties.

Wasa also makes money via selling Desalcott water at nearly $8 a cubic yard, I cant remember if that's in US $$$

All industries at Pt lisas pay the estate a rent/lease which is a private company.

The Government getting chicken feed money in Pt Lisas bro

Nah, its tt$8.00

Thought is desal selling the companies 20mgd and Wasa 20mgd? Didn't know Wasa taking all 40mgd and selling back 20mgd. Sounds like it yunno but it not too fresh in my head.
Can correct me if I'm wrong.

Sent from my Nexus 4 using Tapatalk

[EmilioA]

Looks like ZR ignoring how Govt does get money from Point Lisas.

They government makes money via the sale of Natural Gas, some of those industries still enjoying Big tax brakes on exporting and plant & machinery import duties.

Wasa also makes money via selling Desalcott water at nearly $8 a cubic yard, I cant remember if that's in US $$$

All industries at Pt lisas pay the estate a rent/lease which is a private company.

The Government getting chicken feed money in Pt Lisas bro

How much is that chicken feed ? You could give a approximation?

Also I see you leave out VAT, Corporate Tax, Income Tax on the employees , Customs and Excise. Make sure to include those thing in your calculation. I go check back later.

I ent left out nothing as I said most industries still enjoying tax benefits from customs and excise .
Corporate tax is a joke, most fiddle their books
Vat on what? that sell 90% of their products abroad.
Employees are ripped of by being underpaid and weak unions.

So your calculation is......a few billion or so ? I'd like a actual number.