North Korea is sitting on $6 trillion in mineral resources

 

So Rocket Man, Chairman Kim Jong Un, has a whole lot of stuff sitting under his earth’s crust. While everyone depicts North Korea as this down and out country, it turns out the story is far more complicated with Billions of dollars worth of rare earth minerals for one. It has been claimed that it would be such burden for South Korea should these two ever get together. Not true apparently. Plus it has beautiful beaches that Trump would love to develop!:

 

It has long been regarded as a poor country.

But as it turns out North Korea is a lot richer than we thought, or at the very least has the potential to be.

North Korea has mineral resources estimated to be worth at least $6 trillion, according to Quartz, and the secretive state is sitting on a vast array of mineral resources which remains largely untapped including iron, gold, magnesite, zinc, copper, limestone, molybdenum and graphite.

Its bedrock also holds a large amount of metals needed to make smartphones and other technological products.

But while the isolated nation might be rich in underground resources, taking advantage of the buried treasure this remains another issue.

But a 2012 estimate by a South Korean research institute valued its mineral wealth as high as $10 trillion, The Economist reported.

More at  New York Post

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Europe folds like a cheap suit – winds down import of Iranian oil

 

This didn’t take long now did it? Europe huffs and puffs.The media are so sure that Trump is wrecking our important relationships with our allies across the pond.

This as we just celebrated D-Day when we gave up our precious treasure of blood and life of our  young men for them. And Germany? What penance are you willing to give to us for us having to shed blood twice last century for your attempt at self-aggrandizement.

Even today, we pay for Europe’s security and now we ask you all to kick into the kitty by engaging in FAIR trade with us. So we want Europe’s support in fixing the feckless Iranian deal. After much bluster it looks like they are caving like a cheap suit:

After an initial hesitance over how the returning U.S. sanctions will affect Iran’s oil buyers, European refiners are beginning to wind down purchases from Iran after tanker providers, insurers, and banks began to shun Iranian deals and destinations for fear of exposing themselves to secondary sanctions.

Several large European companies in France, Spain, Italy, and Greece are reportedly admitting that they won’t risk U.S. sanctions and are unable to find tankers and insurer providers willing to facilitate shipments of Iranian oil to Europe, Reuters reported on Wednesday, citing company and trading sources.

Iran’s total oil exports have averaged around 2.5 million bpd in recent months, peaking in April, just before the U.S. withdrew from the Iran nuclear deal. Iran says that its May oil exports were higher than this year’s average, but it now looks like European refiners are choosing not to risk and have started to figure out ways to wind down Iranian oil purchases.

Iran’s oil exports to Europe account for around one-fifth of the total, while most of the Iranian crude goes to China and to India.

“We cannot defy the United States,” a senior source at Italy’s Saras, which operates a 300,000-bpd refinery on the island of Sardinia, told Reuters.

“It is not clear yet what the U.S. administration can do but in practice we can get into trouble,” the source noted.

A drop in crude trading between Iran and Europe could complicate efforts by the European signatories of the nuclear deal – France, Germany and Britain – to salvage the agreement.

Refiners including France’s Total, Italy’s Eni and Saras, Spain’s Repsol and Cepsa as well as Greece’s Hellenic Petroleum are preparing to halt purchases of Iranian oil once sanctions bite, the sources said.

H/T: Oilprice.com

Recent Legislation Mandates Additional Sales of U.S. Strategic Petroleum Reserve Crude Oil – Why?

 

While we are looking the other way, Congress is managing to sell off our strategic reserves. Why might I ask? While the recent boon in energy finds in the USA is great, it still needs to be refined. The recent hurricanes have caused shortages requiring a release. We are one terrorist away from possibly needing our reserves again. I include a list of recent releases. As if that was enough, keep this old post in mind.

U.S. giving away ownership and control of our Energy and refineries 

Yes, let’s put the USA at risk.

US omnibus bill mandates sale of 10 million barrels of government …

PlattsMar 21, 2018
The bill also calls for lowering the threshold where the US government can drawdown crude from its emergency stocks. Under the threshold, set in the Energy Policy and Conservation Act of 1975, the Department of Energy cannot take or sell crude from the SPR “if there are fewer than 350,000,000 barrels … then in February they were chipping away US mandates biggest non-emergency strategic oil sell-off ever

A little history on the stockpile:

The largest stockpile of government-owned emergency crude oil in the world, the SPR was established to help alleviate the effects of unexpected oil supply reductions. Located in four storage sites along the Gulf of Mexico, the SPR held more than 695 million barrels of crude oil at the beginning of 2017, or about 97% of its 713.5 million barrel design capacity. Prior to FY 2017 sales, the SPR inventory level had remained nearly constant for several years.

Source: U.S. Energy Information Administration, based on Strategic Petroleum Reserve. Note: Volumes sold in fiscal years 2017 through 2020 under the Bipartisan Budget Act of 2015 Section 404 are estimates based on projected prices of West Texas Intermediate crude oil in the February 2018 Short-Term Energy Outlook and Annual Energy Outlook 2018.

Previous releases:

2012 Hurricane Isaac Exchange  |  2008 Hurricanes Gustav and Ike Exchanges  |  2006 Ship Channel Closure Exchange  |  2006 Barge Accident Exchange  |  2005 Hurricane Katrina Exchange  |  2004 Hurricane Ivan Exchange  |  2002 Hurricane Lili Exchange  |  2000 Heating Oil Exchange  |  2000 Ship Channel Closure Exchange  | 1999 Maya Exchange  |  1996 Pipeline Blockage Exchange 

Non-Emergency Sales Although the Reserve was established to cushion oil markets during energy disruptions, non-emergency sales of oil from the Reserve can be authorized to respond to lesser supply disruptions or to raise revenues.

2011 IEA Coordinated Release  |  1996 Weeks Island Sale  |  1996-1997 Sales to Reduce the Federal Budget Deficit

Continued:

A previous Today in Energy article described the three bills enacted in 2015 and 2016 that collectively call for the sale of 149 million barrels in FY 2017 through FY 2025. Most of these sales set volumetric requirements, and revenues from those sales go to the U.S. Department of Treasury. A section of one of those bills—Section 404 of the Bipartisan Budget Act of 2015—included authorization for funding an SPR modernization program by selling up to $2 billion worth of SPR crude oil in FY 2017 through FY 2020. In that act, the sales are based on revenue targets that must be authorized by Congress.

Exchanges Agreements Oil can also be released from the Strategic Petroleum Reserve under exchange arrangements (similar to loans) with private companies.  Exchange contracts provide for a loan of crude oil to be repaid, in kind, within a date certain, with additional premium barrels (similar to interest).

 

For information resources:

H/T: Global Energy Post

U.S. EIA: Today in Energy

A previous Today in Energy article described the three bills enacted in 2015 and 2016 that collectively call for the sale of 149 million barrels in FY 2017 through FY 2025

Natural Gas from Putin’s Russia has to be imported to New England

 

Earlier this year, New England had to import a cargo of Russian liquefied natural gas, even though it is located just a few hundred miles from one of the largest natural gas fields in the world.

So reads the caption. An excellent example of just what has been allowed to happen that puts Americans at risk by a few nitwits. There, I said it and I cut to the chase.

Even the Boston Globe opined that “Massachusetts’ reliance on imported gas from one of the world’s most threatened places is also a severe indictment of the state’s inward-looking environmental and climate policies.”

Better yet, the Jones Act precludes Americans helping out other Americans:

The U.S. has several LNG export facilities that are already operational or will come online in the coming years. Why can’t we ship American LNG to Boston?

One reason is an antiquated federal law from 1920 – the Jones Act – that prohibits cargoes from being transported between U.S. ports unless they are carried on American-flagged ships.

The stupid thing:

There are about 150,000 miles of oil pipelines and more than 1.5 million miles of natural gas pipelines in theUnited States. ALREADY! 

The U.S. Energy Information Administration recently announced that in 2017, for the first time since 1957, the U.S. exported more natural gas than it imported.

Yet, even as we become a global energy superpower, political barriers prevent us from maximizing the benefits of the shale revolution.

Earlier this year, New England — located just a few hundred miles from the Marcellus Shale, one of the world’s largest natural gas fields — was forced to import a cargo of Russian liquefied natural gas. This was necessary because anti-energy activists have convinced local elected leaders to block new energy infrastructure, including pipelines that could bring American gas to the region. This is making households in the Northeast more dependent on imported energy, and forcing them to pay among the highest energy bills in the country. More at Washington Examiner

 

Here are a couple of sites where one can find out pipeline locations down to the county.

Pipeline101 – Where-Are-Pipelines-Located

 

Interactive map of pipelines in the United States | American …

The National Pipeline Mapping System (NPMS) Public Viewer from the Pipeline and Hazardous Materials Safety Administration allows users to view pipelines and related information by individual county for the entire United States. The map includes: Gas and hazardous liquid pipelines.

Trump overturns Obama’s ‘fracking’ rules but the story is not what you think

 

I slid over to one of the “other” news channels for a sec…. of course I heard all of the doom and gloom that Trump was over turning Obama’s fracking rules and would allow undisclosed chemicals into God’s green earth… then I caught this from the Daily Caller which gives us the back story,. (Trump has as well solved the coal regs problem already) I nominate this as one of the best fake news stories of the year….

President Donald Trump’s administration will give a belated gift to American energy producers and repeal former President Barack Obama-era regulations for hydraulic fracturing operations on federal lands.

The Interior Department is expected to publish a repeal of the rule in the Federal Register on Friday, and already the oil and gas industry are celebrating. Producers challenged were locked in court battles over the rule since it was finalized in 2015.

“It was clear from the start that the federal rule was redundant with state regulation and politically motivated, as the prior administration could not point to one incident or regulatory gap that justified the rule,” Kathleen Sgamma, president of Western Energy Alliance, said in a statement.

Interior will publish the repeal of the rule two days after the Tenth Circuit Court of Appeals dismissed an attempt to revive the Obama-era regulation. The court gave Interior until mid-January to repeal the rule.

Keep reading…

Bill Clinton’s Multi-Million Dollar Communist Uranium Deal – Circa 2008

Note the date of the Post: Clinton’s Multi Million-Dollar Communist Uranium Deal  JANUARY 31, 2008. But we aren’t talking about Hillary, no, this Uranium thing started with Bill. And what do you know. The dirty cast of characters sound very familiar. One in the name of Frank Giustra.  In yesterday’s post Seven Facts to know about Uranium One – Hillary Clinton responds

  1. The Clinton Foundation Took Big Bucks from Uranium Investors
    According to theTimes, The Clinton Foundation received $2.35 million in donations from Ian Telfer, a mining investor who was also the chairman of Uranium One when Rosatom acquired it. It also received $31.3 million and a pledge for $100 million more from Frank Giustra, the Canadian mining financier whose company merged with Uranium One.

But I digressed. Keep your eyes open for Frank as I return to the chilling days of yesteryear:

Bill Clinton advocated for an oppressive communist leader known for human rights violations, corruption and election fraud to help a Vancouver businessman get uranium and, in return, the millionaire cut a hefty check to the former president’s foundation.

Clinton proudly used his clout to seal the sort of deal that would otherwise be impossible between an unknown uranium mining entrepreneur and the communist dictator of a former Soviet Republic (Kazakhstan), who happens to own one-fifth of the world’s uranium reserves.

With the help of his good buddy Clinton, Vancouver mining mogul Frank Giustra secured tens of millions of dollars worth of uranium to fuel nuclear reactors worldwide. The thank you note included a $31.3 million donation to the William J. Clinton Foundation as well as a future pledge of $100 million. (Seems like this is the going rate for Hillary as well.)

All Clinton had to do was endorse the election-rigging, communist human rights violator (Nursultan Nazarbayev) to head an international organization that monitors elections and supports democracy (Organization for Security and Cooperation in Europe). The former president’s endorsement defied the U.S. government and even his senator wife, who had previously signed a State Department letter detailing Nazarbayev’s serious corruption, canceled elections and government control of the news media.

Yet Clinton flew to meet the Nazarbayev and actually congratulated him for opening up his country’s social and political life to help seal the uranium deal. Incidentally, Clinton lied to the American public when he took the 2005 trip to the former Soviet Republic, saying the visit was to announce a Clinton Foundation agreement with that country to buy discounted AIDS drugs.

The Clinton’s have helped many wealthy donors secure lucrative deals with foreign governments and their ties to the communist Chinese have been well documented. In the 1990s Clinton and his Democratic party accepted massive campaign contributions from the Chinese in exchange for highly secret missile technology and his administration sold coveted commerce department seats in exchange for donations.  H/T: Judicial Watch

Christopher Wilson digs a little deeper into the Canadian connection. He does a nice job of putting the pieces together.

I give you a tweet from yesterday:

Seven Facts to know about Uranium One – Hillary Clinton responds

Hillary Clinton and the Obama administration find themselves at the center of an explosive scandal involving the transfer of 20 percent of all U.S. uranium to Russia via the sale of the Uranium One company, just as nine foreign investors in the deal funneled $145 million to the Clinton Foundation to help grease the wheels. Breitbart  has a roundup post of important facts called 7 Uranium One Facts Every American Should Know. Meanwhile Hillary is still holding her own as the vast Right Wing Conspiracy lumbers along, hopeful that justice will be meted out to her criminal enterprise. Here is my number one that should land her in jail.

  1. The Clinton Foundation Took Big Bucks from Uranium Investors
    According to theTimes, The Clinton Foundation received $2.35 million in donations from Ian Telfer, a mining investor who was also the chairman of Uranium One when Rosatom acquired it. It also received $31.3 million and a pledge for $100 million more from Frank Giustra, the Canadian mining financier whose company merged with Uranium One.

 

During an interview with C-SPAN, former Secretary of State Hillary Clinton said the controversy surrounding the 2010 uranium deal between Russia and the Obama administration had been “debunked.”

Clinton said “I would say it’s the same baloney they’ve been peddling for years, and there’s been no credible evidence by anyone. In fact, it’s been debunked repeatedly and will continue to be debunked.”

She continued, “But here is what they are doing and I have to give them credit. Trump and his allies, including Fox News, are really experts at distraction and diversion. So the closer the investigation about real Russian ties between Trump associates and real Russians, as we heard Jeff Sessions finally admit to in his testimony the other day, the more they want to just throw mud on the wall. I’m their favorite target. Me and President Obama, we are the ones they like to put in the crosshairs.”

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