Greenspan Not Worried About Energy Prices

[Rose Siding]

WASHINGTON - This year's surge in energy prices is likely to have far less of an impact on the economy than the oil shocks of the 1970s, Federal Reserve (news - web sites) Chairman Alan Greenspan (news - web sites) said Friday.

Greenspan predicted that the global economy will adjust to the recent surge in prices, which has seen oil topping $50 per barrel, by boosting energy exploration and production and by increasing fuel efficiency. But he conceded that the transition period could feature unexpected bumps.

"We and the rest of the world doubtless will have to live with the uncertainties of the oil markets for some time to come," Greenspan said in remarks to the National Italian American Foundation in Washington.
.....
However, Greenspan warned, "Obviously, the risk of more serious negative consequences would intensify if oil prices were to move materially higher."

However, he said he believed that existing technology and improvements spurred by the increase in prices should be sufficient to "ensure the needed supplies (of energy) for a very long while."

http://story.news.yahoo.com/news?tmpl=story&ncid=716&e=5&u=/ap/20041015/ap_on_bi_ge/greenspan_oil

[IHateFundies]

1. of course not, he's rich and he'll be dead in a few years

Why would he care?

[shaolinmonkey]

2. My thoughts exactly. Well put, IHateFundies.

[truth2power]

6. And mine.

Thought of that when I read the initial post.

Asshole!! what does he care? He doesn't have to worry about having enough money for gas so he can get to work. The cluelessness of these people is mind boggling.

[durablend]

28. Either clueless or

Arrogant

(typical freeper talking point) "Well I can afford it so I don't care about anybody else...pfffft"

[UpInArms]

4. Welcome to DU IHateFundies!

:hi:

Meanspin was wearing the joker suit for his pre-halloween appearance



and as he turned, he bowed low and blew some bubbles at the markets

[Eurobabe]

20. heh-heh, like yer name...

[JPace]

3. No one is going to cut this rich old goats heating.....

why should he worry....its only the poor who
will freeze to death.

[The_Casual_Observer]

5. And inflation is really not a problem either right?

Everything except Social Security is just fine with this asshole. According to him, if we eliminate Social Security all of our problems will be solved.

[aden_nak]

7. I've been saying it's time to dump Greenspan for years now.

He's very smart and he's had incredible insight in the past, but I haven't heard anything halfway sensible out of him for at least two to three years.

[mountainvue]

14. I agree with you.

It appears that he's just running out the clock now.

[The Magistrate]

8. Grenspan Has Turned Into A Mere Political Shill

For the last several years, his economic comments have derived from political bias exclusively, and not economic judgement. This statement is aimed purely at influencing the election, and has nothing whatever to do with an assesment of the actual prospects for economic activity in consequence of the record rise in oil prices.

"Economics is as much a science as a small boy running and making 'choo-choo!' noises is a locomotive."

"LET'S GO GET THOSE BUSH BASTSARDS!"

[Media_Lies_Daily]

25. Greenspan's been this way since the day he was appointed chairman.

[bpilgrim]

9. none of'em are worried a bit since they're RICH

talk about whistling past the grave yard :argh:

guess they don't wanna sway the polls ahead of an election... wouldn't be PRUDENT, eh?

peace

[bowens43]

10. The guy who can't afford to drive to work

sure as hell worries about it.These idiots live in a frigging dream world.

[aneerkoinos]

17. Dream world

is where lives the guy who imagines to keep on driving to work and mall for years and years to come. I suggest he wakes up and faces the fact that Peak Oil is already reality.

[Robert Oak]

11. Greenspan OUT: just a pundit these days not managing reality

[prayin4rain]

12. What happened to Greenspan? You used to be cool man....

[VegasWolf]

13. Greenspan only worries about kissing the anus of whomever

his boss currently is. Gotta keep the money and lifestyle
going for the new wifey.

New Information Shows Bush Indecisive, Paranoid, Delusional

[aneerkoinos]

15. Sure, economy will adjust

It allways does, but what Greenspin and his minions are trying make sure is that the adjustment is huge drop in population through war and disease, poor people, weak people, who needs them!

The needed supplies (of energy) are not ensured, the only way to adjust to Peak Oil is lower consumption. That can happen hard way, the Greenspin way, by doing a running jump with your SUB and dropping from as high you can get, breaking every bone in your fat body, or slightly less hard, getting leaner NOW and learning how to roll.

So how to roll? Forget the American dream, start dreaming new things you can't even imagine, cut the waste (like military), nationalize (yep, asi in 'socialize') remaining strategic natural resources and find innovative ways to distribute the collective wealth in sustainable way so the unemployed masses get food, clothes and shelter, and invest in renewable energy, mass transit on rails etc.

First of all, wake up, energy pricess are going only up and life as you know has come to end, stop whining about your standard of living dropping, just accept reality, get political, save your society from the fools dream of unlimited resources it's been living for the past century.

[hatrack]

16. Oil Majors' Return On Exploration Negative For 3 Years Straight

Greenspin needs to spend a little more time reading the industry journals - this is from Wood McKenzie, which is one of the world's leading oil trade analysts.

"THE world’s biggest oil companies are failing to get value for money when they search for new reserves, according to the findings of a new report.

Research by energy consultancy Wood Mackenzie showed the commercial value of oil and gas discovered over the past three years by the ten largest listed energy groups was well below investment made in exploration. The report comes as global oil firms are considering how far to boost exploration budgets after years of falling investment. It also comes as oil prices are hitting record highs on the back of soaring demand and limited surplus supplies.

The oil majors are investing heavily in developing known fields in regions such as the United States Gulf of Mexico and west Africa, which should guarantee production growth for the next four years. Robert Plummer, corporate analyst at Wood Mackenzie, said: "After that they will need more discoveries to maintain growth - the problem is exploration has not been generating returns."

Wood Mackenzie said the ten leading oil groups spent around £4.5 billion on exploration last year, but this only led to commercial discoveries with a net present value of about £2.2bn. The previous two years show similar, less dramatic, shortfalls."

EDIT


http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=115x15408

[aneerkoinos]

22. discovery

Global discovery of oil peaked decades ago. Global extraction capacity has now reached the peak plateau for all pragmatical considerations, just as predicted by Hubbert's model. Decline will start in few years, how many nobody knows, so there may still be wee bit of time left before TSHTF for real. Will they do something usefull with that time? Not Greenspin, for sure, he only waits to die before he'll have to see the mess he has left behind. Lucky him.

[daleo]

27. Do they say what price of oil the net present value is based on?

Is the 2.2 billion pounds value based on $50 oil or something less? It is interesting information.

[VegasWolf]

18. Nov 3 Headline: Greenspin says he was temporarily insane

this last four years. He is feeling much better now
say his doctors. Please give him another chance, pleads
his wife desperately.

New Information Shows Bush Indecisive, Paranoid, Delusional

[aquart]

19. Senile asshat.

[tom_paine]

21. Greenspan long ago was "brought into line" by the BushReich

although I wonder if he always was a Totalitarian Scumbag in search of a Fuhrer.

More Jewish guys (like myslef, but as unlike me as the KKK is to Amnesty International) aiding the grandchildren of Hitler's Money Launderer.

[daleo]

23. $55 per barrel oil doesn't cause inflation

But raising the minimum wage by 50 cents an hour - that is disastrously inflationary, according to him and his ilk.

[llmart]

24. Excellent point, Daleo!

Anyone with an ounce of common sense (which precludes about half of our population)can see that Greenspan is playing politics with our money. He's a has-been and needs to take a seat. Howard Dean was the first to suggest he would replace him. He was absolutely right.

[ProfessorGAC]

26. That Would Make Al G. 1) Wrong! & 2) Wrong!

Two days, two stupid and totally incorrect statements. Good thinking, Al.
The Professor

[aneerkoinos]

29. Get involved!

It's no good to post negative things without offering anything positive to do about the situation. So here, I just found this site: http://postcarbon.org/

There seems to be serious and wise folks around inventing ways how everyone can make a difference. Act local, think global!


From the site:

"Get Involved

As a think tank, the Post Carbon Institute researches issues and analyzes available information to advance theory and provide guidance on how civilizations, cultures, governance, and economies may look without the use of non-renewable hydrocarbons. To put theory in practice, however, we work directly with communities and individuals who are interested in improving their local community and preparing themselves for energy scarcity.

There are many way to get involved including:

* Joining or starting a local Outpost., a community group working to develop the know-how, infrastructure, and culture for a Post Carbon world
* Volunteering on one or more of the myriad of projects that the Post Carbon Institute has undertaken
* Participate in the Post Carbon forums and our blog , the Post Carbon Outpost
* Become a signatory to the Oil Peak and Decline declaration and recommend the site to your friends and colleagues
* Spreading the word by telling your friends and colleagues about Peka Oil and the Post Carbon Institute.
* Sign up for our Newsletter
* Contribute however you are able"

[FighttheFuture]

30. Interesting site: www.dieoff.org

Not updated for awhile, but very relevant.