Merry Christmas to OPEC

Dec 25, 2008 by

From a Fox News article.

NEW YORK — Crude-oil futures fell for a third session Wednesday, tumbling 9.3% to close at their lowest level since April 2004, as government data showed inventories at a key delivery point hit a record. Crude for February delivery dropped $3.63 to end at $35.35 a barrel on the New York Mercantile Exchange. Crude inventories at Cushing, Okla., the delivery point for Nymex crude futures contracts, reached 28.7 million barrels in the week ended Dec. 19, the Energy Information Administration reported. It was the highest since at least April 2004, when the government started collecting Cushing data.


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Somali Pirates Hijack Saudi Owned Supertanker, Now They’ve Gone Too Far.

Nov 23, 2008 by

In a very revealing statement, a Somali Islamic group has threatened to launch an attack on the Somali pirates who hijacked a Saudi flagged supertanker last week. Piracy is a capital offense under Islam and the Islamist group has said that unless the pirates release the tanker they will attack them. Apparently the Islamic group has no problem with Somali pirates hijacking ships from non-Muslim countries but hijacking a Muslim country owned ship is stepping over the line.

While ships from the U.S, NATO and other countries are trying to prevent Somali pirates from hijacking ships no matter what country they are flagged under, it seems some Muslims are only concerned when Muslim owned ships are hijacked.  I have written previously of similar behavior by some Muslim countries when it came to providing money to the United Nations for providing food to the hungry of the world. It was reported that some third world countries were contributing more money to the United Nations for aid to the hungry than all the countries of OPEC. Only when word of this was leaked to the world were the OPEC nations shamed into providing more assistance.

I will leave it to you to make whatever assessments of this type of thinking and action that you want. But it seems to me that there is a double standard at play with many Muslim countries when it comes to dealing with other Muslim countries and the rest of the world.

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Bangladesh contributes more money to UN World Food Program than all the OPEC countries.

May 9, 2008 by

woman foodIn a damning indictment of the major oil producing nations of the Organization of Petroleum Exporting Countries (OPEC), internal UN World Food Program (WFP) documents show that OPEC gives almost nothing to the WFP, even as OPEC oil revenues swell due to skyrocketing oil prices. The burden of feeding the world’s starving remains with the United States and a small group of predominately Western nations. US donations amount to $1.16 billion annually, more than five times as much as the next biggest donor, the European Commission. As an example of the deplorable state of participation by OPEC nations Saudi Arabia, with oil revenues last year of $164 billion, has contributed nothing at all. OPEC nations have contributed a grand total of $1.5 million. That is the equivalent of one minute and 10 seconds worth of OPEC’s estimated $674 billion in annual oil revenues in 2007. To further emphasize the magnitude of OPEC’s lack off charity, the poverty-stricken African republic of Burkina Faso has donated more that $600,000, and Bangladesh, home of many of the world’s hungriest people, donated nearly $5.8 million. Once again the Western world shows that it has compassion for the suffering of the world’s poor while some of the richest countries of the Middle East show that they are only concerned about acquiring more expensive cars and luxury homes for their own citizens.

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