Will TBC ever support Opera?

Bakken + Three Forks = "A "[edit.] Ton of Oil"

Light, sweet crude OIL.
And it's about to make national headlines... again. Only this time, a new geologic twist has North Dakota's normally modest residents... grinning from ear to ear. Take a look -

It was only a year ago that we introduced our readers to the massive domestic oil find known as the Bakken, just as the U.S. Geological Survey released its long-awaited study. The USGS estimates 4.35 billion barrels of recoverable oil in the Bakken, which stretches from the Dakotas and Montana into Canada.
Now it's no secret that oil rigs have been producing Bakken oil with great success for the last several years... as technological advancements have finally unlocked the formation's massive net potential.
The Bakken, on its own, is already a vital piece of the domestic oil landscape.
In fact, the Bakken was recently called "the #1 oil play in the country," in an Oil & Gas Financial Journal interview with Mark Williams, senior VP at Whiting Petroleum - one of the leading producers in the Bakken.
But it's the latest news - sweeping the entire state and its 641,500 residents - that has oil companies and North Dakota residents understandably pumped.
That's because -- according to geologists and state and industry officials -- we may be looking at another oil formation... one that's every bit as big and resource-rich as the Bakken.
It's the gargantuan Three Forks/Sanish formation. It lies beneath the Bakken.



If geologists and officials are right about Three Forks, they could soon be confirming this giant basin as a a separate oil-producing formation... one of major significance to our national energy landscape... one that could literally double the output of the Bakken... one that could finally break our addiction to Saudi oil.
And the best part for investors?
Let me just say this. A trio of companies operating here - ones we've already played once for gains - could be the juiciest profits you add to your portfolio over the next few years.
Again, we're still holding these companies... some of which we've advised our readers to close 50% of their positions to secure profits... others of which we've recommended buying more on dips.
And now, the day we've been waiting for has finally come. Targets are set squarely on our Bakken - Three Forks plays to seize all the gains that Round 2 has to offer.
I'll go into full detail on all three of these incredible money-making opportunities below... but not before you get the facts on the two domestic oil resources that could help fill our national energy gap for the next several decades.
Bakken + Three Forks = "A "Sh__t Ton of Oil"
As I mentioned above, geologists and officials are busy determining if the gargantuan Three Forks-Sanish formation is a separate oil-producing formation... or an "oil drip pan" for the Bakken.
Now we already know the Bakken is a homerun play for many drillers... and individual investors. (There's still a mad dash to set up shop and begin extracting the Bakken's rich oil resources... most notably in the new boom state of North Dakota.)

In fact, the state's oil industry "doubled in size dollar-wise between 2005 and 2007," according to a recent North Dakota State University study. The same report places the value of oil production, exploration, refining and other activity at "a total of $8.2 billion in 2007, up from $4.1 billion in 2005."
Almost all of it... owed to the Bakken.

From Capital and Energy email today

 

Even at 250 BOE it is mostly Nat Gas

So,

It will not be the lack of crude that will drive the world from  petro. It is the availability of cheaper more environmentally friendly forms of energy that will cause the petro industry to fade away.

(I heard that somewhere. But can't remember where.)

Pg B-9 Argument for the Obama health plan. By a Cardiologist. Against by an Engineer. ???

Dr William D, Bezdek a practicing Bakersfield Cardiologists gives a convincing argument for the Obama universal health care plan. He uses the logic that would impress me when used to diagnose any problem I would go to see him concerning my health.

I wrote this  in reply to McCarthy's letter on Health care.

I protest your description of the health care plan as a government take over.

You do understand that the problem with our current health care. Is that it has been taken over by Health insurance groups. Not doctors.

Instead of a CEO loaded with stock options. I would prefer a government employee over looking my care.

Why is it that you seem to think government employees are a different breed of animal than the rest of us. You seem to label them inferior.

You do understand that you are a government employee. Your staff are government employees.  

Do you think us voters should toss you out in favor of a corporate CEO?  

Look at this financial crisis we are in. These problems were caused by the corporate CEO's that you seem to admire.
That doesn't speak well of your ability to evaluate reality.

Hide if you will. But we will still get you.

FDIC Said to be Unwilling to Back CIT Debt on Risk

By Caroline Salas and Pierre Paulden
July 9 (Bloomberg) -- The Federal Deposit Insurance Corp. is unwilling to give CIT Group Inc. access to its Temporary Liquidity Guarantee Program because the commercial lender’s credit quality is deteriorating, according to people familiar with the regulator’s thinking.
The FDIC, which has backed $274 billion in bond sales under the TLGP since Nov. 25, is concerned that guaranteeing CIT debt would put taxpayer money at risk, said the people, who declined to be identified because the application process is private.
The federal agency is continuing talks with CIT about how the lender can strengthen its financial position to get approval, such as by raising capital, said one of the people. CIT’s measures to improve its credit quality, such as by transferring assets to its bank, have been insufficient, the person said.
CIT, the century-old lender to 950,000 businesses, became a bank in December to qualify for a government bailout and received $2.33 billion in funds from the U.S. Treasury. The New York-based lender has reported more than $3 billion of losses in the last eight quarters, faces $10 billion of maturing debt through 2010 and hasn’t had access to the corporate bond market in more than a year, according to data compiled by Bloomberg.
Without access to TLGP, CIT may default as soon as April, when a $2.1 billion credit line matures, according to Fitch Ratings.
Application ‘Remains Outstanding’
CIT’s “application for participation in TLGP remains outstanding, and we continue to be in active dialogue with the applicable federal regulators,” Curt Ritter, a CIT spokesman, said. He declined to comment on the FDIC’s reasons for delaying CIT’s application.
Andrew Gray, spokesman for the FDIC in Washington, declined to comment on CIT’s pending application.
CIT stock plunged 59 percent this year, underperforming the Russell 1000 Financial Services Index by 50 percentage points. CIT shares, which closed at $1.86 on the New York Stock Exchange, fell 34 cents, or 18 percent, as of 6:27 p.m. in after-hours trading.
The TLGP program opened a channel of funding for financial institutions unable to borrow in U.S. markets after the September collapse of Lehman Brothers Holdings Inc. By paying the FDIC a fee to back their bonds, banks are able to sell debt with top credit ratings. The TLGP expires Oct. 31. Issuers must have applied by June 30.

http://www.bloomberg.com/ap...

 

A Pension plans purpose is to protect and serve it’s pensioners. They have a fiduciary duty to the pensioner. This can not be done if the pension plans are investing in the commodities market.

If the result of the pension plans investment  in commodities, result in a horrendous increase in a commodity. Then the pensioner pays an unjustified price for a commodity.

How can that be in the best interest to it’s pensioners?

In fact any monetary gain to the fiances of the plan, is the result of suffering by the pensioner.

A 50 dollar a month increase in a pension. Twenty years from now. Can in no way cover a 2 dollar/gallon increase in the cost of gasoline today.

So my first step in the renewal of the commodities market. Is to stipulate that pension plans can not invest in the commodities market.

Rogue Trader Shocks Oil Market
Posted Jul 3, 09 7:20 AM CDT
Newser Summary) – On Tuesday, the price of oil spiked unexpectedly to its highest level in 2009—a barrel of crude jumped from $71 to $73.50 in just one hour, for no apparent reason. Yesterday the reason became clear: a rogue broker in London with PVM, the world's largest petroleum brokerage, had conducted unauthorized trades that cost the company $10 million, reports the Financial Times. Since then, the cost of oil has eased to $66.5 a barrel, down 10% from Tuesday's peak.
During that hour of trading on Tuesday, traders exchanged futures contracts for more than 16 million barrels of oil—32 times the average. The rogue trader allegedly accounted for at least half of that trading, while other brokers bought in to chase the rally. This is the second recent case of rogue trading in the petroleum market in recent weeks; in May, a Morgan Stanley broker was banned for buying and selling while drunk.