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CrashConnoisseur

Independent: "brown Has Punctured His Political Reputation".

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'Damian Reece's Outlook: Brown has punctured his political reputation, but he has damaged the economy even more':

http://news.independent.co.uk/business/com...ticle314835.ece

Mr Brown and his Treasury spin doctors have started to pave the way for a deeply embarrassing admission that his expected 3 to 3.5 per cent growth rate for the UK economy is wrong. It is going to have to be reduced, and reduced a lot, judging by the noises coming out of Washington.

[...snip...]

The growth rate is the assumption on which all Mr Brown's most important economic policies are based. Cutting it, to about 2-2.5 per cent, will immediately raise the very real prospect of either big cuts in public spending, to the tune of £10bn a year, or an increase in tax equivalent to 3p on the basic rate of income tax.

[...snip...]

Mr Brown will blame the oil price for the UK's economic woes. But this is poppycock. Sure, the oil price doesn't help but it will simply further damage an economic system already exposed by too much personal and public sector debt.

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'Damian Reece's Outlook: Brown has punctured his political reputation, but he has damaged the economy even more':

http://news.independent.co.uk/business/com...ticle314835.ece

I really hope Brown is not allowed to get away with this spin in the popular press. The uK is still a net oil exporter, so if the economy was managed properly then high oil prices should be at worst neutral for the economy. I'm sure you won't hear our North Sea neighbours in Norway complaining.

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Gordon will get away with it and so will Tony.

The economy will be blamed on global markets.

The house price crash will be a 'natural correction'

Higher unemployment will be offset by higher employment (we've had that already)

There will be no cuts in public services..only a 'redistribution of finances'

And we should all shut up moaning and take our medicine because it's for the good of the country. Ohh and we've never had it so good :lol:

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I really hope Brown is not allowed to get away with this spin in the popular press. The uK is still a net oil exporter

Not anymore, Brown has screwed the North Sea industry with extra levies whenever and where ever he can, this has not done much for investment.

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Not anymore, Brown has screwed the North Sea industry with extra levies whenever and where ever he can, this has not done much for investment.

We're clinging on to net importer status but it won't last long.

Personally I think we should have had some kind of state oil company like Norway's immensely successful Statoil. And we should have stashed all our oil revenues in a big fund for the future and only touched the interest.

But saving's a dirty word in this country, isn't it.

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We're clinging on to net importer status but it won't last long.

Personally I think we should have had some kind of state oil company like Norway's immensely successful Statoil. And we should have stashed all our oil revenues in a big fund for the future and only touched the interest.

But saving's a dirty word in this country, isn't it.

Indeed, like I've said before Gordon treats oil royalties and 3G windfalls like a chav with a new credit card. Even Russia has a big oil stash and are net creditors to the USA, they hold lots of nice t'bonds, despite the fact they still pay their pensioners in corn flakes, that's determination when it comes to withstraining spending! However, much like those US securities will be worthless when an oil shock hits unfortunately for the Norwegian oil fund their stash is invested in today's favoured equities that will tank whenever the fund will need to be called upon, including the shares in BP and Shell's for this world.

Natural gas is already gone to net importer status, the connector originally intended for exports (ha, ha) has been upgraded again. Forget all the bumphuk about exporation licences, the North Sea is on the way out.

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I often wonder where the next new oil province will be. With prices at this level, some big finds in strange places are bound to turn up soon.

I think that offshore Argentina/Malvinas (Falklands) might turn up something. The geology's all right, they just haven't hit the right spot yet. A lot of money is being pumped into exploration there, the Chinese may spend up to $5 billion.

I wouldn't bet against Cuba turning up some big finds too.

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I often wonder where the next new oil province will be. With prices at this level, some big finds in strange places are bound to turn up soon.

I think that offshore Argentina/Malvinas (Falklands) might turn up something. The geology's all right, they just haven't hit the right spot yet. A lot of money is being pumped into exploration there, the Chinese may spend up to $5 billion.

I wouldn't bet against Cuba turning up some big finds too.

And they said the communist system was a failure....... :lol:

p.s. before the right wing police come out, I am not a communist. The little laughing face indicates that I am joking (jesting: characterized by jokes and good humor ).

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I often wonder where the next new oil province will be. With prices at this level, some big finds in strange places are bound to turn up soon.

I think that offshore Argentina/Malvinas (Falklands) might turn up something. The geology's all right, they just haven't hit the right spot yet. A lot of money is being pumped into exploration there, the Chinese may spend up to $5 billion.

Canadian tar sands, the Arctic? If it takes >$50 oil to make this economically viable then we're stuffed, it's going to be an upward curve of risk v. reward a trail of diminishing returns. There's certainly no Gharwar's out there, back in the day you didn't require satellite seismology, knocking a lucky tent peg in the right ground was enough.

The last time discovery rates for new reserves matched or offset consumption was in the mid 80's, since then we've progressively been using more than we've found in replacement fields. As we know from Shell and their 'proven' reserves those figures aren't always to be counted on, in the case of Saudi their reserves have remained unmoved for over a decade and even increased by 1/3 just so they could fiddle their OPEC production quotas (the amount you're allowed to produce is based on your reserves, so they're all fiddled).

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Guest Bart of Darkness

Antarctica?

"Rocks in Antarctica have been suggested to contain oil or gas. Even if this was the case - no drilling has taken place to find any - it is highly unlikely that they could ever be exploited commercially.

Reliable authorities have estimated that it would cost between US$65 and US$80 per barrel (and that was several years ago) to get oil from Antarctica. Current prices (June 2003) are between $25 and $30, less than a half of the cost of getting it from Antarctica."

"There has never been any commercial mining in Antarctica, there are no current plans to mine Antarctica and mining is currently completely banned by the Antarctic Treaty. There are no known future plans by any of the Antarctic Treaty nations to reverse this decision."

http://www.coolantarctica.com/Antarctica%2..._mining_oil.htm

Given the size of Antarctica, there must be loads of oil there, but finding under the ice it must surely be a big problem. $80 per barrel (or even $100) no longer seems far fetched and the Antarctic Treaty could easily be revoked by nations desperate for oil.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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