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BP, the British oil giant that pledged to move "Beyond Petroleum" by finding cleaner ways to produce fossil fuels, is being accused of abandoning its "green sheen" by investing nearly £1.5bn to extract oil from the Canadian wilderness using methods which environmentalists say are part of the "biggest global warming crime" in history.
The multinational oil and gas producer, which last year made a profit of £11bn, is facing a head-on confrontation with the green lobby in the pristine forests of North America after Greenpeace pledged a direct action campaign against BP following its decision to reverse a long-standing policy and invest heavily in extracting so-called "oil sands" that lie beneath the Canadian province of Alberta and form the world's second-largest proven oil reserves after Saudi Arabia.
Producing crude oil from the tar sands – a heavy mixture of bitumen, water, sand and clay – found beneath more than 54,000 square miles of prime forest in northern Alberta – an area the size of England and Wales combined – generates up to four times more carbon dioxide, the principal global warming gas, than conventional drilling.
The booming oil sands industry will produce 100 million tonnes of CO2 (equivalent to a fifth of the UK's entire annual emissions) a year by 2012, ensuring that Canada will miss its emission targets under the Kyoto treaty, according to environmentalist activists.- By John Richardson at 11 Dec 2007 - 10:45pm
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mopping up the Central Banks spills and spoils...
Oil climbs on central bank plan
Oil prices rebounded on fresh hopes that the global economy could remain robust after unprecedented action taken by a number of key central banks.
The plan to make available billions of dollars worth of loans to cash-strapped banks pushed a barrel of New York light crude up $4.37 to $94.39 a barrel.
A US government report showing an unexpected fall in crude stocks and heating oil raised supply fears.
Brent crude also hit $94 a barrel after sinking to $88 a barrel last week.
By the end of last week, world oil prices had fallen more than $10 from their November peak of near $100 a barrel.
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By my calculations, the extra money handed over by the Central Banks to ease the credit squeeze will be absorbed by the oil sector to the tune of 350 million a day... In ten days it's likely that more than 3.5 billion will have "evaporated" through the oil sector... Not the result intended of course, but that's the way the "free" market operates... In one month alone, more than 21 billion US dollars will have been diverted into speculation on the oil sector... This without mentioning other operators about to "speculate" on the price of fish... The cartoon in The New York Times tells it all... A shark being "rescued" instead of the people in need...
The crude oil business is worth about 8 billion dollars a day... The processed oil business is worth about (possibly more) 800 billion US dollars a day...
I am not a small potato... barely a lentil in the greater wilderness...