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Globalization is Diminishing America’s Natural Resources
User ID: 1371140
06/20/2011 07:56 PM
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China is quietly becoming heavily involved in American resources, more so than many Americans are aware. Natural gas is becoming something that China’s 1.3 billion people are in desperate need of, and America’s supply is in the cross hairs. Leaseholds are being snapped up by China, and the question has to be asked, how will this affect the price if exported out of the country? China is one of many who are snapping up the American supply.
Pennsylvania sits on one of the largest natural gas reserves in the world, called the “Marcellus Shale Formation”, located a mile deep where gas is trapped in shale rock. The process of fracking is the way it’s extracted from the shale rock. Much of the gas will be liquefied and shipped to China by way of export ports that are designed to handle the transfer to the ships that will ferry the liquefied natural gas to China.
It is important also to understand that China holds huge gas reserves of their own, but is using the excuse to use the American technology to learn how to extract the natural gas, at the same time buying up American gas leases for export.
America is the leader in this extracting process, and China, South Korea and India all are partnering with American drilling companies to get the gas out to be liquefied and shipped overseas. The proponents of all of this say that the Chinese, as well as the others are using the American technology to extract these resources, and will create jobs and bring in much needed capital. Really?
Where is this much needed capital headed too? Offshore accounts? How has this money helped America so far? Where is the accounting of where all of this capital is at? What is it being used for? How much has this badly needed capital been taxed?
We have all heard that before from the Globalist protectors, using the “The 3 Card Monte” argument to do nothing except hurt American interests and enrich foreign nations. I’ve said it before and I’ll say it again, only the hedge fund casino operators, stock market gamblers, and the middle class killing commodities speculators are the ones making all the money. Nobody else.
On top of all of that, these people pay the least amount in taxes and they are making all of the money!
Other countries are becoming heavily involved as well.
“Last year, Warrendale-based East Resources sold its Marcellus interests to Royal Dutch Shell for $4.7 billion. Last month, Statoil [Norway], which has a $3.375 billion partnership agreement with the largest Marcellus leaseholder, Oklahoma City-based Chesapeake Energy, said it might drill as many as 17,000 Marcellus wells over two decades.
Other foreign companies with Marcellus shale interests are Mitsui and Sumitomo from Japan, the BP group from Great Britain, Atinum from Korea and Reliance Industries from India.”
To create jobs and bring in much needed capital? So how is this all working out for you so far middle class America?
The Chinese National Offshore Oil Corporation in 2005 unsuccessfully tried to buy Unocal Oil for $18.5 billion you might remember, causing all kinds of concerns from the American people. Now, they have gained entry through the back door partnering in 2009 with Statoil on four lease agreements in the Gulf of Mexico.
No protests there because it was kept much more quiet.
China has huge interests in Texas as well:
“In November, Chesapeake announced it would sell a third of its holdings in a Texas shale oil field called Eagle Ford to CNOOC [Chinese National Offshore Oil Corporation] for $2.2 billion. Statoil and Korea National Oil Corporation recently invested in Eagle Ford.
This year, CNOOC took a one-third share of Chesapeake’s leases in two oil and gas fields in Colorado and Wyoming for $1.27 billion in direct costs and drilling expenses.
The Chinese have more connections to Chesapeake, but the extent isn’t known. Chesapeake spokesman Jim Gipson said the company generally limits disclosures to those required by regulators.”
This puts both Brazil and China in the gulf of Mexico, drilling American natural resources; doing nothing but taking those resources out of the country and into the world market. They talk of American jobs being created. Really? Last month 400,000 people applied for unemployment benefits. Sure throws a wrench into that argument doesn’t it?
Not only are the foreign countries taking huge amounts of our oil and gas, but also huge amounts of our water to extract the oil and gas. Water is a key component in the fracking process; it should be preserved for Americas use only. We are getting hit twice here; water is something that is a precious resource, more so because it also is becoming harder to find in our country and is a life sustaining resource that we need for our use, not the rest of the world to use.
China has also acquired a 20% stake in one of the largest Molybdenum deposits in the world located at Mt. Hope, a mountain located in Nevada, USA. The General Moly Corporation agreed to the sale in 2010. Molybdenum is becoming an extremely rare mineral these days and America sits on a huge supply.
User ID: 1068718
06/20/2011 07:58 PM
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