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Morning briefing: With oil falling toward $70/barrel, will OPEC restrict production?

1. European Central Bank council member Axel Weber said stimulus measures, including unlimited lending to banks, should be kept in place at least through the end of the year. The euro fell to its weakest level against the dollar in five weeks.

2. In the Chinese government's latest attempt to cool down its real estate market, the Ministry of Land and Resources said it will accelerate efforts to stop hoarding and misuse of land by property developers.

3. U.S. petroleum stockpiles have grown to their largest in two decades, leading analysts to predict that oil may fall below $70 a barrel and OPEC may be forced to restrict production.

By Ariana Eunjung Cha  |  August 20, 2010; 8:19 AM ET
Categories:  *Morning briefing  
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Comments

Fossil fuel is NOT "the height of technology"! And "we" DO have cost-effective solutions to enable "us" to WEAN "our"selves OFF of "our" ADDICTIVE DEPENDENCY on OIL (both OTHER PEOPLES' and ALSO "OUR" OWN AS WELL!) ALREADY IN HAND, or within EASY technological reach! Many of the solutions do NOT any longer involve “exotic”, blue-sky development requiring further “years of work in the laboratory”. In very MAJOR instances they entail nothing more than adaptations to MUCH LESSER applications of technologies DEVELOPED MANY YEARS AGO NOW AND ALREADY LONG IN USE --- in some cases ON MUCH HEAVIER "PLATFORMS"!

The essence of the automotive architectural paradigm conversion now finally (barely) underway is this: the "chimera" (i.e. in Biology, a FUSION of distinct species) architecture that is exemplified by the Chevrolet Volt (which is really just a prototype), which is expected to soon also be extended to the Cadillac and Buick as well, combines the idea of electric power together with the internal-combustion engine (ICE) running on gasoline (or whatever) IN A WAY THAT FUNDAMENTALLY "CHANGES THE GAME". In the Volt, and also its Audi European counterpart (jovially dubbed the Ampere) along the same lines --- which, with GM in turmoil, is now running well ahead (!) in the "development derby" --- as well as other such initiatives undoubtedly underway in China, India, and Japan (!) --- a BATTERY carries the car for many miles (40, in the case of the Volt). Thereafter, when that battery runs down the ICE kicks in (seamlessly).

But that motor does NOT power the car in the conventional manner to which people have become inured over the course of the last century! For it does not couple power to the drive wheels directly through the medium of a MECHANICAL transmission and drive train. Rather, it drives an ELECTRIC GENERATOR, which powers the same ELECTRIC drive motors that had been supplied by the battery until it ran down.

Now the thing is, FULLY THREE-FOURTHS OF ALL PERSONAL AUTOMOBILE USAGE BY PEOPLE IN THIS COUNTRY "FITS" WITHIN A 40-MILE "ENERGY BUDGET"! You plug the car into the wall overnight, and then go to work, the store, bank, post office, etc. in the morning and return home and plug it back in again --- THE GASOLINE ENGINE NEVER RUNS! Ergo --- you FLAT-OUT ELIMINATE FULLY THREE-FOURTHS OF ALL THOSE BAZILLIONS OF BARRELS OF OIL THAT ARE IMPORTED TO BE REFINED INTO GASOLINE TO BRAINLESSLY BURN AS A MERE FUEL TO POWER PERSONAL AUTOMOBILES!

Posted by: Anonymous | August 24, 2010 5:46 PM | Report abuse

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