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JPM Pwns Nancy Pelosi
Last week we had the mispleasure of suffering a subdural hematoma or 7 after reading CA Congresswoman Nancy Pelosi's formal response to the gas price shock, in which it became abundantly clear that the amount of heavy metals in the California water supply is directly proportional to the insolvency of said state. Yet the only thing better than the resulting cathartic post, which had over 57,000 reads, and hundreds of comments, is JPMorgan doing the very same to what some allege is the most corrupt and incompetent legislator in the history of the US Congress. Which, to our and our readers' utmost delight, is precisely what happened today, when JPM Private Bank CIO Michael Cembalest decided to clinically deconstruct her argument into its constituent utterly insane components. Below we present the carnage.
From JPM Private Wealth
Output from the Congressional Centrifuge
...House Minority Leader Nancy Pelosi issued the following press release:
“Independent reports confirm that speculators are driving up the cost of oil, hurting consumers and potentially damaging the economic recovery. Wall Street profiteering, not oil shortages, is the cause of the price spike. In fact, U.S. oil production is at its highest level since 2003, and millions of acres have been cleared for additional development. We need to take strong action to protect consumers from this speculation. Unfortunately, Republicans have chosen to protect the interests of Wall Street speculators and oil companies instead of the interests of working Americans by obstructing the agencies with the responsibility of enforcing consumer protection laws. They have also repeatedly opposed our efforts to end billions of dollars in outdated taxpayer subsidies for oil companies enjoying record profits.
We support efforts by the Obama Administration to expand domestic energy resources, including natural gas and renewable sources like wind and solar that create jobs in America and will end our dangerous dependence on foreign energy supplies. This can be achieved because today, the United States currently has more oil and gas rigs at work than the rest of the world combined, and imports of foreign oil have decreased.
We call on the Republican leadership to act on behalf of American consumers and join our efforts to crack down on speculators who care more about their profits than the price at the pump even if these spikes harm the American consumer and our economy.”
I am of course not going to comment directly on this, for many reasons, including not wanting to spend my days at California’s solar-powered detention facility in Chuckawalla Valley. However, for anyone interested in the specific points raised in this press release, I have included some charts on the unfortunately binding constraints of science and energy economics. Enjoy.
Now let’s get to the interesting part. The press release implies that natural gas and renewable energy can reduce American dependence on foreign oil (“end” is the word used). This is an appealing proposition, particularly with Brent oil prices now 5 times higher than natural gas prices on a BTU basis. So, let’s assume that the US wanted to cease all oil imports from Venezuela, Russia and the Persian Gulf. This would reduce oil imports by ~30%. If Americans still wanted to drive around just as much, absent an increase of 2.8 million bpd in US domestic crude production, electricity would have to replace the foregone gasoline. Ergo: how much wind power or natural gas would be needed, assuming electric cars at 200 watt hours per km? And what policies would be needed on fracking, eminent domain, and subsidies for high voltage direct current power lines to transmit electricity at acceptable loss rates?
Note: the charts below only account for the foregone gasoline component of the imported crude oil. Gasoline is only around 45%-50% of total refined products. The US would also have to come up with suitable domestic or foreign replacements for the rest of the barrel: jet fuel, heating oil, fuel oil, lube oils, asphalt, etc. This topic is often neglected in discussions about reducing reliance on foreign oil: we do a lot more with it than just drive cars.
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Here's some revealling information about her:
http://www.jewwatch.com/jew-leaders-pelosi-nancy.html
Jew Watch?
Jewish people have always been nice to me and I admire the State of Israel so you sent that racist KKK link to the wrong person. My issue is with the person, Pelosi, not her race or religion.
FYI, the State of Israel which you so much admire is an illegitimate and impostor Ashkenazi-Edomite regime, a Rothschild fiefdom.
This is about race and religion. It's about the impostors (the Synagogue of Satan) vs the Nations of Yisrael (the House of Yisrael and the House of Judah).
I am an Yisraelite, Xuete on my father's side and Sephardim/Hebrew-Celt on my mother's.
Ashkenazi-Edomite Nations of Yisrae Yisraelite, Xuete Sephardim
Its about race for you. And pretty much you only.
You remind me of this... http://www.youtube.com/watch?v=O3ZOKDmorj0
I'm no fan of Pelosi, but you cannot possibly be serious, posting such innane and racist bullshit in what I have found to be one of the most intellectual discussion forums on the Net.
'Revealing' information to a fucktard like yourself... the rest of us can see it for what it is.
Look at my post above, then look at your face in a mirror. You'll see who the real fucktard is.
...but I could see that these liberals are more elite than the people they pretend to be a part of and that they are as facistic as any republicans or others in their society, if not more so.
You said it, brother.
http://www.youtube.com/watch?v=s7vNSOoIb1A
Pelosi in heat.
What has been seen cannot be unseen, although in this case it would be worth a try. <shudder>
What was her name before the sex change operation?
Answer : Vic Vinegar
So is Pelosi short oil and long JPM?
Her last insider trading deal before the shutters come down... after decades of goosing democracy for all its worth it's a bit of a shame that (what will John Kerry do now poor sod)
EVs bitches!
http://capital3x.com/think-tank/yen-turning/
Latest charts and analysis from C3X
It's none of the above ! The world's oil production PEAKED or MAXED out at around 85 million barrels per day in 2005 and the world uses up every barrel of this production. China and India are using more and more energy with each passing year, as are other countries that are 'growing' their economies. New fields are smaller and the oil is more difficult / costly to extract and cannot produce 'flow rates' high enough to compensate for the old oil fields 'depletion' curve let alone provide an "energy surpluse". Thus it is a simple supply / demand issue - not SPECULATORS and a total fallacy that the USA will EVER again be energy independant. KEEP THIS IN MIND - A 2 BILLION BARREL OIL FIELD FIND ( IF EVERY DROP COULD BE EXTRACTED ) WOULD ONLY BE A 23 DAY SUPPLY FOR THE ENTIRE WORLD ! If China's population were to live as we Americans do they will need to find six more Saudi Arabia's in order to due so - GOOD LUCK with that one !
People junk you because peak oil is so friggin inconvinenient and basically something only Al Gore could believe in. Until of course it´s no longer possible to deny it... And in ten years time, when global oil production still isn´t higher than today, they will blame the Arabs, Exxon, DoE and God knows how for the missing output. Anyone and anything but the culprit: peak oil.
We have reached the end of the black, sticky road.
All I can say on this is.
I appreciate no picture.
luckily for her, most americans have stopped paying attention, let alone care.
i'm pretty sure more and more people don't want to worry about anything until the whole shitstorm is on their doorstep. they figure they'll deal with that then.
as per usual.
She needs to straddle squat a diesel powered tracto-dildo to calm her liberal angst ! Monedas 2012 No photos available at press time !
i pictured it ..i chuckled ;)
"..decided to clinically deconstruct her argument into its constituent utterly insane components."
Not a day of the week goes by without me doing much the same
Govt is such a shithole, you've got to be insane (53% of voters actually vote) to endorse this human sewer called 'democratic Govt'
Stop Paying Your Taxes (don't feed the parasites)
Many rural post offices provide tax forms and phone books for free ! Helps cut down on TP expense ! Monedas 2012 Recycle America
Nancy Pelosi is a cokehead addicted to plastic surgery, she proof that your election system is a fraud in the USA because nobody would ever vote for such a skank in real life.
isn't us extracting more and more natural gas?
http://www.jinrongbaike.com/ http://www.cnhedge.com/
She'd have to train-ride to / fro her respective throwns. She'd have to abandon her plastic laptop, TV, cell-phone, surger(ies). It's all very bad w/o oil, unless of course, that only applies to the little people.
I ride my bike everywhere.
let the price rise...
What kinda wheels are you using?
I found this study on NG to be of interest, http://web.mit.edu/mitei/research/studies/naturalgas.html
Say thank you to the people of Sanfran and Nevada every single day. Because of them the country is in the mess it's in.
do not blame voters for the criminals who are selected to protect the racket..Pelosi roots are from baltimore a once beautiful working city which much like detroit after years of dems and her family members..is now a cess pool of people on the dole crime and murder run wild. pols have always been corrupt but with many smart ivy league grads to contrive more ways to fleece the public, and much more tech to aid them, ala paid for MSM. well things are not going to end well. and we are seeing the fruits of this evil tree of corrupted elites..and yes I mean you buffet.
Nancy's real mission is in making insanity normal, so what you see here is just a tactic to make that happen. It's not about oil.
Most losses in electricity production and distribution are not in transmission, it only accounts for around 5%. The biggest loss is in the generation itself, around 60% is lost as "waste" heat. Other countries (denmark, finland for example) capture the heat and distribute it for process, space heating and powering adsorbtion chillers bringing their generation efficiency up to the 90% mark.
Crucially they don't have domestic fuel sources to exploit.
When the UK, US start implementing technologies like this, I'll start to take the whining about fuel costs seriously. In the meantime very much long natural gas, and oil.
Some people blame demonic possession. I on the other hand tend to lean toward the explanation that not always all of the critical fluid is passed from the deep end of the gene pool to successive generations ... but their "position/standing" is passed, making for a very precarious foundation.
One really has to question her sincerity when she shuttles back and forth to California on an Air Force C-20 and a $1,000/week in flight bar tab. We really need to do something about the sense of imperial entitlement that members of Congress seem to have. Most elected officials are imbecilic psychopaths who were fortunate to win a popularity contest among a moronic electorate.
One really has to question her sincerity when she shuttles back and forth to California on an Air Force C-20 and a $1,000/week in flight bar tab. We really need to do something about the sense of imperial entitlement that members of Congress seem to have. Most elected officials are imbecilic psychopaths who were fortunate to win a popularity contest among a moronic electorate. Perhaps its time we hold them all accountable and to explain their positions using factual data and withhold their pay and perks when dont perform and/or show their true ignorance.
I never pass up an oppurtunity to point out that Rep. Pelosi needs to have her meds adjusted and fast. Also why don't they outlaw speculation on energy? I know that it cant' be done, but if it were possibe then they would be exposed as the lyers they are as the price of oil/gas keeps climbing.
Wait a tick. So we would only have to increase our wind output 5X to reduce our oil imports 30%? Meaning we could increase our wind output by 17X to reduce oil imports to zero, assuming the adoption of high density energy storage mechanisms for transportation, like metal-air batteries. Those types of batteries have about the same energy density as current fuels, meaning they can replace not only internal combustion engines in cars, but they can replace diesel engines in trucks, trains, and probably even ships and planes.
Damn, I had no idea that wind power was such a contender here. Living in the heart of wind country, I have seen a lot of turbines going up around here. But I also see a lot of empty space that could hold more. I have also seen that wind has a positive EROEI, one that is better than current tar sand extraction techniques.
Bright future, peak bitchez.
I don't disagree with corrupt (what politician, at his or her core, isn't corrupt after all), but I would disagree with incompetent in the sense that she has, unfortunately, been quite successful in getting her bills, or bills sponsored by her supporters, passed. Health care, bailouts, quite a few of the "landmark" legislative accomplishments of the past 3+ years would not have been possible without Ms. Pelosi. It would be far better if she was incompetent, as much of this legislation would likely not have passed.
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