Abqaiq is nothing compared to what may happen next. We had presented Genoil as the solution to the then Secretary of Energy Samuel Bodman who agreed that we could produce a reserve production capacity of 20 million barrels a day as the US shut in of 1/3 of its capacity before World War Two when the US was the largest producer in the world and this 1/3 shut in capacity supplied the allies with oil in World War Two. Our costs would outcompete comparable light oil prices. But Bodman could not get it through.
Nevertheless, these drone attacks can awaken interest in Genoil in the financial markets as a solution to the potential Straits of Hormuz Crisis outlined in Footnote one, and the last time we faced $140.00 oil Genoil rose 2,000 percent to $2.00 a share.
THIS IS THE LEGACY OF JOHN BOLTON. IF ABIQAIQ IS KNOCKED OUT FOR A YEAR, THIS IS SEVEN MILLION BARRELS A DAY THAT SHOULD DRIVE THE OL PRICE TO WELL OVER A HUNDRED DOLLARS A BARREL. IT IS POSSIBLE WE WILL SEE ANOTHER FIVE TO TEN MILLION BARRELS A DAY OF OIL PRODUCTION DESTROYED BY DRONES DRIVING THE OIL PRICE TO FIVE HUNDRED DOLLARS A BARREL. TOTAL SAUDI POTENTIAL PRODUCTION IS 11 MILLION BARRELS A DAY, UNITED ARAB EMIRATES IS 276 MILLION BARRELS A DAY, QATAR IS 1.56 MILLION BARRELS A DAY AND KUWAIT 2.76 MILLION BARRELS A DAY OR 18.69 MILLION BARRELS A DAY.
DRONES COULD KNOCK OUT ALL OF THIS.
SENATOR LINDSEY GRAHAM SAYS THE US SHOULD CONSIDER BOMBING THE IRANIAN REFINERIES. HE DOES NOT SAY OIL PRODUCTION BECAUSE HE IS AFRAID OF AN OIL WAR WHERE THE PRODUCTION IS BOMBED OUT WHICH IS WORSE THAN THE SHUTTING OF THE STRAITS OF HORMUZ THAT CAN BE RESTARTED BASED ON AN AGREEMENT AT ONCE BUT BOMBED OUT RESERVES WILL TAKE A LONG TIME TO REVIVE IF THEY CAN BE. THIS MEANS RESERVES MUST BE DEVELOPED OUTSIDE OF THIS GULF AREA FOR NATIONAL SECURITY REASONS AND GENOIL HAS THE TECHNOLOGY THAT CAN OPEN UP THOSE HEAVY OIL RESERVES AND MAKE THEM LIGHT AT A COST DRASTICALLY LOWER THAN THE LIGHT OIL RESERVES THAT ARE FOUND NATURALLY IN THE EARTH. THIS CRISIS BRINGS ATTENTION ON AN EMERGENCY BASIS THE GENOIL BREAKTHROUGH TECHNOLOGY.
THE DANGER HERE IS THAT THIS DESTRUCTION OF OIL FIELDS COULD WELL DETONATE THE 1.2 QUADRILLION DERIVATIVE MARKET ENDING THE 74 YEAR PAX AMERICANA AND RETURNING THE WORLD TO THE 1929-1933 POLITICAL BACKLASHES IN THE WEST OF UNPRECEDENTED PROPORTIONS. WE HAVE BEEN WARNING ABOUT THIS FOR THE PAST TWO YEARS SINCE THE US RENEGED ON THE NUCLEAR TREATY WITH IRAN WHICH WAS AN ACT OF UNPRECEDENTED FOLLY THAT COULD BRING DOWN THE WHOLE WORLD. WE HAVE BEEN REPEATEDLY WARNING ABOUT THIS. THAT IS WHY BOLTON HAD TO GO AND LET’S HOPE THAT HIS DEPARTURE IS NOT TOO LATE. SEE THE DERIVATIVE ANALYSIS IN FOOTNOTE ONE.
Fire rages at Saudi oil plant after drone attack
The kingdom’s crude output was reported to be disrupted by the attacks on the Abqaiq plant — Aramco’s largest oil processing facility — and nearby Khurais, which hosts a large Aramco oil field.
The Wall Street Journal reported the kingdom was shutting down half of its oil production, which amounts to a loss of about five million barrels of oil per day.
Aramco did not immediately respond to requests for comment.
Saudi Arabia reportedly shuts down half its oil production after drone attack