Koren's New Photographic Language

Photojournalist Ziv Koren shows how he combines still photographs and video to create a new photographic language for the Internet.

Oil shortage a myth, says industry insider

There is more than twice as much oil in the ground as major producers say, according to a former industry adviser who claims there is widespread misunderstanding of the way proven reserves are calculated.

Although it is widely assumed that the world has reached a point where oil production has peaked and proven reserves have sunk to roughly half of original amounts, this idea is based on flawed thinking, said Richard Pike, a former oil industry man who is now chief executive of the Royal Society of Chemistry.

Current estimates suggest there are 1,200 billion barrels of proven global reserves, but the industry's internal figures suggest this amounts to less than half of what actually exists.

The misconception has helped boost oil prices to an all-time high, sending jitters through the market and prompting calls for oil-producing nations to increase supply to push down costs.

Flying into Japan for a summit two days after prices reached a record $139 a barrel, energy ministers from the G8 countries yesterday discussed an action plan to ease the crisis.

Explaining why the published estimates of proven global reserves are less than half the true amount, Dr Pike said there was anecdotal evidence that big oil producers were glad to go along with under-reporting of proven reserves to help maintain oil's high price. "Part of the oil industry is perfectly familiar with the way oil reserves are underestimated, but the decision makers in both the companies and the countries are not exposed to the reasons why proven oil reserves are bigger than they are said to be," he said. Read more..
http://www.independent.co.uk/environment/climate-change/oil-shortage-a-myth-says-industry-insider-842778.html

US Wants 58 Bases In Iraq

McClatchy reports the U.S. is demanding 58 military bases in Iraq as part of a "status of forces" agreement that would allow American troops to remain in Iraq indefinitely:

Iraqi lawmakers say the United States is demanding 58 bases as part of a proposed "status of forces" agreement that will allow U.S. troops to remain in the country indefinitely.


Leading members of the two ruling Shiite parties said in a series of interviews the Iraqi government rejected this proposal along with another U.S. demand that would have effectively handed over to the United States the power to determine if a hostile act from another country is aggression against Iraq. Lawmakers said they fear this power would drag Iraq into a war between the United States and Iran. Read more..
http://www.huffingtonpost.com/2008/06/09/us-wants-58-bases-in-iraq_n_106172.html

Following Zakheim and Pentagon trillions to Israel and 9-11

Missing Pentagon Trillions - Where Did They Come From?

Every $10 oil rise ups US Air Force costs $610 mln

WASHINGTON, May 22 (Reuters) - The U.S. Air Force operates the "world's largest airline" and every $10-per-barrel increase in crude oil boosts its annual operating costs by $610 million, Air Force Secretary Michael Wynne said on Thursday.

The Air Force's bill for aviation fuel was about $6 billion in fiscal 2007, Wynne told a defense industry group. He declined to predict what the total would be for 2008. Read more..
http://uk.reuters.com/article/oilRpt/idUKN2252728920080522