DrumBeat: January 22, 2007
Posted by threadbot on January 22, 2007 - 9:05am
Topic: Miscellaneous
Oil has fallen below $50/barrel. Will it fall further to $40/barrel? Or will it rise again to $75/barrel? Both scenarios are possible. Indeed, both price levels could be reached in the coming year, given the way oil prices see-saw violently.One thing is clear: the notion that global oil production has peaked and will now fall — a concept called Hubbert’s peak — has been proved wrong. Oil production has been rising steadily, to the point where even a substantial cut of 1.6 million barrels/day by Saudi Arabia has failed to stem the slide in prices.
We will have to be much more imaginative as a people if we are to take meaningful action to deal with global warming. It is a simple truth that economic activity that transforms the Earth into consumer products is the main problem.Yet, hardly anyone is proposing that such activity and products have to be mostly stopped. There is actually some thought along these lines, and there always has been, but it is frowned upon by those with industrial axes to grind or who have bought into "progress" and "growth." So it is hard to publicize the idea of ending industrialism.
Iraq to refrain from raising oil exports: minister
Iraq will not increase oil exports in support of fellow OPEC member states which want to underpin world crude prices, Oil Minister Hussein al-Shahristani said.
Bush State of Union to stress energy security
Aides hint of a major pronouncement on energy in the speech before Congress and the nation Tuesday night. Yet the president is expected to take a predictable path, urging expanded use of ethanol in gasoline, more research into cleaner burning coal and on gas-electric "hybrid" cars, and greater nuclear energy.
Russia and Algeria Sign Energy Cooperation Agreement
Russia and Algeria, Europe's two biggest suppliers of natural gas, signed an energy cooperation agreement that the European Union has pledged to monitor because of concerns it may develop into a cartel-like alliance.
Russia to cut use of energy transit countries
Russia’s President Vladimir Putin said on Sunday that Moscow would reduce its dependence on transit countries, such as neighbouring Belarus and Ukraine, to help guarantee security of energy supplies to Europe.
Mexico feeling effects of ethanol boom
High corn prices are wreaking havoc on Mexico's inflation rate and forcing shoppers to pay more for eggs, milk and tortillas. But they're a godsend to farmers such as Victor Manuel Amador Luna....How long the bonanza will last is anyone's guess. What's clear is that America's thirst for corn-based ethanol is being felt around the globe, delivering fatter profits for grain farmers but higher costs for livestock producers, food processors and consumers.
Where Is the energy for freedom?
The hydrocarbon law is being sold to the public as a solution to the knotty problem of how to distribute oil profits among the Kurds, Sunnis and Shia in order to contain the growing civil war, but it does much more than that. The most critical part of the law is how it will essentially privatize most of Iraq's oil, granting profits and control to Exxon, Chevron, Shell and other oil companies. The Independent, a British newspaper, obtained a leaked copy of the draft law and reported that its provisions would lock Iraqi oil into 30-year Production Sharing Agreements with private oil corporations on what are absolute beggar's terms.
Mud Pies and Dunce Caps: Part 1 – Health
We are experiencing an epidemic rise in childhood diseases. What are the implications for their survival as we slide past peak oil and go into permanent energy decline?
Mud Pies and Dunce Caps: Part 2 – Education
What is the value of our current education system in preparing our children for a future that will be dominated by the impact of peak-oil, global warming and climate change, and other global disasters on the near-term horizon?
Mike Bendzela: The Iraq War Is Entirely My Doing
I'm still paying a mere 15 cents per cup of gasoline, in spite of declining production in three-quarters of oil producing nations; in spite of the gurgling sounds issuing from the tired, giant fields of the U. S. of A.; in spite of the mounting debt of war.Somebody must be doing something right.
Forget the old cliche that conserving energy is a form of abstinence—riding bicycles, dimming the lights, lowering the thermostat and taking fewer showers. These days conservation is all about efficiency: getting the same—or better—results from just a fraction of the energy.
Carbon plans that make you cut down
When Andy Ross weighs up the merits of putting on a woolly jumper or turning up the heating on a cold January morning, his gas bill is not the only consideration; there's also the small matter of the planet to weigh up.The civil engineer is at the vanguard of a small but growing band of people across Britain who have decided to cut their own carbon emissions rather than rely on the 'green salve' of carbon-offsetting, the merits of which are increasingly questioned by environmentalists.
Alternative Energy Refueling Systems Act Garners Praise
The American Coalition for Ethanol (ACE), a national industry trade association with nearly 1,500 members nationwide, has praised U.S. Senators John Thune (R-S.D.) and Ken Salazar (D-Colo.) for introducing the Alternative Energy Refueling Systems Act of 2007 -- a bill that would assist gas station owners in installing alternative fuel pumps through federal grants of up to $30,000.
There's a company that wants to throw solar panels on your house and reduce your electricity bill -- for free.Yeah, we didn't believe it at first, either. But Citizenre, a renewable energy corporation based in Delaware, looks like the real deal. Its REnU program (for Renewable Energy Unit) complements your current utility setup to take advantage of the sun's resources and reduce the juice you get from "the grid."
A Texas company says it can make a new ultracapacitor power system to replace the electrochemical batteries in everything from cars to laptops.
U.S. urged to ramp up geothermal power
Mining heat stored in rocks in the Earth's crust could meet a growing portion of U.S. electricity demand, replacing aging nuclear and coal plants with an environmentally friendly alternative, researchers say.
New nuclear power ‘wave’ — or just a ripple?
Buoyed by billions of dollars in subsidies pushed through Congress by the Bush administration, the U.S. nuclear power industry says 2007 is the year its plans for a “renaissance” will reach critical mass.
OPEC Dumps $10.1 Billion of Treasuries as Oil Tumbles
OPEC nations are unloading Treasuries at the fastest pace in more than three years as crude oil prices tumble, sending bond yields higher.
Many Contracts; but Is There Enough Natural Gas?
In 2005, world gas production has been 2763 bcm(billion cubic meters). The proved reserves of natural gas are 179.83 tcm (trillion cubic meters) according to BP Statistical Review. With 2005 consumption amounts, the natural gas reserves are enough for the next 65 years.There is more good news; the proven reserves are expected to increase as explorations are extended. So, there will be plenty of reserves around. However, the problem lies somewhere else.
Iran president wants to budget for lower oil price
Iranian President Mahmoud Ahmadinejad on Sunday proposed cutting the oil price on which the next budget is based to protect Iran from "enemies" trying to hurt the economy by lowering international crude prices.
Gas prices drop nearly 14 cents in 2 weeks
The average retail price for a gallon of gasoline in the United States fell nearly 14 cents over the past two weeks, but the drop may be over, as cheaper gas lures more people to hit the road, according to a leading industry analyst.
Kurt Cobb: The unknown unknowns
We are frequently assailed with the notion that knowledge is doubling every n-years and that the interval between doublings is shrinking with each doubling. We are even told that knowledge will someday be increasing at a rate that is so fast it will represent a distinct break in human history. After this turning point, often referred to as the singularity, machines will be smarter than humans and launch human society into an unprecedented orgy of invention and progress.An antidote to this kind of thinking is David Orr's, Ecological Literacy, a compilation of essays that remain as fresh and profound today as they were when they were published in 1992. While Orr would not deny the proliferation of knowledge, he posits an equal and opposite reaction. With each doubling of knowledge, we get a doubling of ignorance.
Pollution destroying pre-Aztec Mexican ruins
Oil refineries and power stations pumping acid air pollutants along Mexico's Gulf coast threaten to erase carved stone murals at the pre-Aztec ruined city of El Tajin, a scientist said on Sunday.
Calls to act on global warming precede Bush speech
Environmentalists, evangelical Christians and congressional and corporate leaders have called for action on global warming in the days leading up to President George W. Bush's State of the Union speech.
The ethical challenges of healthcare and peak oil
An ethical conflict occurs whenever the rights of two or more people, or groups of people, come into conflict. Put another way, it occurs when everyone can't get what they want, and tough decisions need to be made about the allocation of scarce resources.
Schreyer leads new oil, gas study group
Former Manitoba Premier Ed Schreyer is leading a new organization that will educate, and warn, Canadians about dwindling petroleum reserves and global warming.
We spent most of the time taking advantage of the drama on the financial news stations in regards to oil. The talking heads have officially gone from bracing us for $100 oil to an almost palpable sense of disappointment as they start to anticipate the price will drop under $30? What happened to peak oil? I think the point to take is that watching the news is no way to make money. Folks, wake up and use your charts or go broke!
South Africa: Power cuts won't hurt economic growth
The power outages that plunged much of South Africa into darkness last week will not hurt economic growth or cost the nation nearly as much as some have predicted, Finance Minister Trevor Manuel said on Monday.Factories, mines and homes throughout Africa's economic powerhouse lost electricity last Thursday without warning, prompting fears that a looming energy crisis could trim the nation's fast-growing economy.
Perhaps one of the most worrying aspects of last week's power cuts is the level to which South Africans have come to expect them.Shops, factories, banks, farmers and even small businesses have invested in generators so they can function when the lights go out - yet again.
This is sensible, but also disturbing, as it speaks of citizens who have accepted that the authorities can no longer be relied on to provide the foundation on which modern society is built: electricity.
Time. It’s the focal point in the discussion among the groups opposed to building 18 coal-fired power plants in Texas and those advocating such construction. Opponents say the governor’s executive order putting the plants on a fast-track to gaining a permit doesn’t give them sufficient time to conduct testing and raise money to mount a defense. These opponents also say the plants, including one in Savoy in Fannin County, will pollute the atmosphere for up to 50 years. And the plants can’t be built in time to solve the energy crunch predicted as early as next year. Opponents have sued Gov. Rick Perry, contending his executive order exceeded his constitutional authority and impinged on the authority of the judiciary.
Here's a great line from Kunstler today:
Of all the president-wannabes who emerged from their thickets, mole holes, burrows, and termite mounds last week, the funniest was Senator Sam Brownback of Kansas who told a campaign kickoff audience that he was setting off on "the yellow brick road to the White House." Which raises an interesting question: is Brownback running for Wizard of Oz or for president? Brownback represents the Mid Western suburban evangelicals, a sort of death cult composed of people unaware that their own lifestyle has driven them crazy.
"a sort of death cult composed of people unaware that their own lifestyle has driven them crazy."
A rather perfect discription of himself and his herd. And I am no Brownback fan.
IMO, Simmons, Kunstler & Deffeyes are analogous to Churchill in the Thirties, trying to warn anyone who will listen of what is coming.
You may recall that Churchill was widely viewed as an abrasive gadfly, up until the time that Hitler started marching.
Matt Simmons said that if we fail to do anything to address Peak Oil, Jim Kunstler will have turned out to be an optimist.
Matt Simmons said that if we fail to do anything to address Peak Oil, Jim Kunstler will have turned out to be an optimist..
And we are failing miserably to do anything - especially anything useful - about peak oil.
Dmitry Orlov is being proven correct - "Don't pay any attention to national Politicians, it only encourages them. They are a colossal distraction."
Unfortunately, outside of a handfull of cities it appears the same can be said for state and local Politicians.
In the absence of policy changes, the only thing we can do on a personal level is to prepare as best we can. A copy of my post over on the "Chinese Finger Trap" thread:
I have read, it seems reasonable, that the majority of Americans live off the discretionary income of other Americans. Author Thom Hartmann addressed this in his book, "The last hours of ancient sunlight."
Hartmann described a software company that he used to consult for years ago. First visit: two or three people. Second visit: several more people, after another round of financing, bigger offices. Third visit: dozens of people, after another round of financing, very nice offices. Fourth visit: empty offices, they ran out of money, without ever delivering a product.
The point is that the majority of our economy is largely an illusion, albeit an illusion that consumes vast quantities of energy. Instead of gong to Vegas, you could just mail them a check for $5,000, and it would have the same economic impact.
We are facing a relentless transformation of the US economy--from one focused on providing "wants" to one focused on providing "needs."
Basically my ELP recommendations can be reduced to: Cut thy spending and get thee to the non-discretionary side of the economy.
As I have said about a 1,000 times, if I am wrong, so what?
You will have a lower stress way of life, less debt, and more money in the bank.
Westexas, I've come to the same conclusion a couple of years ago about cutting back. I've sold my apartment building in a rapidly appreciating area in Chicago - which is now slowing down, cut back on my hours at work , and bought a ten acre farmette two hundred miles south of the city. I've always wanted a small farm as I'm a life long gardener and avid outdoorsman. I’m a cabinetmaker/carpenter so I have skills that are very useful in a less energy intensive society. As luck would have it I might have oil on my property. The geologists were out Saturday placing orange flags where they are going to take seismic readings later this month.
Bruce from Chicago
Please keep us updated on your most remarkable, entertaining, and unbelievable story. When you first posted about that "knock on the door" I ROFL! So much for independent living in a pristine area that is away-from-it-all! Are you hoping they 1-find it, or 2-don't find it???
I have conflicted feelings about the possibility of having oil on my land. I purchased my land after a year long search for property that was isolated, suitable for farming, and within reasonable driving distance to Chicago. I knew within two minutes of viewing the parcel that this was the one. Last week a UPS delivery man commented that I was in the middle of “God’s country”. It is gorgeous and I would hate to see it ruined by oil exploration. My research into modern drilling practices, however, indicate that the footprint of modern wells is not as invasive as it once was. Every one of my neighbors, except for the retired engineering professor who has 100+ acres of dense woodland next to my plot, appear to have given permission for seismic testing on their land. I’m hoping that if oil is found that any infrastructure would be placed on adjacent properties rather than mine.
"As I have said about a 1,000 times, if I am wrong, so what?"
Pascal's Wager in the real world.
Today there was apparently a big meeting of the minds in NYC regarding Manhattan's declining role in the world of high finance... Senator Schumer, Gov. Spitzer and Mayor Bloomberg were discussing how NYC could regain some of what it has lost the past few years, with Schumer lamenting the fact that if current trends continue, NYC will fall from the title of global financial center to merely just another "regional" center.
I just caught a quick report on this via the radio but the thing that struck me was when the reporter noted that the financial world accounts for $60 billion and 1 of every 9 jobs in NYC. I'd say that's roughly one million jobs in the NY metro area that involve moving alot of money around but produce nothing.
WT writes
"Instead of going to Vegas, you could just mail them a check for $5,000, and it would have the same economic impact."
LOL...
For those of you on a budget - open your car window, throw out a quarter and pull the gear shift lever.
I think that was an unfair anecdote. I don't know about that particular company but it is the nature of the business that most start ups fail some last for quite a while and once in a great while you get a spectacular winner like Google or Amazon.
There is so much churn in our economy it is difficult to get a real handle on it. So many products last just a few years (floppy disks) then disappear to be replaced by something else. Coffee shops and quick oil change businesses came out of nowhere.
Floppy disks... great example! Came and went in an eyeblink... what's 20+ years to the IT industry... oh wait...
Don't pay any attention to national Politicians, it only encourages them.
Like it or not, the national set of rules help bind that states into that more perfect union....
Some people on the national stage are aware of Peak energy (like Ron Paul)
http://www.ronpaulexplore.com/
And if he makes a #2 or #3 in the poles....the topic of energy would be 'taken from him' as an issue to 'address' by the others.
After reading Deffeyes latest rant last night, I have to say that it was a complete eye opener for me.
I've tried to stay away from 'defaming' the 'big papa', but his dribble last night made me sick. Not at what he was doing, but at the fact that so many of you have been suckered into his money making scheme. He talked more about how he was cringing at the fall in his stock portfolio then he was about spreading the 'gospel' of peak oil.
The irony of it all is that in a world in which peak oil does arrive, and if the worst doomer predictions are to be believed, his stock portfolio wont help him at all. So why is he selling books? Why did he invest in several oil companies and has been 'grinding and grunting his teeth' at their recent slide? It's not like he works or has worked for free at Princeton all these years. Surely a man of his age has quite the retirement package to fall back on...
Or has the 'prophet' been very liberal with his new found cash so far :laughs:
And yet here we have WT, praising his name and his insight, despite these facts. One has to wonder how much WT reaps from his support of the peak oil pyramid scam ~_~
As I said down the thread, I am trying to refrain from countless posts between people arguing the same points over and over again. But one quick general point.
I find it ironic that those who are warning about Peak Oil, and either explicitly or implicitly recommending lower consumption, are accused of trying to drive up oil prices.
In reality, it is those who are, in effect, arguing that we can have infinite growth against a finite resource base who are encouraging more (generally debt financed) consumption, and thus higher oil prices.
After reading Simmons, Deffeyes and Kunstler and after reading Yergin, Lynch and Huber, which body of work would make you more inclined to buy a large debt financed SUV to drive to and from a large suburban mortgage?
The problem is that there is not much money to be made by advising people to simply live within, or better yet, below, their means, versus the amount of money to be made by encouraging debt driven consumption. I just find it very interesting that as we see more data coming in that confirms slowing, and declining crude oil production and exports, we see more and more of a rising tide of invectives hurled at those who would simply advise Americans that we do live in a finite world.
"the peak oil pyramid scam"
I usually do not interfere in the discussion when PO will take place(though I have my own approach) but this is where you loose all, yes ALL, credibility, if you ever had some.
It is clear that Freddy Hutter (May 2005 for C+C), even CERA("undulating plateau"), aknowleges PO.
Hothgor, I wish I could say you are a joke, but it's not funny. The subject is a bit too important for the future of my children and you are doing us a great disservice. I want a refund.
Correction: IIRC Freddy Hutter put the peak of CONVENTIONAL crude in May 2005
Nice of you to ignore the multitude of other posts I've made about PO in the past and instead proclaim to all that I don't believe in PO! Bravo on being todays biggest spin master!! :laughs:
The pyramid scam I was referring to was the fact that Deffeyes is using his influence to sell books to the masses and 'scare' the market via influencing hedge funds to buy oil options to drive the price up. The only reason Deffeyes can have to moan about the drop in energy stocks is if he had invested in them. Thanks to his books and the stream of revenue you guys are constantly getting him, hes quietly investing and making a killing!
Oh how neat a package this is!
Talk about Peak Oil -> Write book about Peak Oil -> Make Money -> Perfectly time your prediction for a peak to occur in the same quarter your new book is to be released -> Make more money -> Invest in energy stocks as the price of oil skyrockets -> Make more money -> Repeat cycle.
Trust me when I say this: Deffeyes is laughing all the way to the bank! Don't believe me? Check out his end of 2006 post! :laughs:
And BTW, trying to evoke an emotional defense of a scientific subject only shows that you lack anything more then a conceptual grasp of the subject.
Thanks for your prompt reply Hothgor; didn't expect it so fast.
You are more or less correct in assessing that I lack more then a conceptual grasp of the subject(do I need more?). OTOH I understand demographics. But instead of labeling me a spinmaster you might try to choose your words more carefully ? Peak oil SCAM? And I have been reading here, your contributiones included, as much as possible.
It's the tune that makes the music and as long as yours' is offensive you are undermining your message.
Also, I think it's very normal to invest in sectors you think will make money, but it is rediculous to assume Prof. Deffeyes is acting in his own financial interests.
So, this being written, which was much delayed because I had to pour myself another dry white wine from the other side of the world, I recommend to keep :laughing: (we can al use that; it;s healthy). And please feel free to reply again, but I won't read it untill tomorrow as it is 2300 hrs. here and I'm off to bed.
Good night.
Is it so ridiculous to assume that Prof. Deffeyes is engaging in sensationalism for the sake of making money? How quickly people forget his Thanksgiving Day address in 2005, where he proudly proclaimed that he was no longer a Peak Oil 'Prophet', instead he was a Peak Oil 'Historian'. This of course was followed by the elated, if a bit misplaced, pronouncement that by 2020, we will be back in the Stone Ages.
In the meantime, you can click on a link on his website and buy his book for a nominal fee, just don't expect him to tell you what companies he has invested in to make himself a tidy profit as such a topic is grossly complicated and beyond the understanding of us lesser sheep.
Apparently he can predict doom and gloom for oil and the world, but cant give us any advice on stock picks :laughs:
You are right Hothie!
Deffeyes is part of the rascally Global Peak Oil Conspiracy!
See my abject apology down the thread.
WT said,
"You are right Hothie!
Deffeyes is part of the rascally Global Peak Oil Conspiracy!
See my abject apology down the thread."
yeah, as much difference as I have had with Deffeyes wildeyed hyperbole, I would have to think there is a faster way to make a buck than being a peak oil promoter....:-)
RC known to you as ThatsItImout
Hi Hothgar,
Thanks for posting this, as it brings up a number of issues.
I didn't see Deffeyes' most recent "rant" - what are you referring to? Perhaps his saying he was "cringing" at his stock portfolio tells you something. Most people wouldn't talk about their stock portfolio - would they? It seems to me, there's an element of Deffeyes kind of - if not laughing at himself, then, at least, being honest in a sense. A kind of self-mockery. My take on it is - the kind of "black humor" or "dark humor" is his way of dealing with the strong emotions most everyone experiences (see Robert Hirsch's interview on GPM) when they first realize the implications of "peak".
Saying "Starvation is on the agenda", for example, is more flippant than what I personally would like. It's not real straightforward. My take on it - this is the way he knows to talk about feelings. Shock, horror, anguish and other painful emotions are hard for most people to deal with. Let alone express.
So, the "facts" are really - Deffeyes words, his tone, the "observation" in an objective sense. I'd say your interpretation is different from "facts", as it involves an attempt to understand the motives of Deffeyes and others. And what's also important, are your feelings. (And the underlying need.) Not judgments or slams. Just feelings. What is it you felt? And what are you seeking?
Are you afraid Deffeyes' and others are not sincere?
Hello Aniya,
Thank you for at least having an open mind! His 'rant' can be found here:
http://www.princeton.edu/hubbert/current-events.html
Some quotes of interest:
Yes, I'm sure congratulations are in order to Prof. Deffeyes, as he has probably made a LOT of hedge funds in Asia AND the US make 'a hell of a lot of money." Not only that, he practically ADMITS that he makes the rounds to various financial firms 'informing' them of the peak oil problem! Yet people here at TOD seem to completely miss the implications of this!!!
Notice how we are all capable of 'grasping' the concept of peak oil and its ramifications, yet we can not possibly understand his recommendations for individual stock picks?
This dribble should speak for itself :laughs:
Yeah, Halliburton did such an awesome job with the 200,000+ bpd that was shut down at Prudhoe bay for the better part of 3 months.
He says: trying to fix it, not fix it..
Hi Hothgor,
Thanks for the quotes. I have a very different interpretation of Deffeyes's words than it seems you do. Just as an exercise, I'll share my version of what Deffeyes is saying:
First quote: Here he is trying to come to terms w. the enormity of the issue. It's a kind of bragging, in a way, but bragging more about the correctness of his views on "peak", than about his financial acumen or anything else. In other words, I think the experience of knowing about something that is so potentially enriching (to some) and cataclysmic (to others, probably to all, in the final analysis) - is a weird experience. (Very. Fortunes may be made - humanity may be lost.) He's just sharing here, like writing a travelogue.
Second quote: When he says "I don't have the patience" - he's not referring to you or me, the dear readers, he's referring to himself. He personally does not have the patience to turn himself into a picker of stocks. That's what he means. (IMHO, as they say.) His main point here is what he says about "whenever the price goes down, a lot of people think the problem has disappeared." This is not okay with him. This is terrible. He predicted volatility in his books, and he knows that volatility is not good for people.
Third quote: Here he is trying to describe in more detail how arbitrary volatility is. I think he's trying to say that over the long term, we see price increase, but with volatility, it's impossible to pick the price on any given day.
Anyhow, I'm trying to sincerely answer you here. It seems to me Deffeyes is genuine, in the sense he's open and honest...sharing as best he can in his own way.
Didn't someone say recently that Hothgor had improved and was trying to do better?
It is not his message but his manner of delivery, and placing his name on the same line as Deffeyes and Simmons is a rather brash curse on their names. Comparing him to Churchill may be accurate but it would have been one hell of an insult to Churchill. IMO
And Hothgar: I suspect your biggest problem is you could not marry his daughter. (Deffeys)
You realize his daughter would be like, what, 50?
I'm heartbroken, you can be sure.
WT...Now that's funny!
That's how it looks from outside the US as well. The counterpoint being radical Islam. Same crazyness, same Armageddon, same outcome, different rulebooks. Ahmedinijad (not sure if the spelling is right, but who cares? - you know who I mean) apparently wants to destroy Israel so the "Mahdi" can come. Meanwhile the US bunch are waiting for the "rapture" (rupture?).
Give me break. Kunstler is right and he is only doing his job; one he does rather well.
Can anyone get into Pemex's website? It appears to have been down for a couple of weeks now. Maybe they can't afford the hosting anymore :)
No problem just now.
I have been checking it daily for the last week or so, looking for the December numbers. They are not there yet. But I have had no problems whatsoever.
http://www.pemex.com/files/dcpe/eprohidro_ing.pdf
Ron Patterson
They post their monthly schedule here:
http://www.pemex.com/index.cfm?action=content§ionID=1&catID=237&subc...
The numbers come out today.