The Oil Drum

Bravo to Danny Williams. I know he must be good at what he does in order to be so reviled by the corporate mainstream. While not quite at Hugo Chavez' level of audacity, he's doing really well by national standards.

Let's remind ourselves that it isn't the government of Newfoundland that has a stake and royalties but the people via the government. While the media will no doubt continue to regard this as an election ploy, cheap trick, massive gamble, pandering populism [as if the populace doesn't have a say in government], or whatever other crap they can come up with, there is a possibility that the guy just isn't a bought and paid politician but a long thought extinct breed called a statesman.

From a peak oil perspective, 700 million barrels will supply the world for eight and a quarter days and have the global warming impact of a gnat upon an elephant's back. But at least Danny has a 4.9% share of the gnat.

Maybe Hugo charging 15% royalties made the 1% [what usury!] from Danny look a lot better. As for William's poker skills, remember that he held the actual cards and couldn't lose; it was just a matter of when they wanted to play on his terms. I think he played too cheap and too soon, but the time, in terms of depletion at Hibernia, was right.

Reelection seems assured. Two thumbs up.