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Iraq oil output to double by 2020: IEA By Mark Thompson @CNNMoney October 9, 2012: 8:14 AM ET LONDON (CNNMoney) -- Iraqi oil production could double by the end of this decade, putting the country on track to become the second-biggest supplier to world markets after Saudi Arabia by the 2030s, the International Energy Agency said Tuesday. Production could reach 6.1 million barrels per day by 2020, up from the current output of around 3 million barrels a day, and top more than 8 million barrels by 2035, the Paris-based agency said in a special edition of its World Energy Outlook. Iraq's ability to increase exports will have a major impact on world markets. Such rapid growth would generate $200 billion a year of revenue for Iraq and transform the country's economy, the IEA said. Iraq is already the second-biggest oil producer in the Organization of Petroleum Exporting Countries (OPEC) - having overtaken Iran, whose oil output is suffering from the impact of international sanctions. "Developments in Iraq's energy sector are critical for the country's prospects and also for the health of the global economy," said IEA chief economist Fatih Birol. "But success is not assured, and failure to achieve the anticipated increase in Iraq's oil supply would put global oil markets on course for troubled waters." Iran's faltering output is not the only source of concern for oil consuming nations. Some analysts say that Venezuela, which has the world's largest reserves of crude oil, could see production decline further as foreign investors are deterred by Sunday's re-election of Hugo Chavez as president. The IEA said Iraq would need to invest $530 billion in energy infrastructure through 2035 to achieve projected levels of oil, gas and power output. Any delay to that investment would mean reduced supply to world markets and could add $15 a barrel to the price of oil by 2035. The Iraqi government and partners such as Exxon Mobil (XOM, Fortune 500), BP (BP) , Chevron (CVX, Fortune 500) and Total (TOT) have already been working together to repair existing fields and hunt for new sources. Oil exports make up 72% of Iraq's economy, compared with just over 52% for Saudi Arabia. Most of the projected growth would come from the vast oilfields of southern Iraq, ideally placed for exports to China and other fast-growing economies in Asia. The increased output would push Iraq ahead of Russia as the world's second-largest exporter. "This landmark study confirms the increasing importance of Iraq to the global energy system, highlighting the key role it is expected to play in meeting growing energy needs and the responsibilities it will assume as a strategic source of world oil supply," said IEA executive director Maria van der Hoeven. http://money.cnn.com/2012/10/09/news/economy/iraq-oil/index.html?iid=HP_LN

NEW YORK (CNNMoney) -- The Federal Reserve announced plans to unleash more stimulus Thursday, in its third attempt at a controversial program to rev up the U.S. economy. The policy, known as quantitative easing and often abbreviated as QE3, entails buying $40 billion in mortgage-backed securities each month. The end date remains up in the air, as the Fed will re-evaluate the strength of the economy in coming months. The Fed is wasting no time. The purchases begin Friday and are expected to total about $23 billion over the remainder of September. In addition, the Fed also indicated that it plans to keep interest rates at "exceptionally low levels" until mid-2015. Previously, the Fed had forecast rates would remain low until late 2014. The central bank's main objective is to lower interest rates and mortgage rates in particular. By keeping rates low, the Fed hopes to fuel more spending and eventually, more hiring. The policy "should put downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative," the Fed's official statement said. Meanwhile, the Fed will continue its existing policy known as Operation Twist. Together the two programs will add $85 billion in long-term bonds to the Fed's balance sheet each month. The Fed has been trying to stimulate the economy for over three years now, and has exhausted its usual tool by keeping interest rates near zero since late 2008. Quantitative easing is an unconventional way of trying to lower rates further. Still, the Fed is not satisfied, given that the unemployment rate has remained above 8%. In a speech two weeks ago, Fed Chairman Ben Bernanke called the job market a "grave concern." Later, the government's jobs report showed hiring slowed substantially in August and the labor force shrank. In its statement Thursday, the Fed indicated it will not only continue QE3, but also "employ its other policy tools" if the "labor market does not improve substantially." The Fed's accommodative policies have been contentious from the start. Republicans often warn that as the Federal Reserve has expanded the money supply, it has set the economy up for rapid inflation in the future. Meanwhile, economists expect the benefits to be minor, and the risks are uncertain. The first two rounds of quantitative easing lowered interest rates and fueled stock market gains, but banks haven't been eager to lend out money readily. Banks are sitting on $1.6 trillion in reserves and credit standards remain tight following the financial crisis. Households continue to pay down debt, and are in no hurry to ramp up their spending. That said, it's possible the Fed's move could help the housing market slightly. New construction and home prices have already started picking up recently, and should mortgage rates fall further, that could fuel a quicker housing recovery. The QE3 move comes after Bernanke has repeatedly urged Congress to do more to support the recovery in the short term, while still addressing the country's debt problem over the long term. But Congress has done little to heed his advice, and given it's an election year, they're not expected to act anytime soon. Economists often cite the threat of fiscal cliff as one of the key reasons businesses remain reluctant to hire new workers. The Fed may have acted Thursday, partly to offset the drag from fiscal policy. In implementing QE3, the central bank does not use taxpayer money to buy bonds. Rather, it expands the U.S. money supply and electronically credits banks with more funds.Of the Fed's 12 voting members, Richmond Fed President Jeffrey Lacker was the only one to oppose Thursday's decision. He objected against the 2015 forecast and QE3. He has dissented at every Fed meeting since January. http://money.cnn.com/2012/09/13/news/economy/federal-reserve-qe3/index.html

There he is! Hope Momma is well. Take care

My thoughts exactly

How about Yahoo? http://news.yahoo.com/ariz-sheriff-says-obama-birth-certificate-fake-072751943.html

Published July 17, 2012 Associated Press Investigators for an Arizona sheriff's volunteer posse have declared that President Barack Obama's birth certificate is definitely fraudulent. Members of Maricopa County Sheriff Joe Arpaio's posse said in March that there was probable cause that Obama's long-form birth certificate released by the White House in April 2011 was a computer-generated forgery. Now, Arpaio says investigators are positive it's fraudulent. Mike Zullo, the posse's chief investigator, said numeric codes on certain parts of the birth certificate indicate that those parts weren't filled out, yet those sections asking for the race of Obama's father and his field of work or study were completed. Zullo said investigators previously didn't know the meaning of codes but that the codes were explained by a 95-year-old former state worker who signed the president's birth certificate. Zullo said a news reporter who has helped out in the probe let investigators listen in on an interview he concluded of the former state worker. The Obama campaign declined to comment on Arpaio's allegations. The Arizona Democratic Party says in a statement that Arpaio's investigation is intended to draw attention away from problems within his own agency, such as hundreds of sex-crimes cases that the sheriff's office failed to adequately investigate over a three-year period. So-called "birthers" maintain Obama is ineligible to be president because, they contend, he was born in Kenya. Hawaii officials have repeatedly confirmed Obama's citizenship. Obama released a copy of his long-form birth certificate in an attempt to quell citizenship questions. Courts have rebuffed lawsuits over the issue. Read more: http://www.foxnews.com/politics/2012/07/17/obama-birth-record-definitely-fraudulent-sheriff-joe-arpaio-says/#ixzz20yiYlaoc

My thoughts exactly!

Oh no apology necessary. I had a similar response to the article as well. I forwarded it to my co-workers, friends and family because it's very scary. We have a lot of crime here which is bad enough. I just don't think they are typically racially spurred. I don't know that for a fact but I have to rely on the media to inform us (clearly that's not working well). I didn't take any offense to your comment. Everybody has their own opinion based off whatever info they know/hear about a person or place. Take care.

Hi bud, Norfolk and Hampton (Iverson's hometown) are both in Hampton Roads but they are across the Hampton Roads Bridge Tunnel from one another. They are close but are two separate areas in Hampton Roads, VA. I know we have crime in the area and I work near a rough area in Hampton but I can tell you "this area of the country" is not "steeped in racial tension". We have crime like most high populated areas but I'd be willing to bet it's not typically racially motivated. I am very proud of where I was born and raised. It saddens me to think other people across the country think that way about Hampton Roads or Virginia. Hopefully this article and Allen Iverson don't skew your view of Hampton Roads, VA and the people that live here too much. Take care.

Well Machine, It looks like Hollande will take it on May 6th. http://thestar.com.my/news/story.asp?file=/2012/4/19/worldupdates/2012-04-19T135227Z_1_BRE83I0T4_RTROPTT_0_UK-MARKETS-FRANCE-ELECTIONS&sec=worldupdates Take care.

Shoooooot, RV at a dime or higher and I'm greeting the bank employees as they pull in the parking lot the following morning. I won't be retiring but I'll be going part time and enjoying the majority of my life versus working most it away.

Checking it out right now. Thanks!

I would purchase some as well. It sounds like it is darn near impossible to get your hands on this stuff without actually flying there... from what I'm reading. Any thoughts?

Thank you kcw!

And you know ammo sales have to be up to... Wouldn't hurt to grab some reserves with the election coming up. Probably be a shortage like last election. Take care

Iraq’s Al-Saqr Al-Jareh Wins $245 Million Housing Project By Khalid Al Ansary - Mar 21, 2012 9:25 AM ET Iraq’s al-Saqr al-Jareh company won a $245 million contract to build 1,857 housing units in the southern region of Basra, said Khalaf al-Badran, president of the Basra Investment Commission. The project will be built within five years on the northern outskirts of Basra city, al-Badran said in a telephone interview from Basra yesterday. Basra province needs 200,000 residential units, he said. Iraq, which holds the world’s fifth-largest oil reserves, is seeking foreign investment to help rebuild an economy and infrastructure damaged by years of conflict, sanctions and underinvestment. In March 2010, the government approved plans to build 1 million apartments by 2014 for lower- and middle-income families to reduce the housing shortage. http://www.bloomberg.com/news/2012-03-21/iraq-s-al-saqr-al-jareh-wins-245-million-housing-project.html

Is this a common translation error or something? How do we already know that this means this year? Cause we don't want to wait another year? Thanks Stryker. Take care.

Get naked.......... CHECK (Not pretty) Get liquored up....CHECK (Not pretty) New Truck..........CHECK TOMORROW (Reeeeal pretty) Now What?!

Virginia is standing strong and we'll continue to do so. I was not aware of this Krome. Thank you for posting. Take care

Monster lobster caught off Maine coast Published: February 22, 2012 6:32 PM By The Associated Press Photo credit: AP | Maine State Aquarium Director Aimee Hayden-Rodriques holds a 27 pound, nearly 40 inch long, lobster caught by Robert Malone off the coast of Maine near Rockland, Maine on Feb. 17, 2012. The aquarium named the crustacean "Rocky." (AP Photo/Maine State Aquarium) BOOTHBAY HARBOR, Maine - (AP) -- A giant 27-pound lobster has been caught off the Maine coast, but it won't be going into a pot of boiling water. Maine State Aquarium Director Aimee Hayden-Rodriques says Cushing shrimp fisherman Robert Malone caught the monster crustacean in his nets Friday. He gave it to the Department of Marine Resources to deliver to the aquarium, which the DMR operates in Boothbay Harbor. The beast weighed in at 27 pounds and measured nearly 40 inches long. It was dubbed Rocky because it was caught in the Rockland area, but Hayden-Rodriquez says it could have been named for Rocky the boxer because its claws are big enough to pack quite a punch. Hayden-Rodriquez says Rocky will soon be released into the ocean because he'll fare better in the wild. http://www.newsday.com/news/monster-lobster-caught-off-maine-coast-1.3550100 Dang Lopsters are getting bigger and bigger...

I think you misread that and didn't see trillion vs billion. But I'd love $1.17! Take care.

I don't understand the logistics of how both currencies could be "dealt in the market during this stage?" I'm specifically thinking about how this will work in Iraq. Assuming a 1:1 exchange... Iraq is going to allow the rest of the world cash in at this rate using their 25,000 note (=$25,000) but won't allow their own citizens do this? They will just exchange their 25,000 for a 25 note (=$25)? I felt like I had a good grasp on everything for the past several years and then today I talked myself out of it. Am I missing something? Other than my coffee this morning?

Yes sir!

Very well said. Thank you for posting this Delta. Take care

There it is