My Note –
I had been trying to understand the extent to which oil, diesel fuel, gasoline and petroleum is used and started here – just trying to get my mind around it –
And CNN reported a few minutes ago about the oil spill hitting Freemasons Island off the coast of Louisiana – the oil slick is coming ashore – and the thick crude oil is probably what they are talking about here.
Since its success in World War II, in which it was the most prevalent power plant for armed forced equipment on the ground and at sea, the diesel engine became the conventional power source for most railroad locomotives, most heavy construction machinery, most high-powered farm tractors, and a large proportion of trucks and buses.
Its weight makes it unsuitable for aircraft use, and it has had only limited (but growing) application in passenger automobiles. In general, it finds applications wherever its greater weight and cost and less smooth-running operation are offset by its lower cost of operation. An especially noteworthy application is in marine propulsion.
While passenger-carrying vessels favour turbines that provide more speed and less vibration, cargo vessels, especially the largest sizes, profit from low-cost diesel power. Of 371 ships built in two recent years for the merchant fleet of the U.S.S.R., for example, 7 were propelled by steam turbines, 1 by a gas turbine, and 363 by diesel plants.
pp. 726, vol. 5; Encyclopedia Britannica, 1978. Entry – “Diesel Engine”
From an earlier paragraph –
Diesel-electric combinations –
In the early 1920s the General Electric Company suggested to the Ingersoll-Rand Company, for whom Price was working, that they cooperate in the building of a diesel-electric locomotive. At that time, there were many gasoline engine driven locomotives in service. A diesel-electric locomotive with Price’s engine was completed in 1924 and placed in service for switching purposes in New York City.
The success of this locomotive resulted in orders from railroads, factories, and open-pit mines. The engine used in most of these installations was a 6 cylinder, 10-inch bore, 12-inch stroke, rated 300 brake horsepower at 600 revolutions, and weighing 15,000 pounds.
Marine applications –
Many diesel engines were purchased for marine propulsion. The diesels, however, normally rotated faster than was desirable for large ships’ propellers because the high speeds of the huge propellers tended to create hollowed-out areas within the water around the propeller (cavitation), with resultant loss of thrust.
The problem did not exist, however, with smaller propellers, and diesel engines proved especially suitable for yacht, in which speed is desired. The problem was solved by utilizing a diesel-electric installation in which the engines were connected to direct-current generators that furnished the electricity to drive an electric motor connected to the ship’s propeller.
There were also many installations in which the diesel was connected either directly or through gears, to the propeller. An unusual installation was diesel-driven ferry that plied on the Hudson River between the towns of Hudson and Athens. In this installation the engine crankshaft was extended at both ends and coupled to shafting that carried a propeller at both ends of the ferry boat.
When diesel engines of larger horsepower and slower rotation speeds became available, they were installed in cargo and passenger carrying ships. Diesel engines were also installed in hospitals, telephone exchanges, airports, and other places to provide emergency power is regular electrical power was interrupted.
pp. 727-728, vol.5; Encyclopedia Britannica, 1978. Entry – “Diesel Engine”
From CNN just now –
16 days, since the off shore oil rig exploded in the Gulf of Mexico
almost 8,000 people and 200 boats are fighting the spill, as of today (CNN – 1.01 pm) – oil has hit land at Freemasons Island off the Coast of Louisiana – 2 teams have been deployed to the area
For perspective – My Timeline –
April 20, 2010
Explosion of the Deepwater Horizon oil rig that was being operated by TransOcean, work being done by Halliburton crews, for the BP (British Petroleum) Corp. in the Gulf of Mexico, 41 miles south of Louisiana coast – killing 11 crew and blazing with fire, smoke and fumes – may or may not have been oil spilling from the well-head at the point of this, but BP said it was not leaking oil.
April 25 – 26, 2010
CHETRY: Also coming up this morning, our top stories just minutes away, including the governor called it Katrina-like destruction. A deadly tornado obliterating entire neighborhood to nearly 200 miles across Mississippi. We’re live as rescue teams head out again this morning to sift through the rubble looking for survivors.
Over 100 tornadoes were reported – tearing up a swath through Mississippi, Arkansas, Tennessee, Alabama, Carolinas, etc.
“A massive cleanup effort is underway across the southeast after reports of tornadoes in seven states over the weekend.” – CNN April 26
All too real for people in the southeast especially in Mississippi. Tornadoes ripped through seven states over the weekend. We’re telling you about Mississippi being hard hit. In particular, 10 people were killed there, among them two children and a three-month-old baby.
Another two deaths to report over in Alabama. Now we have reports of dozens of people injured as well. We are still counting the number of homes that are damaged or destroyed but certainly in the hundreds right now.
Their house blown 40 feet off the foundation.
When the tornado struck here it launched that 5,000 pound gasoline tank into the back of the grocery story
in the preliminary information from the National Weather Services that this tornado had winds of — at sometimes up to 175 miles per hour. That is well into a category 5 hurricane strength winds
This long track tornado really an amazing thing.
Want to show you how long of a track it was, 97 miles. And then it may even go longer than that as far as the individual cell goes.
There’s a 50-mile-long path of destruction for a storm they say was about a mile wide wind speeds were up to 175 miles an hour.
its trees just snapped like match sticks. You know this is an area that has a lot of pine forests and they were either debarked or completely snapped in half. Billboards down. And not to mention the hundreds of homes that were damaged or destroyed and the lives lost with this very, very slow-moving system.
MARCIANO: We had over a hundred reports of tornados in the past four days that pretty much doubles our 2010 count
Sunday, May 2, 2010
Rains of a record-setting 13″ – 20″ in one day fell across areas of Tennessee flooding cities along the Cumberland River that crested at 51′ above flood level, including covering Memphis and Nashville along with small towns throughout the state with deep, muddy flood waters.
Nashville Flooding – Tennessee Flooding Kills 5 and More Rain [Video of Nashville Flood]
Oh, Nashville. This is the current site of mass flooding, and the rain just will not quit. Tennessee is experiencing some of its worst flooding in years, and the nuisance weather is beginning to break records. The streets of Memphis are also underwater, and all surrounding areas have also been subject to this disastrous rainfall. The Harpeth River rose to 26 feet as of Saturday evening, causing widespread damage to the Nashville metro area, according to the National Weather Service.
As of today, 05-06-10 – The National Weather Service and (NOAA) site lists
flood warnings in these counties – found here – (after the waters have been receding – )
List of Active Alerts by County
April 20 – May 06, 2010
Deepwater Horizon accident in the Gulf of Mexico covers the Gulf Coast waters south of Louisiana and Mississippi with a massive oil slick as the truth about the volume of crude oil spewing into the Gulf becomes obvious and the scale of possible damage is unavoidable.
The oil spill covers a surface area of at least 2,500 square miles (6,500 km2) according to estimates reported on May 3, 2010 by CNBC. The oil spill, originating from a deepwater oil well 5,000 feet (1,500 m) below sea level, is currently discharging an estimated 5–25 thousand barrels (210,000–1,100,000 US gallons; 790,000–4,000,000 litres) of crude oil daily. The spill is expected to eclipse the 1989 Exxon Valdez oil spill as the worst US oil disaster in history. Experts fear that it will result in an environmental disaster as the oil from the well site reaches the Gulf coast, damaging the Gulf of Mexico fishing industry, tourism industry, and habitat of hundreds of bird species.
CNN currently showing the 2002 Prestige Oil Spill – still evident after 8 years of cleanup – Muxia, Spain
My Note –
If the fishermen that rely on it for commercial business were related to me in that area of the Gulf of Mexico – I’d tell them to get their boats and their families out of there and go somewhere else. It is obscene how long this will impact the area. The crude oil they may help with cleaning up is bad for their health, their businesses will be impacted by this for over ten years and in these moments, their efforts could be better served to take themselves, their families and their boats somewhere else to make a living where it is safe.
I would tell that to anyone with a restaurant or business that relies on those fishing communities as customers as well. There is only so much money that the oil spill will bring and then it will be gone and the disaster will still be there. It has happened everywhere the oil industry has created a catastrophe by their actions. It decimates those communities and the jobs, businesses and health of the people who are citizens and families there.
– cricketdiane, 05-06-10
And, just to add to my timeline for perspective above –
DOW – 10,592.88 Dropping -287.87
(more or less – it is changing pretty fast right now – just a swinging – massive swings over the past few days indicate a volatility that is massive and likely to continue – in both directions) – from CNN coverage of the DOW in the corner of its broadcast
CNN’s Anna Coren heads to South Korea for a tour of what promises to be the world’s largest tidal power plant.
9922 – NYSE going down by -995.55
Right now – being very fast – the numbers aren’t exact but close enough to see it is dropping like a rock –
(CNN – noticed there is a problem – that’s good)
DOW is not down -677.76
That can’t be right –
Yep, its correct – Dow Jones plunges almost 1,00 before gaining back some says the breaking news banner
Welcome to the Real World – what did they expect would happen?
There is a claim by the news generally that the Greek problem is doing this – but I don’t believe that. It is something else.
bloomberg announced this morning on their broadcast that Secretary of the Treasury during the Bush Jr. Administration and Secretary Timothy Geithner would be testifying today – FCIC hearings (commission investigation)
– maybe they have given up the truth about the game –
just a thought
also covered on bloomberg early this morning – they had charts showing the credit ratings of the sovereign debt loads – and there were supposed to be bond offerings from Spain today
the trader talking on bloomberg right now said that 90% of what just happened was programmed trading – I though that was illegal because of doing this very same thing in the 80s
Also, there were the hearings with Bear Stearns, yesterday, wasn’t it?
“A market structural problem here. A breakdown in the market structure here.” bloomberg phone interview, “no real liquidity in the equities market, no matter what people think about it – the 1000 points is because the market broke down.”
Back to the information about the Gulf of Mexico oil spill –
I looked this up in my Encyclopedia Britannica – about seawater
pp. 193, vol.16
Entry – “Salt and Salt Production”
Though the material which gives seawater its salty flavour is comprised of many substances, sodium chloride, or common salt, is by far the predominant compound. On the assumption that each gallon (about four litres) of seawater contains 0.231 pound (about 105 grams) of salt and that on the average rock salt is 2.24 times as dense as water, it has been estimated that if the oceans of the world were completely dried up they would yield at least 4,5000,000 cubic miles of rock salt, or about 14 1/2 times the bulk of the entire continent of Europe above high-water mark.
Seawater contains on the average about 3 percent salt, the actual concentration varying from about 1 percent (in the polar seas) to 5 percent. Enclosed seas such as the Mediterranean and Red seas contain a higher proportion of salt than does the open ocean at the same latitude.
Irrespective of the source of the seawater, salt obtained by evaporation of seawater has the following composition:
sodium chloride 7u7.76 percent;
magnesium chloride 10.88 percent;
magnesium sulfate 4.74 percent;
calcium sulfate 3.60 percent;
potassium chloride 2.46 percent;
magnesium bromide 0.22 percent; and
calcium carbonate 0.34 percent.
pp. 193, vol.16; Encyclopedia Britannica, 1978. Entry – “Salt and Salt Production”
My Note –
In the next column on the same page, there is an interesting paragraph about deep seabed brines containing unusual salts – (including the Gulf of Mexico, although the chart on this page does not list it specifically – lookup online)
pp. 193, vol. 16 –
Certain natural brines occurring in England and the United States are of special interest because they contain salts, such as the chlorides of barium and strontium, not usually found in brines. Special processing methods are required to produce salt from such brines.
In Great Britain, these unusual brines are found at great depths during test drillings for petroleum, while in the United States, they occur in deep wells in several places.
(Encyclopedia Britannica, 1978)
My Note –
from a note I made at early this morning some time – from bloomberg story – a person who had been in the shareholders meeting maybe – I was half asleep when I made the 3 x 5 card and didn’t put who was talking over the phone to the anchors –
TransOcean has received a $401 million dollar payment from the insurance on the Deepwater Horizon rig and the rig that was lost cost $365 million – there was also something else about them having placed a claim against insurance for another part of the losses, I didn’t get all of that part.
I need to look up that stuff – that sure was quick to get a check cut to cover the rig disaster – I could’ve never gotten an insurance payment for $1,000 on that time frame. Interesting. Wonder if they have credit default swaps on these things, too.
Anyway, I’ll try and look it up.
Also interesting in the Encyclopedia Britannica, vol.16, pp. 491 – under the entry “Seismograph” –
Detection of microseisms.
Seismographs sometimes detect small and long-continuing oscillations of the ground, called microseisms, that do not originate in earthquakes. The occurrence of some microseisms is related to storms at sea. The detectability of earthquakes is reduced by the masking effects of microseisms.
(That means there are also seismic activities created by both the drilling and the injection of water and other chemicals at high pressure into the wells to improve their yield, my note.)
Encyclopedia Britannica, 1978
Accenture Chart dropped to one penny?
Goldman Sachs lost $188 million in value (there were three others on the chart at bloomberg a couple minutes ago – 3.40 pmET)
Spain pays highest yield ever in $8 Billion dollar bond sale – I think that means they are going to be paying incredible interest on the “loans” by bond sale – that isn’t good – (on bloomberg ticker)
The banks own a lot of this debt from Spain, Portugal and Greece but they also have derivatives based on them – (paraphrased from bloomberg just now)
Hmmmm .. . .
From my notes early this morning – There was also a banking meeting including the ECB in Lisbon.
Wonder what all they did there?
What is a “risk evaluation trade” that the guest just said on bloomberg before the guy speaking now? Good lord this moves quick . . .
Just so you know, I’m looking through the “Ship” category of pages in the vol.16, Encyclopedia Britannica – because I was already there . . .
(and trying to watch the news at the same time – but there is a thought here that comment made about the lack of liquidity in the equities markets means the trades aren’t even real, if you think about it.)
Somebody needs to call or email these folks and tell them what happened on the stock markets today –
Task Force on Financial Integrity & Economic Development
US Senate Homeland Security and Governmental Affairs Committee
my note, cricketdiane
Also – from a note on 04-22-10 at 2.32 pm (from CNN with Ali Velshi)
“Sarbanes-Oxley failed to see or prevent accounting fraud in offshore – etc.”
and Peter Morici made the statements –
“There are $600 Trillion dollars in derivatives – that’s 5x’s more than is in the economy – it is synthetic betting.” – paraphrased in my notes
And quickly from the Goldman Sachs interview with Blankfein, while I’m thinking about it –
on GPS with Fareed Zakaria, CNN – Aired May 2, 2010 – 10:00 ET
Interview With Lloyd Blankfein
Let’s say, for example, somebody wanted to buy a — an oil company, a stock of a particular oil company and they asked us — the person who’s buying it doesn’t care whether we are negative or positive on the equity market or negative or positive on the price of oil, both of which will impact that security. They just want the service of being able to buy and sell that security.
( that’s where he admits they know their actions are impacting the values of those securities. And then, a little bit later)
That this was a case where Paulson said, I want to design the product or I want to help design the product and the guy buying it didn’t realize that the guy going short was actually part of the process of selecting the securities that — that were being offered.
BLANKFEIN: In that particular case — and, again, these are complex — you know, these are, you know, this is a specific pattern. In that particular case, the — excuse me.
BLANKFEIN: The selection agent with respect to — that actually in fact did select the securities, the — the — so on that basis — on that basis, the — Paulson initially proposed a pool of securities of something over 100 securities. The selection agent examined that pool of securities and rejected more than half of it after examining each security.
ZAKARIA: During this period, the call logs from the Secretary of Treasury, Hank Paulson, suggest that he called you more than any other person. He called you maybe twice as often as he called any other bank CEO, maybe it was even three times as often.
ZAKARIA: Let’s talk about the crisis — 2007, 2008. When Lehman Brothers was teetering on the brink, did you think this was a seismic moment?
( . . . )
BLANKFEIN: In hindsight, as I look back, I could say I could not have thought it would have gone this far, yes.
FAREED ZAKARIA GPS
Interview With Lloyd Blankfein
Aired May 2, 2010 – 10:00 ET
FAREED ZAKARIA, HOST: Welcome to GPS, THE GLOBAL PUBLIC SQUARE. I’m Fareed Zakaria.
This week on the program, the man at the center of the storm, the chairman and CEO of Goldman Sachs, Lloyd Blankfein.
ZAKARIA: So, what would a call from Hank Paulson to you sound like?
BLANKFEIN: I can’t remember specific because in my mind, it’s a bit of a blur and conversations would be, what are you seeing, what are you hearing, what are your clients saying, how do the markets look? Because don’t forget, we are big market makers and the way that the regulators have contact with the markets is through the market making group and so they were really, they were really in a position of asking questions.
(and later in the interview – this is the best part – except for maybe where he indicated that they knew over at Goldman Sachs, -including the fact that, he knew that they were influencing the values of the securities – I’m adding, ‘they were influencing the securities in big ways because that is evident.’)
BLANKFEIN: No, no, no. I have to regain, help the firm regain and this is something that’s shared by all our partners and employees. We have to regain the trust of the public. We have no choice. We can’t survive without people thinking well of us because at the end of our — our business is a confidence business.
Now, I will say that the people that we deal with, that know us best, our core constituency group are employees. Our shareholders, our clients, have been very, very supportive . They know the firm. They know the essence of who we are and frankly, I think we still enjoy a reputation with those — a good reputation with those key constituent groups.
“our core constituency group are employees.”
(that means the used cars are getting sold to the used car salesmen on the lot – so who needs customers . . . )
“our business is a confidence business.”
(and so is every other con game that has ever been created from selling snake oil to sophisticated securities and derivatives products that have no value and cost the investor or customer money many times over rather than making a return on their real money invested in it. That is real money which disappeared, my note – – cricketdiane)
(and a little later in the interview – this part is very enlightening – )
And when your public has met us, I have to confess, the public hasn’t liked what it’s seen in the context of this upheaval in finance and the perception of our role in it. And that’s something we’re going to have to work on with them and that’s going to cause us to have to exercise a lot of muscles that we don’t have very well developed because our business doesn’t cause us to engage directly with individuals.
My Note –
I’ll have to take some of this and transfer it over to another blog post because it is all happening now and it is integrated and affecting one another including the incident that is catastrophic in the Gulf of Mexico – but anyone besides me probably thinks about them as separate things. I mean, the financial markets, the hearings, the insurance payouts on the well disaster and on the rig that exploded in the Gulf of Mexico and the actual oil spill creating the catastrophic concerns and real damages in the Gulf Coast regions and in the waters of the Gulf of Mexico to marine life, wildlife, communities and businesses in the area. I know it all goes together but probably other people wouldn’t think so . . .
June 22, 2009 | Clark Gascoigne
This is the group that had hearings with Lloyd Blankfein and just yesterday, I think they were the ones with testimony from Bear Stearns. The also had the hearings and investigations on the credit ratings agencies that were available to view on CSPAN with Moody’s and Standard & Poor’s (maybe a couple weeks ago now).
For now, I will continue with the information found in vol. 16, pp. 680 of my Enclyclopedia Britannica in the entry “Ship” –
The principle of the turbine, which is the reaction or impulse or both of a current of pressurized water, steam, or gas against a series of curved blades on a central rotating spindle, had been known for some time when, in 1884, an English engineer, Charles A. Parsons, patented a turbine in which the rotor wheel was driven by the reaction of a steam jet from its periphery (reaction turbine), and shortly afterward a Swedish inventor, Carl de Laval patented a turbine in which the jet of steam impinged on the turbine blade (see also TURBINE).
Because these turbines were inherently efficient devices that were not limited in size, they developed rapidly, and by the start of the 20th century they were in service. Initially, the real advantages of the turbines, high efficiency and light weight were not exploited; directly connected to the relatively slow-turning propellers, they had to be made large and inefficient. The first solutions for faster ships was to use several propellers (multiple screws) and turn them at higher than optimum speeds and to divide the turbines into several units, the lowest pressure units becoming very large in diameter.
My Note –
This reminded me that back when I was researching the ships involved in the Somali pirates kidnapping and hijacking of ships – which they are still doing, as far as I know but maybe less successfully if efforts to stop them are working, – I saw a bit of info on wikipedia about the efficiency and petrol use of these cargo ships and petroleum tankers typically crossing our oceans.
I’m going to go find it –
Just turned 10 pm in the UK and the CNNI coverage (and CNN) showed Big Ben banging out the hour as the elections polls closed.