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1 Oct 6 2011 @ 10:55am by Matt Smith in Crude Oil, Economy, Global Energy, Natural Gas

Energy! You Goonie!

Oh my gosh, I hope this picture brings you as much amusement as it does me. With the return of piracy into the mainstream media in the last week, I have been reminiscing about the most fantastic of movies – The Goonies – and how it is inevitably tied back to energy. So here’s some truffle-shuffle-tastic insights to take us from crude to natty to Mikey to Mouth to Data to Brand to Andy to Stef, and to of course…Chunk (Captain Chunk!).


Piracy is back on the radar this week after a Somali pirate leader was sentenced to life in prison by a US judge for hijacking a yacht and subsequently murdering four Americans.

Here are some One-eyed Willie-esque pertinent points about piracy:

–Piracy costs the world shipping industry $9 billion a year
–The largest single volume of crude captured was 2 million barrels  in February of this year, when a VLCC (Very Large Crude Carrier) was captured on the
world’s most important oil maritime route – the Indian Ocean
–Over
40 percent of the world’s seaborne oil passes through the Gulf of Aden and the Arabian Sea, which is the northern part of the Indian Ocean
–the average ransom payment last year was $5.4 million, with the largest being $9.5 million
–Ransoms have jumped
36-fold in the past five years, with attacks off Somalia the highest on record last year, with 49 vessels and 1,016 crew members hijacked

Data, you Goonie!

Next up, some interesting information / data flows relating to energyworld™ this week:

–1.9 billion gallons of fuel were wasted in the US last year due to people being stuck in traffic
–The EPA announced it is to ease the Cross State Air Pollution rule for some power plants to give them
more time to comply.
–Crude oil stock levels at Cushing, OK, (where WTI is priced) are now at an 18-month low, down over 28% from the peak earlier this year. Nevertheless, the spread to Brent pricing remains elevated at $23  
–WTI crude oil, US natural gas, EU carbon permits, UN carbon permits, European coal, and US equity indices have all made a low for the year in the last week  
 

Mouth; you Goonie too!

Next, some of the worst-kept secrets which are being passed around by word of mouth:

–A US double-dip recession is unlikelyimminent, or we are already there – depending who you listen to, while a European recession has a 40% probability
–Meanwhile, a Greek default appears to be just a matter of time 

And finally, some random facts about The Goonies:

–The old Clatsop County Jail, scene of the Fratelli jail break, is now home to the Oregon Film Museum
–The pirate ship was entirely real. After the film, it was offered to anyone who would take it, but sadly, no one wanted it, so the ship was chopped into scraps
–The cast was not allowed to see the pirate ship before the scene was shot. When they did see it, some of the kids said “holy ****!” so the scene had to be re-shot without them cursing
–The Goonies grossed US$9 million in its opening weekend in the US, second behind Rambo: First Blood Part II
–It cost $10mln to make and earned over US$61 mln in 1985

Thanks once again for playing. Stay true to the cause, and remember: Goonies never say die.

1 Comment on this post:

  1. Ginny says:

    Blooper alert: At the end of the movie, you can hear one of the kids saying something about “the octopus was really scary!”. There originally were scenes of an octopus attacking but they were cut out of the movie before it was released. Whoops.

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