Donate Bitcoin

Donate Paypal


PeakOil is You

PeakOil is You

Why the gas price will equal the price for ethanol

Discussions about the economic and financial ramifications of PEAK OIL

Re: Why the gas price will equal the price for ethanol

Unread postby MrBill » Thu 10 Aug 2006, 10:54:11

$this->bbcode_second_pass_quote('mrobert', 'I')t doesn't matter if we need 134 or 269 or 412 time more land ... we need more, which we don't have ... so we are screwed :)


No, the argument becomes how much energy do you need to run the bare bones of your economy to provide food, clothing, shelter and warmth for the majority even if it means sacrafice and a level of falling living standards which may be politically unpallatable today, but necessary tomorrow? Could the skeleton of the world economy run on less energy?

How much can be supplied by stationary energy such as coal, hydro-electric, nuclear, solar, wind, geothermal, etc.? Obviously high geographic dependent and not without energy demands of their own.

And how much transport fuel can be supplied via coal to liquids via bio-fuels for transport fuel, supplemented by declining volumes of petroleum and natural gas, and let us say, hydrogen via nuclear energy? Also not without their own energy demands and specific limitations.

How much arable land can we set aside for turning trees and switchgrass into cellulosic ethanol given that we also need high quality farmland for food production as well?

Then the key question becomes how to organize the transition, so that it resembles anything orderly? Will there be disruptions? Resource wars & riots? Given I assume a population overshoot to unsustainable levels given less arable land, less energy, less fresh water, climate change, environmental degradation.

What becomes the sustainable population level of a functioning economy to meet basic needs without consumption for the sake of consumption, and how much stationary and transport energy is needed to support that economy?

If we cannot figure that out, then you're probably right, and we are screwed!
The organized state is a wonderful invention whereby everyone can live at someone else's expense.
User avatar
MrBill
Expert
Expert
 
Posts: 5630
Joined: Thu 15 Sep 2005, 03:00:00
Location: Eurasia

Re: Why the gas price will equal the price for ethanol

Unread postby mrobert » Thu 10 Aug 2006, 11:07:24

Given modern technology, we can cut down a large chunk of our energy usage, and actually benefit from it!

Let me give you one example :
Until 1 year ago, I used drive at least weekly to my bank, to take care of things. Now I have internet banking. It costs around 90 cents a month to use it.
It saves me at least 4-6 trips to the bank, and the equivalent in fuel usage, and vehicle parts damage.

It's not a big deal ... but there are many places in which technology can replace trips, resulting in lower fuel usage, less polution, less crowded streets, etc. etc. etc.

Also, the bank can use less space for it's offices, which means less heating, cooling and other costs.

This is just a quick example, and there are many more.

---
Ok. They are not solution. But if we make 5000 changes that save energy, we might just make it out, fine.
As many people said on these forums, (and I agree with them), the solution is not 1 measure, like stop driving, use ethanol, nuclear, etc, but a large scale effort and implementation of thousands of changes, alternatives, etc.
User avatar
mrobert
Lignite
Lignite
 
Posts: 393
Joined: Thu 06 Apr 2006, 03:00:00
Location: Romania

Re: Why the gas price will equal the price for ethanol

Unread postby aahala » Thu 10 Aug 2006, 12:22:33

$this->bbcode_second_pass_quote('MonteQuest', '')$this->bbcode_second_pass_quote('IslandCrow', ' ')So one can say that "the price for ethanol will equal the gas price"


Government subsidies on ethanol are 51¢/gallon, subsidies for corn are $.45/bushel. Corn to ethanol is 2.8 gal/bushel = 16¢/gal, thus, the cost of taxpayer ethanol/corn subsidies to replace 1 gallon of gas = $.67

Wholesale ethanol is $2.75/gallon $2.75 + $.67 = $3.42/gallon for ethanol.

Unleaded gasoline is $2.22/gallon.


Monte, you have "double dipped" on the 51 cent/gal. blending
credit.

The wholesale price of ethanol, called the rack price, includes
the right to receive the blending credit--in fact, about 90% of
the time the last 20 years the rack price per gallon of ethanol
has been within a couple of cents of the wholesale price of
gasoline PLUS the blending credit of the time. (A good deal of
the last 18 months, this relationship has been way off.)

If the actual cost was as you added them, then one should
expect the price of 85% ethanol to be substantially higher than
gasoline at this time--it's actually lower.

So if you want to use the rack price, you can't again show
the blending credit as a cost--the fact there is a tax credit
has already "puffed" up the wholesale price. That is, because
there is such a tax credit, wholesale buyers are willing to pay a higher price than if there were no such credit.
User avatar
aahala
Tar Sands
Tar Sands
 
Posts: 944
Joined: Thu 03 Feb 2005, 04:00:00

Re: Why the gas price will equal the price for ethanol

Unread postby matt21811 » Thu 10 Aug 2006, 14:11:53

$this->bbcode_second_pass_quote('mrobert', 'I')t doesn't matter if we need 134 or 269 or 412 time more land ... we need more, which we don't have ... so we are screwed :)


Sure, but what if we dont need any more land to satisfy a large portion of our liquid fuel needs?

I re-read Monte's link and found the paper the "400" quote was taken from.

The figure doesnt ring true to me.

Total sun energy on the planet is 3.2 * 10^24
Total fossil energy usage is 315271 Peta joules (10^15)
Which is 3.1 * 10^20.
About a third is oil. So we need 10^20.

Photosynthesis is supposed to be 1.7% efficient according to the paper.
so our sun energy requirement goes up to 10^22.
Land mass only makes up 1/3 of the earth. 3 * 10^22.

This leaves us with a need for 3*10^22 Joules from 3.1*10^24 sunlight.

We need to use 1 hundredth of the land surface to replace oil.
Compare this with the 400 figure quoted and it seems out by 10,000 fold. Please point out where I made the mistake.

-----------------------------------------------------------------------------

It seems the original question has already been answered on the front page
http://www.peakoil.com/article17910.html

Unless that 100% tarrif is preventing all that ethanol reaching a market.
User avatar
matt21811
Peat
Peat
 
Posts: 174
Joined: Sat 21 May 2005, 03:00:00

Re: Why the gas price will equal the price for ethanol

Unread postby mrobert » Thu 10 Aug 2006, 15:42:45

@matt21811

Your math is correct. But to convert the "mathematical" energy you calculated, to fuel and other "usable" energies, takes a huge amount of energy.

Let me give you an example.
1 gallon of gas produces X energy units.
Over a few hours, a certain surface of land, absorbs X units of energy from the sun.

Now, you can't pick up the sun's energy from the ground and pour it in your tank, but you have to have plants that grow on that energy, then turn the plants into fuel, and then pour it into the fuel tank. THIS process consumes a huge amount of energy, and causes your math to be wrong.
User avatar
mrobert
Lignite
Lignite
 
Posts: 393
Joined: Thu 06 Apr 2006, 03:00:00
Location: Romania

Re: Why the gas price will equal the price for ethanol

Unread postby Tyler_JC » Thu 10 Aug 2006, 16:07:48

http://www.eia.doe.gov/oiaf/analysispaper/biomass.html

How about using all of the available cellulosic biomass waste created by corn production?

Well, we could get about 6%-10% of our gasoline usage from this source.

Unfortunately, there is no such thing "waste".

If we start stripping carbon out of the soil to burn in our cars, the dirt will quite literally die.

Nature doesn't create waste products. The only way we can maintain crop yeilds at the moment is by adding natural gas based fertilizers to the soil.

Expensive natural gas means expensive fertilizers means expensive corn means expensive corn ethanol.

Not to mention the fact that we would quickly lose all return on investment if we had to dramatically increase fertilizer usage to compensate for the nutrients that were being sucked out of the system to use as fuel.

Here's an article that illustrates another point

http://www.ers.usda.gov/AmberWaves/April06/Features/Ethanol.htm

$this->bbcode_second_pass_quote('', '
')1.Work is underway to add over 2 billion gallons to the annual capacity of the U.S. ethanol sector.

2.To meet the sector’s growing demand for corn, some U.S. corn is likely to be diverted from exports.



1. 2 billion gallons, also known as 48 million barrels, is fairly insignificant compared to the almost 3 billion barrels of gasoline America consumes every years.

2. Divert corn from exports, DIVERT CORN FROM EXPORTS. This is also known as causing mass starvation in foreign countries for the sake of happy motoring. Not to mention the effect such a decrease in agriculture exports would have on the trade deficit. Although if this decrease in exports is matched by a decrease in imports for foreign energy, it might be mitigated.
"www.peakoil.com is the Myspace of the Apocalypse."
Tyler_JC
Expert
Expert
 
Posts: 5438
Joined: Sat 25 Sep 2004, 03:00:00
Location: Boston, MA
Top

Re: Why the gas price will equal the price for ethanol

Unread postby matt21811 » Thu 10 Aug 2006, 16:11:50

$this->bbcode_second_pass_quote('mrobert', '
')Let me give you an example.
1 gallon of gas produces X energy units.
Over a few hours, a certain surface of land, absorbs X units of energy from the sun.

Now, you can't pick up the sun's energy from the ground and pour it in your tank, but you have to have plants that grow on that energy, then turn the plants into fuel, and then pour it into the fuel tank. THIS process consumes a huge amount of energy, and causes your math to be wrong.


This is true for poor feed stocks like corn and there is a fair bit of eneregy used in distilation for ethanol but this isnt as true for biodeisel. I dont think the eorei of ethanol from sugar cane or sugar beets is worse than 2, meaning only a change of at most by a factor of 2 in my numbers.

I acknowledge that most crops dont grow all year round so don't get the suns full benefit all year. This would dilute the figure a bit further.

It still doesnt seem like an imposible task to replace oil with vegetation. At least a meaningful portion of it.
User avatar
matt21811
Peat
Peat
 
Posts: 174
Joined: Sat 21 May 2005, 03:00:00
Top

Re: Why the gas price will equal the price for ethanol

Unread postby mrobert » Thu 10 Aug 2006, 17:15:11

An interesting ideea I though off, would be to use sea vegetation as source for ethanol. There is *plenty* ... but then again it's only a thought ... I haven't really investigated this.

Also, consider that 70% of the energy generated by a car engine, is wasted as heat. If we could cut that ... we would be onto some serious savings of fuel.



/offtopic
This reminds of an international contest at which I participated in Hungary, when I was 12 years old. I had to talk to a whole board of teachers about future energy sources, reducing polution, etc.
It seemed like a theory at that time .... for something far far in the future ... and yet here I am again, picking up the same subject.
User avatar
mrobert
Lignite
Lignite
 
Posts: 393
Joined: Thu 06 Apr 2006, 03:00:00
Location: Romania

Re: Why the gas price will equal the price for ethanol

Unread postby MonteQuest » Thu 10 Aug 2006, 19:17:56

$this->bbcode_second_pass_quote('matt21811', ' ')Nowhere in the quoted article does it say that 400 times the arable land we have now is required to grow enough biofuels to saisfy global demand. How did you come up with that answer?


I was in error, it should be even more as it includes the productivity of the ocean.

If we consume, in fossil fuel carbon, 400 times more than is grown through total world photosynthesis (NPP) in one year, then we would have to increase world photosynthetic growth 400 times just to meet current demand.

And since a biodiverse field produces more carbon on a sustainable basis than does a monoculture, we can't industrial monoculture our way out of this.

Look at the US:

Image

You take all the sparse vegetation, roots, industrial wood waste, food and feed, and biomass for biofuels, (everything that grows)and it doesn't equal our primary energy consumption.
A Saudi saying, "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel."
User avatar
MonteQuest
Expert
Expert
 
Posts: 16593
Joined: Mon 06 Sep 2004, 03:00:00
Location: Westboro, MO
Top

Re: Why the gas price will equal the price for ethanol

Unread postby MonteQuest » Thu 10 Aug 2006, 19:23:36

$this->bbcode_second_pass_quote('mrobert', ' ')It saves me at least 4-6 trips to the bank, and the equivalent in fuel usage, and vehicle parts damage.

It's not a big deal ... but there are many places in which technology can replace trips, resulting in lower fuel usage, less polution, less crowded streets, etc. etc. etc.

Also, the bank can use less space for it's offices, which means less heating, cooling and other costs.

This is just a quick example, and there are many more.

---
Ok. They are not solution. But if we make 5000 changes that save energy, we might just make it out, fine.


5000 changes to a car culture that 1 in 6 jobs is dependent upon those 5000 changes not happening.

Who absorbs the loss in economic activity, and jobs?

Somebody has to lose.
A Saudi saying, "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel."
User avatar
MonteQuest
Expert
Expert
 
Posts: 16593
Joined: Mon 06 Sep 2004, 03:00:00
Location: Westboro, MO
Top

Re: Why the gas price will equal the price for ethanol

Unread postby mrobert » Thu 10 Aug 2006, 19:30:30

$this->bbcode_second_pass_quote('MonteQuest', '
')Who absorbs the loss in economic activity, and jobs?

Somebody has to lose.


Nobody looses anything. I do the same banking operations, except I don't drive there.
Well ... actually oil companies loose. That's a devastating downside.
User avatar
mrobert
Lignite
Lignite
 
Posts: 393
Joined: Thu 06 Apr 2006, 03:00:00
Location: Romania
Top

Re: Why the gas price will equal the price for ethanol

Unread postby MonteQuest » Thu 10 Aug 2006, 19:31:12

$this->bbcode_second_pass_quote('aahala', ' ')Monte, you have "double dipped" on the 51 cent/gal. blending credit.


Hmm... so, you are saying that the $.51/gallon subsidy paid to the ethanol producers is included in the wholesale price or subtracted?

This doesn't make sense.

So, the public gets double-dipped?

Once in taxes, (as the subsidies are tax-payer funds) and once again in the wholesale price?

Or the $2.75/gallon reflects a $.51/gal subsidy subtraction? If that is the case, even then, it is $2.91/gallon versus $2.22 with the corn subsidy.
Last edited by MonteQuest on Thu 10 Aug 2006, 20:05:15, edited 1 time in total.
A Saudi saying, "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel."
User avatar
MonteQuest
Expert
Expert
 
Posts: 16593
Joined: Mon 06 Sep 2004, 03:00:00
Location: Westboro, MO
Top

Re: Why the gas price will equal the price for ethanol

Unread postby MonteQuest » Thu 10 Aug 2006, 19:44:20

$this->bbcode_second_pass_quote('mrobert', 'N')obody looses anything.


So, we cut economic activity, what say 25%? Get rid of all that wasteful stuff.

Who absorbs this loss?

Do you think energy consumed, whether it is wasterful or needed, is not paid for first?

Does it not have to be delivered before being wasted?

Does the production, delivery, billiing, etc. of wasteful energy consumption employ anyone?

Less wear and tear on your tires, less wear and tear on your auto parts, fewer accidents, less need for insurance, fan belts, body repair, batteries, car washes, tune-ups, front-end aligments, fast food stops, road repairs, and on and on.....

None of which employs a single soul.

Cut the consumption of goods and services from these occupations and businesses and nobody loses anything?

Try again.
A Saudi saying, "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel."
User avatar
MonteQuest
Expert
Expert
 
Posts: 16593
Joined: Mon 06 Sep 2004, 03:00:00
Location: Westboro, MO
Top

Re: Why the gas price will equal the price for ethanol

Unread postby mrobert » Fri 11 Aug 2006, 03:14:53

Let's rethink this.
As you said, several businesses "loose". Somewhere in the economic chain, that backfires at me, causimg to also loose.

But whatever I "loose" in terms of economic income, is covered by the fact that I consumed less so I need to pay less ... doable on a smaller income.

Overall is regression, BUT : I quit doing something that doesn't really affect or change my life (i.e : driving to the bank).

A big step that could be taken towards a better world, is to quit doing some thing that we do just because we can, and not because we need it in anyway.
We would all "loose" ... but loose something we can live without.
User avatar
mrobert
Lignite
Lignite
 
Posts: 393
Joined: Thu 06 Apr 2006, 03:00:00
Location: Romania

Re: Why the gas price will equal the price for ethanol

Unread postby MrBill » Fri 11 Aug 2006, 05:14:54

$this->bbcode_second_pass_quote('MonteQuest', '')$this->bbcode_second_pass_quote('mrobert', 'N')obody looses anything.


Does the production, delivery, billiing, etc. of wasteful energy consumption employ anyone?

Less wear and tear on your tires, less wear and tear on your auto parts, fewer accidents, less need for insurance, fan belts, body repair, batteries, car washes, tune-ups, front-end aligments, fast food stops, road repairs, and on and on.....

None of which employs a single soul.

Cut the consumption of goods and services from these occupations and businesses and nobody loses anything?

Try again.


Energy use is a cost of production and the price of consumption. Everytime we conserve energy and consume less we reduce economic output and therefore the jobs that depend on that energy use and consumption.

On the otherhand, we all know those jobs and that economic output is based on unsustainable development and has to collapse once the cheap energy is withdrawn.

You can try to preserve those jobs for as long as possible, but in the end they will disappear.

You can conserve energy, make it last longer, while consuming less, and use those savings to invest in a near infrastructure as well. Investing in a new infrastructure creates jobs and economic activity while also consuming energy. But better to consume it while you have it to create a new infrastructure than use to preserve those jobs and economic activity that are doomed by the geological reality of peak oil or not?

It reminds me of the logic that we need higher birth rates to make sure there are enough workers to support the pensions and healthcare benefits of those retiring. By that logic we always need more and more children and never less. And as the world heads for 9-10 billion on a planet of finite resources we all know the folly of encouraging people to have even more children!

The choice becomes between 25% of existing economic activity to try to salvage what we can of what we have in terms of the basics of food, clothing, shelter and heat for the majority? Or running the current system until it collapses resulting in even more economic dislocation than sacrificing those jobs reliant on the automobile industry now?

The argument that it will to too expensive ignores that we will not have a choice, and you cannot compare the costs of what we have now in the form of inexpensive petroleum to the costs of inferior alternatives once we no longer have petroleum. It will be gone from the equation.

We are Easter Island and we are running out of trees!
The organized state is a wonderful invention whereby everyone can live at someone else's expense.
User avatar
MrBill
Expert
Expert
 
Posts: 5630
Joined: Thu 15 Sep 2005, 03:00:00
Location: Eurasia
Top

Re: Why the gas price will equal the price for ethanol

Unread postby matt21811 » Fri 11 Aug 2006, 05:55:33

$this->bbcode_second_pass_quote('MonteQuest', '')$this->bbcode_second_pass_quote('mrobert', 'N')obody looses anything.


So, we cut economic activity, what say 25%? Get rid of all that wasteful stuff.

Who absorbs this loss?

Do you think energy consumed, whether it is wasterful or needed, is not paid for first?

Does it not have to be delivered before being wasted?

Does the production, delivery, billiing, etc. of wasteful energy consumption employ anyone?

Less wear and tear on your tires, less wear and tear on your auto parts, fewer accidents, less need for insurance, fan belts, body repair, batteries, car washes, tune-ups, front-end aligments, fast food stops, road repairs, and on and on.....

None of which employs a single soul.

Cut the consumption of goods and services from these occupations and businesses and nobody loses anything?

Try again.


I have seen this arguement from you before and it is still flawed.

100 years ago, 1 in 3 people were employed in agriculture. Today only 1 in 6 people work in agriculture. According to your thinking, 16.5% of the population today should be unemployed farm workers. With unemployment at about only 5% (in both our countires) something else must be going on.

Until you can explain this, mrobet isnt the one that needs to try again.
User avatar
matt21811
Peat
Peat
 
Posts: 174
Joined: Sat 21 May 2005, 03:00:00
Top

Re: Why the gas price will equal the price for ethanol

Unread postby MonteQuest » Fri 11 Aug 2006, 09:42:23

$this->bbcode_second_pass_quote('MrBill', 'Y')ou can conserve energy, make it last longer, while consuming less, and use those savings to invest in a near infrastructure as well. Investing in a new infrastructure creates jobs and economic activity while also consuming energy. But better to consume it while you have it to create a new infrastructure than use to preserve those jobs and economic activity that are doomed by the geological reality of peak oil or not?


You miss the point. You can't use the energy you save from conservation to create jobs.

Why?

Because you are conserving so that supply can meet demand. Not to do away with wasteful jobs and create new ones.

Otherwise, if you use the savings to creaste new jobs and consumption, where is the net energy reduction?

Energy doesn't care what it gets used for.

$this->bbcode_second_pass_quote('', 'T')he choice becomes between 25% of existing economic activity to try to salvage what we can of what we have in terms of the basics of food, clothing, shelter and heat for the majority? Or running the current system until it collapses resulting in even more economic dislocation than sacrificing those jobs reliant on the automobile industry now?

The argument that it will to too expensive ignores that we will not have a choice, and you cannot compare the costs of what we have now in the form of inexpensive petroleum to the costs of inferior alternatives once we no longer have petroleum. It will be gone from the equation.


I'm not arguing that that we can't do it because it will be expensive, I'm arguing that when we do it on the scale we must, it will create massive unemployment, loss of businesses, homes, livelyhood.

Conservation and efficiency gains may be necessary to mitigate peakoil, but they will not maintain the staus quo or anything like it.

The conseqences will ripple through the economy like dominoes.
A Saudi saying, "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel."
User avatar
MonteQuest
Expert
Expert
 
Posts: 16593
Joined: Mon 06 Sep 2004, 03:00:00
Location: Westboro, MO
Top

Re: Why the gas price will equal the price for ethanol

Unread postby MonteQuest » Fri 11 Aug 2006, 09:46:02

$this->bbcode_second_pass_quote('matt21811', '
')I have seen this arguement from you before and it is still flawed.

100 years ago, 1 in 3 people were employed in agriculture. Today only 1 in 6 people work in agriculture. According to your thinking, 16.5% of the population today should be unemployed farm workers. With unemployment at about only 5% (in both our countires) something else must be going on.

Until you can explain this, mrobet isnt the one that needs to try again.


Asked and answered many times: Transition time, scale, no ability to create new jobs without an increase in energy supply.
A Saudi saying, "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel."
User avatar
MonteQuest
Expert
Expert
 
Posts: 16593
Joined: Mon 06 Sep 2004, 03:00:00
Location: Westboro, MO
Top

Re: Why the gas price will equal the price for ethanol

Unread postby mrobert » Fri 11 Aug 2006, 10:26:54

I rather we all loose 25% of what he have now, but have the remaining 75% for hundreds of years to come, then having it in full now, and spending the remaining half of my life, scavenging for food, etc.

If we don't choose ... nature will.
User avatar
mrobert
Lignite
Lignite
 
Posts: 393
Joined: Thu 06 Apr 2006, 03:00:00
Location: Romania

Re: Why the gas price will equal the price for ethanol

Unread postby Kingcoal » Fri 11 Aug 2006, 10:50:59

The technology to make ethanol, a.k.a. corn whiskey goes back quite a ways. Why didn't our ancestors burn it for fuel? Because the ethanol was more valuable for drinking. Why go to all the trouble of making ethanol to put into your car so you can drive to work? Why not just stay home and drink?

I'm actually only partly trying to be funny.

All economies are directly comparable to heat engines. The engine begins with the acquisition of the fuel and ends with the gain (or loss) at the driveshaft. An oil powered heat engine starts (for our purposes) with hot oil and gas forcing its way into our hands at the well. The oil is a product of sunlight and geothermal energy expended over millions of years. The energy left in the oil is only a small fraction of the energy that went into making it, but to us, it's all free because the earth has produced it for us without human intervention.

An ethanol heat engine begins at a much earlier stage. Here we have to first make the fuel that the engine will run on. The only free input is sunlight, which is far less energy than went into making oil. We must add the missing energy. Sure, we can make fuel more efficiently than nature because we are aware of the physical process and can maximize it, but you can't get around the fact that we are still left with having to add A LOT more energy than goes into the oil that shoots out of the ground under its own pressure. We must plant the crop, harvest it, process it, ferment it, process it more and finally get our 100 proof whiskey. The reason why our ancestors didn't burn the product of their still was a very simple economic reason; it was not the best use for the product. Fuels have to be cheap. Ethanol ain't cheap.

To make a short story long, watch the price of biofuels rise with oil prices. Just like tar sands and shale oil, the break even price doesn't seem to stand still, but rises in tandem with oil. The only real subsidies are the ones that nature provides for us. Ethanol is subsidized by cheap oil.
"That's the problem with mercy, kid... It just ain't professional" - Fast Eddie, The Color of Money
User avatar
Kingcoal
Expert
Expert
 
Posts: 2149
Joined: Wed 29 Sep 2004, 03:00:00
Location: Pennsylvania, USA

PreviousNext

Return to Economics & Finance

Who is online

Users browsing this forum: No registered users and 1 guest

cron