IFP chief says industry’s key challenges are fossil-energy supply, climate chang

The leader of an international petroleum-industry research says. “That’s why we consider that technology may push the limits of oil reserves and improve the available reserves of petroleum product by a factor of three or four.”

Oil and Gas Journal

Sixty Days One Summer – Entertainment

What happens if we don’t prepare for the end of the oil age, while crushing the future?

evworld

Cold Turkey – By Kurt Vonnegut

“HereMany years ago, I was so innocent I still considered it possible that we could become the humane and reasonable America so many members of my generation used to dream of. We dreamed of such an America during the Great Depression, when there were no jobs. And then we fought and often died for that […]

ASPO Newsletter #41

http://www.peakoil.net/Newsletter/NL41/newsletter41.pdf

Newest info from the ASPO, expect more after the conference.

No oil crisis, yet

Investors, however, have no choice but to expect higher oil prices as the cost of recovery spirals

CNN

Facing up to the reality of a new oil crisis

Every major recession in the United States since 1971 has been preceded by an oil crisis.

AME Info, United Arab Emirates

Inflation Puts High Crude Oil Prices in Perspective

The price oil is fetching now is frequently described as a record — but allowing for inflation, prices are about half those during the oil price shock that followed the 1979 Iranian revolution.

NPR All Things Considered audio

Fluctuating Oil Prices ‘No Cause for Alarm’

Andrew McKillop: Why we need oil at US$60 a barrel

Maverick economics? Oddest opinion I have yet to come accross. Interesting none the less. vheadline.com This time, there will be no Cheap Oil benefits spun off from war, like those of the Kuwait war (or “Gulf War 1″). In addition, the supposed ‘inevitable recessionary impact’ of high oil prices is nowhere to be seen – […]

270 cows generating electricity for farm Methane

the state’s continuing energy shortages have focused government attention on creating new, more diverse sources of energy.

The San Francisco Chronicle

Analyst: Era of $30 oil nearing end

“WeHenry Groppe says the world is not going to run out of oil, but energy prices will rise. By Julie Breaux Odessa American MIDLAND

Europe Leading World Into Age of Wind Energy

“The United States is lagging in developing wind energy not because it cannot compete technologically with Europe in manufacturing wind turbines but because of a lack of leadership in Washington.” RE Insider, May 10, 2004 – Europe is leading the world into the age of wind energy. In its late 2003 projections, the European Wind […]

Oil at 21-Year High on Supply Strains

“U.S. light crude touched $41.50 a barrel, an all-time high in the 21-year history of the New York Mercantile Exchange contract. London Brent stood 34 cents higher at $38.83 a barrel.”LONDON (Reuters) – Oil prices vaulted to a 21-year high Friday for fear that supplies already stretched by world economic expansion could be hit by […]

Boom Fuels Oil Demand in China

“But this welcome resurgence in economic activity brings to the fore the issue of securing the necessary supplies to sustain the recovery.” Soaring global economic expansion, helped by explosive growth in China, is fueling the biggest increase in demand for oil in 16 years, according to the International Energy Agency (IEA). In its latest monthly […]

US losing race for Russian oil deals

” …Russian producers are raking in profits, so the Russian Government no longer feels compelled to sell oil to the US.”Almost three years after the September 11 attacks, the United States is still seeking sources of energy outside the Middle East, and Russia has plenty of oil to sell. But after numerous meetings and high-level […]

N.Y. Crude Oil Rises to Record on U.S. Gasoline Supply Concern

“OPEC members exceeded their quotas by 2.35 million barrels in April and their spare capacity equals about 4 percent of expected global demand in 2004, according to Bloomberg figures.”N.Y. Crude Oil Rises to Record on U.S. Gasoline Supply Concern May 14 (Bloomberg) — Crude oil futures rose to a record in New York and a […]

INTERVIEW-No room for Russia to raise oil exports

MOSCOW, May 14 (Reuters) – Russian crude oil exports have hit a ceiling and after many years of growth the world’s second largest exporter cannot raise shipments unless new pipelines are built, oil pipeline monopoly Transneft said on Friday. By Dmitry Zhdannikov and Richard Ayton MOSCOW, May 14 (Reuters) – Russian crude oil exports have […]

Commentary: Why the coming oil crisis will be structural

global output of crude oil now also is on the verge of peaking out and that when this happens, contrary to all expectations, the amount of crude of oil flowing into the world market will most probably begin fall by somewhere between 5 and 10 percent annually.

CBS MarketWatch

Saudi Aramco amenable to improving reserve data

Salieri further noted that Aramco would be an advocate for a future global hydrocarbon inventory initiative.

Oil and Gas Journal

Colin Campbell on Saudi Reserves

A worthwhile read

PeakOil.net

”OPEC has lost control of the market,” Flynn said. ”At this level, I think po

“I think that $45 area is going to do the job and lighten up the demand a little bit,” he said. ” [But] I don’t see a crash in oil prices. Forty dollars is going to be the new norm.” Feeling for Oil’s Ceiling By Rebecca Byrne The Street.com Senior Writer 5/13/2004 7:09 AM EDT […]

Oil supply ‘cannot match demand’

The International Energy Agency (IEA) said on Wednesday that Opec members were not pumping their full quotas. It identified 2.5 million barrels a day of spare capacity among 10 Opec nations; roughly half of it is in Saudi Arabia.

BBC

OPEC Powerless to Stem Oil Price Surge

LONDON (Reuters) – Oil prices burst to new 13-year highs above $40 a barrel on Wednesday on concern that OPEC may not pump enough oil to meet rapidly accelerating world oil demand.OPEC Powerless to Stem Oil Price Surge Wed May 12, 2004 01:05 PM ET By Andrew Mitchell LONDON (Reuters) – Oil prices burst to […]

Waste Heat – the ’sleeping giant’ of all energy

Our contention is that well over 8.4 million megawatts of free energy is there for the taking, and we do not need invent brand new technology to get a very significant portion of it.

EnergyPulse.net

IEA Asks Suppliers to Explore for More Oil

Jim Placke of Cambridge Energy Research Associates in Washington: “If you don’t start going out to explore for and produce new resources, (then) three to five years from now when you need them they’re not going to be there.”

Yahoo – AP

Riding out the Gas Spike

New environmental regulations, however, threaten to dampen the incentives to invest in new refining capacity for the American market

Fox News

OTC: Energy market ‘Marshall Plan’ needed to fund OPEC members, analyst says

“It would make sense, from a long-term planning model, for us to hope that Saudi Arabia creates the prosperity of about $15,000 per capita,” said Matthew Simmons, chairman and CEO of Simmons & Co. International, at a May 5 OTC topical luncheon

Oil and Gas Journal

World oil demand seen at 16-year high

LONDON – Rapid global economic expansion is fuelling the biggest increase in world oil demand growth for 16 years, the International Energy Agency (IEA) said on Wednesday.World oil demand seen at 16-year high International Energy Agency cites huge China growth Updated: 7:52 a.m. ET May 12, 2004LONDON – Rapid global economic expansion is fuelling the […]

Hybrid Cars Don’t Live Up to Mileage Claims

“Wired News is running a great little article about how hybrid cars (specifically Honda and Toyota models) do not come anywhere close to living up to their fuel efficiency claims. The article highlights that the EPA tests are more to blame than the car manufactures. Consumer reports has shown that the mileage for these cars can be as low as 60% of the claims. The article also links to a blog authored by hybrid enthusiast Pete Blackshaw detailing his failures getting any real answers on why his Honda Civic Hybrid isn’t getting better fuel mileage. It looks like these cars are more hype than help in the battle against pollution and foreign fuel reliance.”

SlashDot

Uzbekistan: oil and gas holding for sale

Uzbekistanis likely to extend privatization of its energy sector and sell a stake (49 percent ) in the state oil and gas holding

Russia Journal

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