Vast oil reserves lie untapped in Iraq, awaiting investment

Vast oil reserves lie untapped Iraq’s crumbling oil industry awaits U.S. cash, expertise.

USA Today

Is the world’s oil running out fast?

“Asking other delegates – admittedly supporters of the peak oil theory – whether such a steep increase was feasible, the answers were unambiguous: “absolutely out of the question,” “completely impossible,” and “3 million barrels – never, not even 300,000.”

One delegate laughed so hard he had to support himself on a table.

Some recent figures tend to back up ASPO’s outlook.

North Sea production is declining at an increasing rate, having peaked in 1999.

Not at the predicted flat rate of decline of 7%, but gradually accelerating from 7% to 8.5% to 11%.

And the number of major new oil fields discovered around the world fell to zero for the first time in 2003, despite an obvious increase in technological expertise. ”

BBC

After the Oil Runs Out : Oil Production might soon peak. Then what?

“If you’re wondering about the direction of gasoline prices over the long term, forget for a moment about OPEC quotas and drilling in the Arctic National Wildlife Refuge and consider instead the matter of Hubbert’s Peak.”

Axis of Logic

U.S. addiction to oil puts it at mercy of risky characters

“Our pals in OPEC announced the other day that they’re boosting daily oil-production targets by 2 million barrels to bring down soaring gas prices.

It was a hollow gesture.
”

SF Gate

Oil supplies: we’re on a knife-edge

“OIL supplies are now so tight that just 1.5 million barrels of oil a day – less than 2% of global production – is keeping another potentially devastating surge in energy prices at bay, experts have warned. ”

This is London

Current oil reserves will last past 2100

“Every time oil prices rise for an extended period, the news media issue dire warnings that a crisis is upon us — it’s not!”

The Morning Call

After the Oil Runs Out – Washington Post

If you’re wondering about the direction of gasoline prices over the long term, forget for a moment about OPEC quotas and drilling in the Arctic National Wildlife Refuge and consider instead the matter of Hubbert’s Peak. http://www.washingtonpost.com/wp-dyn/articles/A17039-2004Jun4.html

If Saudis pump more oil, will gasoline prices fall?

Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Mass., suspects that US gasoline prices will drop after July, with extra Saudi production arriving on the East Coast

PetroleumWorld

Oil Discovered in Bosnia: Find Hushed Up for Years

According to

President Reagan Dies @ 93

“Ronald Reagan: A life on the public stage”

CTV

Kuwait earns half of year’s budgeted oil income in two months

“KUWAIT CITY : OPEC member Kuwait’s oil earnings in the first two months of the current 2004/2005 fiscal year make up about half of the budgeted oil income for the whole year, an independent economic think-tank said.”

CNA

Community Works With Solar Power

“If your goal is to save money, you’re not going to do it. If your goal is to save fossil fuel, that’s fine

US Army Issues Troops Stop Loss Orders

US Troops Told They Can’t Leave Army
‘Stop-loss orders’ keep soldiers in service if their units are set to be deployed to Afghanistan or Iraq. Officials call move ‘finger in the dike.’

CommonDreams

Blast rips through oil depot in southern Russia: no casualties

The blast, which according to preliminary information was due to an explosive device planted underneath a 5,000-tonne oil cistern, occurred at 03:00 Moscow time (2300 GMT Friday), emergency officials said as quoted by the ITAR-TASS news agency.

China province to liquefy coal to fill oil supply gap

The feasibility report on a direct coal liquefaction project has recently passed experts’ appraisal in Kunming, the provincial capital. The expert team forecast the application and popularization of the technology would help the province realize 1trillion yuan (120 billion US dollars) in output value by turning 15 billion tons of coal into 3 billion tons of gasoline or diesel.

China View

Running on empty? Fighting over oil reserves

Canada’s oil resources are the single-largest deposit of oil anywhere on Earth. This deposit has been known about for years, but until recently, the technology to exploit it profitably was unavailable. Now Canada’s production has jumped and we will soon be able to forget about the whole hornets’ nest of the Mideast.

Houston Chronical

END of SUBURBIA Producer, Barry Silverthorn, Coming to California June 21-27

“Peak Oil is the story of the decade. And virtually no one was talking about it…I instantly recognized an opportunity to present some very complicated ideas in a very visual way that most of us could relate to” – Barry Silverthorn Barry Silverthorn will be in California from June 21st through June 27th to promote […]

Peak Oil on Democracy Now

As the Organization of Petroleum Exporting Countries meets in Beirut, Democracy
Now takes a look at global oil politics with Jim Paul, executive
director of the Global
Policy Forum. He is based at the United Nations and has authored a number
of reports on oil companies and Iraq. In the interview
(19:16), he explains how Peak Oil affects geopolitics.

Take Action: Send Democracy
Now an email asking them actively cover oil peak.

New Approach To LNG Tankers

The new technology would establish LNG docking stations 12 miles offshore. The tanker not only carries liquefied natural gas, but it also regasifies, or vaporizes liquid gas, before pumping it into pipes 125 to 250 feet deep.

Boston Channel 5

Bush and the Axis of Oil

the U.S. harbors a deep-rooted hatred towards Muslim countries, Iran in particular, because in its so-called identification of the axis of evil, the two on the top of the list were Muslim countries with huge oil reserves and natural resources.

http://www.tehrantimes.com/Description.asp?Da=6/5/2004&Cat=14&Num=001

Oil Down 10 Percent After OPEC Deal

“Al Qaeda’s leader in Saudi Arabia praised an Islamic militant attack in the Saudi oil city Khobar last weekend that killed 22 people for its impact on crude prices, signaling that oil has become a key strategic target. ”

Reuters

Russia: Oil production to be flat in 2005

Russia’s oil production will probably stay flat or even drop in 2005, a top Russian energy official said Friday.

Seattle Post-Intelligencer

What’s next for oil?

Since things seem to have reached some sort of crossroads, it’s at least worth trying out a few possible scenarios for the way prices could develop.

BBC

Nations Vow to Promote Renewable Energy

The Renewables 2004 conference set no specific global targets, but approved an “international action program” of 192 projects by governments and international organizations to further wind, solar, geothermal and other energies.

Miami Herald

Halliburton Iraq Oil Contract Under Fire

A Pentagon spokesman said Waxman’s claims were “untrue” and insisted the contract was approved by army legal officers. The contract to oversee Iraq’s oil infrastructure was granted in March 2003 to Halliburton’s Kellogg Brown & Root division.

RigZone

Black Gold: Controlling Global Oil From Iraq to Saudi Arabia to China to Venezue

Thursday, June 3rd, 2004

The US companies might still have done moderately well, but they’re going for the big prize. It’s quite clear. The big prize is very, very substantial control over this enormous prize of 300 billion barrels. That means 9 to 12 trillion dollars in profits. It’s a profit that is just inconceivable.

http://www.democracynow.org/article.pl?sid=04/06/03/142249

LUKoil discovered five offshore fields

Russian oil major LUKoil announced reserves in Russia’s sector of the Caspian Sea may compose total 33 billion barrels of oil equivalent.

Russia Journal

Inflaming the oil crisis

“Today’s less dynamic economy is a cause of less rapidly growing oil consumption, rather than its consequence. As long as we feel guilty about improving our lives, energy will always seem to be a problem. But running out of oil isn’t something we need to worry about.”

Spiked-risk

The Underpopulation Problem?

“If people stop breeding when they become rich, then we have stumbled across the perfect, self-regulating solution to resource depletion and ecological collapse. For the first time in history we may have developed a mechanism which prevents us from wolfing our way to extinction.”

Alternet

No one can predict the future, but the world contains enough oil to last beyond

“No one can predict the future, but the world contains enough oil to last beyond 2100. Only fools would try to anticipate what energy sources our descendants will use that far in the future.

Over the next several decades the world likely will continue to see short-term spikes in the price of oil, but these will be caused by political instability and market interference — not an irreversible decline in supply.
”

Houston Chronical

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