BP defends oil reserve estimate method

U.S. investment bank Goldman Sachs has warned that BP’s reserve estimate for the SEC might come in 3 percent lower than the estimate it made under British rules

Seattle Post-Intelligencer – AP

Shell admits it fuels Nigeria violence

“One day’s worth of illegal oil bunkering in the Niger Delta will buy quality weapons for and sustain a group of 1500 youths for two months”

smh.com.au

Oil policy at core of troubles

We have to get our priorities in order. First, we have to wrest control of our foreign policy from international oil interests. Second, we have to focus all our available efforts on settling the Israeli-Palestinian conflict. Third, CAFE standards for all vehicles have to be raised to a minimum of 35 mpg. Finally, we have to accelerate development of alternative energy resources, including the infrastructure required to make these resources available.

Florida Herald Tribune

Why Isn’t Big Oil Drilling More?

Why isn’t Big Oil doing more? The companies say it takes years to find and develop “elephant” fields that will produce meaningful amounts of oil. They also say they couldn’t possibly have predicted the spike in prices this year; moreover, oil could fall again to $15 a barrel or so.

Business Week

Opec boss sees oil price rising

‘We are asking non-Opec countries to raise their supply,’ said Yusgiantoro. He insisted Opec will keep its promise to increase output by 2.5m barrels a day by 1 August. ‘This will not change.’

TIL

U.K. Factory Prices Rose in May on Surging Oil Costs

A surge in petroleum product prices accounted for more than two thirds of May’s monthly increase as crude oil hit a record high. Rising demand for British goods is allowing businesses to pass on higher costs. Manufacturing output grew at the fastest pace in more than 1 1/2 years in April.

Bloomberg

New Terror Tactics In Saudi Arabia

(CBS/AP) Al Qaeda militants are claiming responsibility for a campaign of violence in Saudi Arabia designed to destabilize the country and the world oil markets.

CBS

Gas prices also affect NASCAR

During the energy crisis of 1974, the Daytona 500 was shortened by 50 miles in order to conserve gas. “Obviously, it’s not as bad now as it was at that period of time,” said Kyle Petty

Towanda Daily Review

Gas Prices See First Drop of Year

A boost in gasoline production and a dip in oil prices have led to the first nationwide drop this year in gas prices at the pump, an industry analyst said Sunday.

Forbes – AP

Wind power gets buffeted

Blade design has since been transformed by computer software that simulates air flow. The result at Bergey Windpower is slightly thicker, harder-working blades, shaped more like airplane wings. The new design smoothed the leading edge, built up a little ridge in front and tapered the back, all to mute the rush of air past blades that can whirl at 200 mph.

Baltimore Sun

Severe energy shortage warned

China’s energy sector has to face two major challenges as growing energy supply will pose pressure on the environment and low energy efficiency has become a major constraint on the expansion of the energy sector and sustainable social and economic problems. Coal accounts for 80 percent of the country’s energy consumption.

People’s Daily

Asia seeks dialogue with Opec

Indonesia, a member of both Apec and Opec, may offer to host an Opec meeting in Asia. “That is something that Indonesia is going to consider,” Perez said.

gulf-news

Oil: How Bad Do You Want It?

Oil over $40 a barrel accelerates exploration for new fields, and development of known but technologically inaccessible fields, including some fields four miles below the surface of the Gulf of Mexico, where there may be at least 25 billion barrels. High prices may also prompt development of hitherto economically unfeasible sources, such as U.S. oil […]

Facing Some Of The Hard Truths About Energy

Lee R. Raymond, Exxon Mobil CEO writes:
we expect fossil fuels to provide about 80 percent of the energy used in 2020, and to increase — and I emphasize increase — in absolute magnitude by about 65 million oil equivalent barrels per day.

Just how much is 65 million barrels per day? Well, it is close to eight times Saudi Arabia’s current crude oil production.

PetroleumWorld

OPEC Eyes August Output Hike – Venezuela

OPEC was expected to follow through with a plan to raise crude oil production by 500,000 barrels per day (bpd) from August, Venezuelan Energy Minister Rafael Ramirez said on Saturday.

Yahoo – AP

Rising oil prices and discoveries of new sources by George Will

Imagine that you love pistachio nuts and are given a room filled 5 feet deep with them. But you must eat them in the room and must leave the shells. When will you have eaten them all? Never. Because as it becomes increasingly difficult to find nuts amidst the shells, the cost of the nuts, in time and effort, will become too high. You will seek a substitute, pistachios from a store, or another snack.

IS

Oil and S&P connection points to grim news for stocks

Ugly Reality No. 3: There are disturbing signs that Hubbert’s Peak is arriving as predicted. Using the techniques of geologist M. King Hubbert

Oil giant Shell admits it fuels Nigeria violence

“The behaviour of Royal Dutch/Shell in Nigeria is often indirectly responsible for a vicious cycle of violence and corruption that results in the theft of its crude oil, a leaked report funded by the oil giant says.

An increase in crime in the poverty-stricken Niger Delta could force Shell out of onshore production in Africa’s largest oil producer by 2008, the WAC Global Services report said.

Shell executives admitted the company had inadvertently added to the violence, saying it was difficult to operate ethically in the Niger Delta and that its attempts at community development “had been less than perfect”.

AoL

Security of oil tankers fuels worry

“LONDON –
Now that OPEC has agreed to raise its crude oil production quotas in
hopes of taming high and jittery oil prices, industry experts are growing more
concerned about both the capacity and the security of oil tankers, the next link
in the supply chain.”

WE

BP may be forced to downgrade reserves

BP may be forced to downgrade reserves By Tim Webb 13 June 2004 BP is preparing to downgrade up to 3 per cent of its oil reserves, according to investment bank Goldman Sachs. One City analyst said: “This would be pretty embarrassing after everything Shell has been through.” There is no question of wrongdoing on […]

CBS Evening News: Got Oil?

Peak goes mainstreamCBS

Diesel to natural gas The conversion dilemma

By December 31, 23,761 heavy commercial vehicles above eight years must convert to Compressed Natural Gas (CNG), or stay off Mumbai roads.

But this long chapter in Mumbai

Take an oil price over $40 – then quadruple it

This week there was a Peak Oil conference in Berlin, a gathering of worrywarts wearing metaphorical “we are doomed” placards.

One unusual attendee was Fatih Birol, the chief economist of the International Energy Agency, who gave a speech saying that everything is fine, before admitting afterwards to a BBC reporter that everything is not. “This is not for the press,” he said, after blurting out that the Saudis need to increase supply by 3m barrels a day to avert an oil crisis by the end of the year.

UK Telegraph Group

African Leaders Open $3.7B Oil Pipeline

West Africa is one of the world’s fastest increasing oil regions, with production projected to provide 25 percent of U.S. oil imports alone by 2010.

Yahoo – AP

Airlines Scrimp to Cover High Fuel Costs

American Airlines is carrying less emergency fuel, United Airlines is slowing flight speeds and JetBlue is using one engine instead of two to taxi down runways. Faced with skyrocketing oil prices, the nation’s airlines are looking at every which way they can to trim their fuel bills and survive another threat to the industry. Soaring […]

GPM Exclusive Interview: Dr. Colin Campbell after ASPO 2004

Global Public Media brings you a new interview with Colin Campbell filmed on 27th May 2004 after The APSO 2004 Conference.

Colin speaks with Julian Darley about The ASPO 2004 Conference, the Rimini Protocol, Shell and Saudi Arabia and IraqVideo, MP3, and transcript are available at:

http://feature.globalpublicmedia.com

Help enable Global Public Media to continue bringing you the latest audio and video on Peak Energy by becoming a member.

Letter from Julian Darley:
http://www.postcarbon.org/index.php?page=letter.2004-06-11

Oil production slows despite reserves

“For six consecutive years, ChevronTexaco has had good news for anyone worried that the world is running out of oil: The company has found more oil and natural gas than it has produced. Over that time, ChevronTexaco’s proven oil and gas reserves have risen 15 percent, more than 1 billion barrels.”

SH

CRUDE TALK: US & VENEZUELA DANCE

China already has supply contracts for Venezuelan crude and other petroleum products and may be waiting for just such a rift to replace the US as Venezuela’s favorite customer.

From the Wilderness

High fuel prices drive some to ‘gas and go’

OLYMPIA, Wash. – With prices at the pump well over $2, it may make you think twice about filling up. But some criminals aren’t thinking twice. They just gas and go.
king5

Nigeria unions suspend strike

“LAGOS, Nigeria (AP) — Labor groups representing millions of Nigerian workers abandoned a crippling three-day general strike Friday, ending a protest that had shut down businesses and threatened oil exports from Africa’s petroleum giant.”

CNN

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