A bubble in crude?

A minority of analysts thinks oil prices are too high by half and could tumble abruptly. With the price of oil hitting records nearly every day, a handful of analysts think the market is starting look awfully bubbly, and that the price could correct quicky.Thursday brought yet another record in the price of a barrel […]

$48

wow…

It

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No easy fix for our Saudi oil habit

There are no easy answers. We are addicted to oil, and there is no legitimate methadone program other than returning to a pre-industrial era. About the best the country can do, in addition to conservation, is continue to drill intensely at home to make up for waning production elsewhere.

msn

Government about to make a monumental mistake

An immediate reconsideration of how this money is to be spent giving consideration to the global peak oil issue should commence right now.

Scoop

Iraq and the Problem of Peak Oil

According to the best estimates of a number of respected international geologists, including the French Petroleum Institute, Colorado School of Mines, Uppsala University and Petroconsultants in Geneva, the world will likely feel the impact of the peaking of most of the present large oil fields and the dramatic fall in supply by the end of this decade, 2010, or possibly even several years sooner. At that point, the world economy will face shocks which will make the oil price rises of the 1970

Oil Sets Record as New Violence Flares in Iraq

U.S. light crude rose 53 cents to $47.80 a barrel, a new record, and London Brent gained 51 cents to $43.54 a barrel. U.S. prices have set record peaks in all but one of the past 15 trading sessions and are up more than $10.50 a barrel, 28 percent, since the end of June.

Reuters

It’s Big, It’s Thirsty, It’s the Hummer — an American Excess Story

Hummers…California is the Hummer State, with 3,000+ on its roads. LA Times columnist Patt Morrison rented one so he could tell us all how bad they are. Nothing new here, but you might want to read this to get some angry blood pumping this morning.On the very day last week that the price of a […]

People judge Bush

one week to wait until people jude Bush’war crimes.

PJB

Bush needs better grip on oil policy

Detroit News columnist Thomas Bray starts this column with a good premise; that Bush is defeating himself by appearing too passive in the face of recent energy news. After a number of quite level-headed statements, Bray’s conclusions — particularly his implication that soldiers dying for oil is justified — are specious. The importance of the […]

How oil slipped out of Treasury’s grip

As the mainstream cottons on that there’s a significant sea change in the fuel markets, we’ll be seeing more articles like this one, where a New Zealand columnist questions the disconnect between a national budget designed with cheap oil in mind, and real world needs. Unbecoming as it is to dredge up economists’ forecasts

Chevron-Texaco CEO says higher prices may not just be for the short-term

Oil’s new high may persist Price of crude topped $47 a barrel Wednesday, despite Saudis’ recent talk of loosening spigots. By Kris Axtman | Staff writer of The Christian Science Monitor HOUSTON – War in Iraq. Instability in Venezuela. Civil unrest in Nigeria. Governmental wranglings in Russia. With so much uncertainty in so many of […]

DOE wants oil prices adjusted on weekly basis

The public should become accustomed to more regular increases in gasoline and diesel prices every week after Energy Secretary Vincent Perez Jr. announced on Wednesday that the oil industry is trying to shift into a new pricing regime that calls for small but frequent adjustments amid soaring world market rates.

China promises to cover Yukos’ rail fees

MOSCOW – China has agreed to step in and pay Russian rail fees to ensure that it continues to receive Yukos oil if the company is unable to cover the transport costs, officials at Russia

Crude Oil Prices Move Above $47 a Barrel

Crude oil prices surged again Wednesday, rising above $47 a barrel amid lingering concerns in supply from Iraq and Russia.

forbes

Oil rises to record as jitters increase

Inventories need to rise by more than “a couple of million barrels” to temper prices, said Mike Armbruster, co-founder of Altavest Worldwide Trading in Laguna Hills, California.

IHT

And the hits just keep on coming…

Supply worries push oil to record The surge in oil prices is raising more than just eyebrows Oil prices have continued their record-breaking run on Wednesday, busting through the $47-mark amid concerns that demand will outstrip supply. US light crude hit $47.03 in New York, taking gains for this year to more than 44%. Brent […]

Oil: Fear vs. Fact

Fear worked its way into oil prices beginning with production outages in Iraq last year. But fear is now incited by something as routine as the announcement of maintenance downtime at a small oil field.

NRO

Another Record High for Oil

Crude oil prices reached another milestone Wednesday, as the benchmark U.S. crude contract touched $47 a barrel, with traders awaiting key inventory data due out later today.

TS

Drivers irked as mileage fails to add up

Those fuel-economy estimates posted on new cars and trucks are baloney. The government agency in charge of them doesn’t mean them to be; in fact, the U.S. Environmental Protection Agency seems unusually scrupulous about its fuel-economy testing. But it’s using 30-year-old tests that assume nobody drives faster than 60 mph, or turns on the air […]

The Perils of Consumption-A Culture of Waste

By JOHN BLAIR

“I just learned that one of my best friends purchased a giant 10 cylinder SUV …”

CounterPunch

Mexico’s largest oil field to begin 14% per year production decline in 2006

The head of exploration and production at Mexican state oil monopoly Petroleos Mexicanos, or Pemex, said Thursday that the decline of the country’s biggest oil field has been delayed until 2006. Published on Friday, August 13, 2004 by Rigzone Mexico’s Cantarell field decline deferred to 2006 By Rigzone staffer The head of exploration and production […]

The Economist almost sees the light

The Economist notes that we are probably going to see higher gas prices for some time since as opposed to 1990 the futures market for crude oil has gone way up. This article doesn’t address depletion but instead of blaming only terrorism or speculators like the mainstream media, it notes that it is also due […]

Why Gasoline prices are high

Excluding some of the war factor, and the N.Y. speculators.I will make it as simple as I can. I am an EX. Refiner. I was in the refining business under Gov’t price controls mid 70’s and decontrol, early 80’s, which closed over 1/2 the refineries in the Continental U.S. In 1980, there were approximately 340 […]

Oil prices are soaring; why are gas prices falling?

Big inventory build-up this spring is helping lower pump prices Despite the recent surge in crude oil prices, gasoline is once again selling for less than $2 a gallon in many parts of the U.S.By John W. Schoen Senior Producer MSNBC Updated: 12:24 p.m. ET Aug. 17, 2004 Drivers at the pump fumed this spring […]

Reuters News Service discovers big oil fields are becoming hard to find

Why Are Oil Prices So High? ——————————————————————————– LONDON – U.S. oil prices set another record on the New York Mercantile Exchange on Friday, topping $46 a barrel, the highest since NYMEX launched its crude contract in 1983. Following are some of the factors behind oil’s price surge. -RISING DEMAND China’s economic expansion has given a […]

Foreign cos behind soaring high oil prices: Saudi crown prince

Stating that Saudi Arabia wants to maintain oil prices at $25-30 per barrel, the crown prince said some international oil companies, were hoarding huge reserves of crude, which has led to soaring prices.

HB

Oil prices help keep dictators in power

Back in March, pollsters found that 65.8 percent of Venezuelans supported forcing Ch

cantarrel oil field, mexico, set to decline

entouch

The Nose Knows

If you are at all like me, you’ve been wondering why we haven’t heard more about the success of the thermal depolymerization plant run by Changing World Technologies and ConAgra in Carthage, MO — the famous turkey-parts-into-sweet-crude plant. Well, persistent digging has turned up info on one of their problems, which recently forced them to […]

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