How long will the world’s oil last?

When the modern oil industry was born 145 years ago in Titusville, Pa., few people worried about just how long petroleum would keep flowing out of the ground. But since production peaked in the United States in 1970, a growing number of geologists, economists and industry analysts have been pondering the question of just how long worldwidesupplies will keep up with growing demand. And some are predicting that global production may peak as soon as next year.

MSNBC

Demand Could Soon Outstrip Supply – CNN/Money

A respected oil-forecasting group predicted that the energy industry may be unable to produce enough oil to meet projected demand by the end of the next decade, in a study that lends support to a small chorus of analysts who warn that a peak in petroleum output is looming in the years ahead, The Wall […]

Fuel Will Run Out Unless Other Options are Explored

Can you imagine life without gasoline, diesel fuel or home heating fuel? A huge portion of our industrial and domestic infrastructure has depended upon the availability of petroleum fuels throughout all of the 20th century. We heat many of our homes and workplaces, drive our automobiles, and propel our trucks, trains, buses, agricultural machines, ships […]

Oil Explorers Searching Ever More Remote Areas – NY Times

STAVANGER, Norway, Sept. 3 – It is a tale that Statoil’s explorers enjoy retelling. In 1992, the company decided to give up on an offshore tract after two exploratory wells came up dry. Management was getting nervous about the cost – $15 million a well – and was ready to cut its losses. The explorers […]

Oil consulting group predicts future oil shortages

Demand for Oil Could Outstrip Supply September 9, 2004: 7:01 AM EDT A respected oil-forecasting group predicted that the energy industry may be unable to produce enough oil to meet projected demand by the end of the next decade, in a study that lends support to a small chorus of analysts who warn that a […]

Sustainable energy achievable, but not easy

SYDNEY, Sept. 9 (Xinhuanet) — The 19th World Energy Congress wound up its five-day discussions on the key issues facing the world’s energy here Thursday, saying that sustainable energy systems people have hoped for are achievable. The congress encouraged all energy options open — with “no technology should be idolized or demolished” so as to […]

OPEC to raise its oil price target to an average of $30 a barrel

AP, Reuters 2004-09-09 The Organization of Petroleum Exporting Countries is united on the need to raise its oil price target to an average of $30 a barrel, a top Iranian oil official said on Thursday, but the cartel has yet to agree on when to move its price range higher. “There is a consensus in […]

Summary of Weekly Petroleum Data for the Week Ending September 3, 2004

From EIA “U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) dropped by 1.4 million barrels from the previous week. At 285.7 million barrels, U.S. crude oil inventories are a little above the lower end of the average range for this time of year, and are the lowest since the week ending […]

Growing

Time is running out. Historically, we lived off the interest generated by the EarthGrowing

Iraqui Oil Flow and Limited Options

Attacks against Iraqi oil infrastructure have intensified throughout the summer and are now an almost-daily occurrence. While the attacks continue, Iraq’s political landscape is changing rapidly, which leads to a very fundamental question: Will the number and pace of attacks change too? Straftor on GillespieResearch,com

Nanotech: Up and Atom

By John Gartner, AlterNet. Posted September 8, 2004.

The key to solving the biggest challenge of today could be small

Heinberg’s

by Stan Moore (Sunday 05 September 2004) “A second Bush Administration promises to destroy the very fabric of American democracy and with it, the cohesion of American society.” ——————————- Richard Heinberg has a new book out that explores possibilities of societal reactions to the Peak Oil phenomenon, which has the potential to throw industrial society […]

Laissez-Faire My Gas Guzzler

“My driving is integral to my job, it’s integral to my pleasure in life. I won’t cut back on that. I might cut back on other things.”

Dr. Kaesberg, whose 2004 Acura sport utility vehicle gets 18 miles to the gallon, is typical of consumers who started the summer with the shock of $2 a gallon gas, but resolutely kept driving.

New
York Times

Mexico Eyes Deep-Water Oil Reserves

a local energy analyst, took Pemex and the government to task in a newspaper column for “inflating expectations” of both reserve replacement and the country’s deep water prospects. “This is about geological structures likely to contain hydrocarbons that Pemex has identified through seismic studies,” Shields said, adding that the 54 billion barrel figure is “totally hypothetical.”

Forbes

Surplus oil drives world prices down

Nigel Wilson, Energy writer
September 08, 2004

WORLD oil prices are weakening after OPEC president Purnomo Yusgiantoro said the organisation might have spare capacity of more than 1.5 million barrels a day.

Speaking in Sydney yesterday, he said OPEC’s forecasts showed the world market had enough oil and production capability was 1.5 million barrels above demand.

The Australian

Coal continues to be key energy source in decades

The world will have enough coal to support its development at least for the next two decades, according to the latest study of the World Energy Council. “Coal will be available to meet the steeply rising demand for steam coal, while the supply of coking coal will be adapted to reduced demand,” said the study released at the 19th World Energy Congress being held here.

China View

Cairn discovers vast oil reserves in India

Cairn Energy said yesterday the vast potential of its key Mangala field in India had been independently confirmed, but failed to satisfy some investors who were looking for news of further oil finds.

Gulf News Daily

Ten specious fallacies on current world’s high oil prices

> The world is facing a high-oil-price era, in which the oil price per barrel will never be as low as a book. > With little say in fixing the international oil prices, China faces a relatively unsafe situation in terms of oil supply. Energy, especially oil shortage, has been a known subject over the […]

Ghawar is dying

from NewColonist.com by Chip Haynes August,2001–”Ghawar is dying.” Could those three simple words signal the beginning of the end for the industrialized human civilization on Planet Earth? No one in a position of knowledge or authority has uttered them publicly yet, nor are they likely to for a few years to come. So we do […]

The End of Oil Interview – Paul Roberts

The End of Oil Aired: Monday, September 06, 2004 8-9PM ET Current predictions have world oil production peaking somewhere between 2005 and 2035, with demand steadily rising as growing economies like China and India start consuming more and more. But the oil-fired economy, and the lifestyle that comes with it, is nearing an end, says […]

Outspoken oil expert challenges common ideas

Matthew Simmons, chief executive officer of Simmons & Co. International, a Houston-based investment bank, has never been shy about challenging the conventional wisdom in the Oil Patch. In an interview with Houston Chronicle reporter David Ivanovich, Simmons doesn’t disappoint. Q: What’s your take on today’s $40-plus oil prices? A: The odd thing about oil prices […]

How Do We Prepare for a World Without Cheap Oil?

Of the possible alternatives for approaching the challenge, three seem to stand out. One relies on market forces to provide the incentives for changes in behaviors. Another would supplement that with government-created incentives of the kind suggested by Stobaugh and Yergin, today possibly including support for the further development of the hydrogen fuel cell or other technologies. Yet a third might include some attempt on the part of the world’s major energy-using countries to create incentives for the efficient use of energy on a multi-national basis

Harvard Business School

Oil majors put the future on hold

From FT: “The world has less spare oil capacity than it did on the eve of the 1973 oil shocks. Despite that, big international oil companies are ignoring the incentive of record-high oil prices and are not investing in finding and developing new fields.”http://news.ft.com/cms/s/f750f07c-00b0-11d9-9d96-00000e2511c8.html

Oil, gas investing gets more complex

“One of the worst things that could happen to the stock market would pertain to geopolitical turmoil in the Middle East, and energy stocks still offer a good hedge to the rest of your portfolio in such circumstances.”

London Free Press

Canada drips with oil, but it’s tough to get at

costs range from $8.50 to $12 a barrel, and getting that barrel requires substantial manpower, technology and energy. After adding capital costs, shipping and depreciation, sands producers need per-barrel global prices
above the $18-to-$23 level.

USA Today

New oil proves elusive, and alarm bells ring

Western oil companies are running out of likely places to look, and significant finds are growing rarer. With the most accessible areas either already picked clean or kept off limits for political reasons, exploration teams are having to push into harsher, more remote and less promising territory, where the costs and risks are high.

IHT

Car sharing after peak oil

After peak oil, car sharing may be a good solution: I use a car running on natural gas in car sharing. I drive less than 8000km a year. It’s very cheap and easy with internet reservation.http://ecoplan.org/carshare/cs_index.htm

Oil Price Hike: Reasons and Impacts

Of course when oil prices go up or down sharply, the number of writers who seek to analyze the market situation and who claim to know all its aspects and secrets will increase. There is no doubt that the current surge in prices was unexpected, as most, if not all forecasts by experts, consultancy firms, energy organizations and companies at the beginning of this year were not expecting that prices would reach even $ 35per barrel.

Arab News

World to depend on Gulf oil more

the Gulf region represents the world’s oil center point as it produces 15 million of the total 70 million oil barrels per day at 21.4 per cent, with Saudi Arabia alone producing 15 per cent of this total.

Sify

Oil Eases as Saudi Offers Crude Discounts

Saudi Arabia cut prices for October-loading crude to both the United States and Europe, following up on its pledge to give customers all the crude they want to try cool oil prices.

Reuters

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