The coming crisis

In the past few years, expanding global liquidity has fueled global economic growth. The global economy expanded at an annual average of 4.5% for the period 2003-2004, representing the fastest growth rate since after the Iranian revolution, in the early 1980s. This period saw growth outpacing the United States’s productivity boom phase of 1994-1999. Not […]

Global oil market ‘is balanced’

Qatari Energy Minister Abdullah bin Hamad Al Attiyah said yesterday that the global oil market was “well-balanced”, adding it was premature to say what the Organisation of Petroleum Exporting Countries would do at its next meeting in June. “It’s an early stage to say what Opec will decide in June,” Al Attiyah said at a […]

House votes for oil drilling in Alaskan refuge

The House voted late Wednesday to allow oil drilling in an Alaska wildlife refuge as part of a broad energy bill that Democrats said would funnel billions of dollars to highly profitable energy companies while doing little to promote conservation or ease gasoline prices.

MSNBC

Will oil strike $380 a barrel by 2015? – Adam Porter

A report prepared by energy economists at the French investment bank Ixis-CIB has warned crude oil prices could touch $380 a barrel by 2015. Analysts Patrick Artus and Moncef Kaabi said that in the next 10 years demand for oil will outstrip supply by around 8 million barrels per day (mbpd). “If one takes into […]

The end of oil is closer than you think

The one thing that international bankers don’t want to hear is that the second Great Depression may be round the corner. But last week, a group of ultra-conservative Swiss financiers asked a retired English petroleum geologist living in Ireland to tell them about the beginning of the end of the oil age. They called Colin […]

Inevitable oil squeeze draws near

By David R. Francis Goodbye, cheap gasoline. The days of tooling around in automobiles with nary a thought of the cost are probably over. That’s because the world’s oil production is rapidly approaching its peak. At that point, the world will be faced with a steady decline in supply just as demand for petroleum takes […]

California’s Energy Crisis Isn’t Over Yet

Little has changed since the rolling blackouts of 2001. But a law passed in 2002 could save us all from summer reruns. The great California energy debacle ended ninety years of tradition at Pacific Gas and Electric. PG&E had built and operated power plants to feed a growing population since 1905, but once the state […]

Natural Gas[p]! A conversation with an Industry Insider

UNplanner writes: I had an interesting discussion with a senior level executive of one of this countryUnplanning Journal(blog)

The Most Important Thing You Don’t Know About ”Peak Oil”

ThereGNN

Oil and the Three Wise Monkeys

Ross Louthean, Resource Investor The two most powerful industries in the world today are technology and the oil and gas sector and by 2020 the former may not be secure and the latter will have undergone significant change. Resource Investor

Crude oil rose as U.S. inventories dropped for the first time in 10 weeks

U.S. stockpiles fell 1.8 million barrels in the week ended April 15, the U.S. Energy Department reported. Analysts expected an increase of 1.4 million barrels, according to the median forecast in a Bloomberg survey. Imports fell to 9.7 million barrels a day, the lowest since February. Refineries operated at 91.8 percent of capacity, a 0.8 […]

Oilcast#6: The ultraspike? $380 oil?

We look at the French investment bank Ixis-CIB report on oil pricing. They say prices could reach $380 by 2015. How? Plus Chris Skrebowski’s thoughts on depletion acting as new demand, President Bush, Hugo Chavez and more… We also have copies of the Ixis $380 report at the site www.oilcast.com.

The Do-Nothing Energy Bill

If insanity is indeed doing the same thing over and over while expecting different results, someone ought to check in on the U.S. Congress. For the fifth straight year, the House of Representatives is set to debate an energy bill chock-full of corporate welfare for the oil, gas, coal and nuclear industries and woefully short […]

Democrats blocking road to cheaper fuel

BY REP. J. DENNIS HASTERT With Americans facing increasingly higher prices at the gas pump, it is more crucial than ever that we take steps to diversify our energy sources and curb our dependence on foreign oil. The House of Representatives this week will take up an energy bill that will go a long way […]

Former UK Energy Minister Calls for National Energy Policy Review

Britain’s current energy policy is “ripe for review” and should be a major issue in the General Election campaign, former Energy Minister Brian Wilson will tell a conference in Edinburgh on Monday, 25 April. With North Sea oil and gas production now in decline and Britain set to become a net importer in the next […]

IMF urges oil data transparency – Adam Porter

Twice in as many months, the International Monetary Fund has spoken out over the current oil price shock, and when the IMF issues reports, markets read them. Although it says there is no need to panic, some of the conclusions in the two reports – Oil Market Developments and Issues and World Economic Report: Will […]

White House:Saudi Arabia Producing Oil At ”Near Capacity”

By Alex Keto, Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- The Bush administration said Wednesday that Saudi Arabia is producing oil at close to its capacity. “You have to look the situation in Saudi Arabia as well, and I think most people recognize they are producing at near capacity already,” White House spokesman Scott McClellan […]

EU seizes on report to press US on climate change

European officials made another attempt to put the US under pressure on climate change on Monday, as a delegation from the European Union met senior officials in Washington to discuss co-operation on environmental issues. The meeting came as a report from the US Energy Department found that action to curb greenhouse gas emissions would have […]

Communities struggle to pay for power

Kinston electricity customers won’t be the only ElectriCities member to see higher electric bills next month. How much the cost jumps in individual communities, however, will vary. Communities that buy power from the N.C. Eastern Municipal Power Agency are scrambling to pay about 5 percent more for wholesale power. The agency is implementing an energy […]

Inflation Surge Is Biggest in Five Months

By MARTIN CRUTSINGER, AP Economics Writer WASHINGTON – Consumer prices jumped 0.6 percent in March, the biggest inflation surge in five months, as the costs of energy, clothing and airline fares all rose sharply. The Labor Department said last month’s increase in the Consumer Price Index, the most closely watched inflation gauge, followed a 0.4 […]

Oil Extends Gains, Eyes Growing Supply

Oil pushed further above $52 a barrel on Wednesday ahead of a U.S. government report that will show whether U.S. refiners are building gasoline stocks ahead of peak summer driving demand. U.S. light crude edged up 29 cents to $52.58 a barrel, less than $6 below the record high of $58.28 reached early this month. […]

Ruth Brandon: The price we pay for petrol

In 1956 M. King Hubbert, a research scientist with Shell, produced one of the world’s most notorious graphs: a bell-shaped curve describing unrestrained production of a finite resource. The curve peaks when about half the resource is gone, and thereafter declines. Hubbert fitted his curve to American oil production statistics, predicting they would peak in […]

Nigeria’s oil reserves hit 35 billion barrels

Nigeria’s crude oil reserves reached 35 billion barrels by the end of March 2005, an increase of 40 percent compared with 25 billion barrels recorded in 1999, local newspaper The Punch reported Tuesday. Godwin Billy Agha, deputy director of the Department of Petroleum Resources, was quoted as saying that the significant growth in reserves was […]

Energy Bill Includes $2 Billion Incentive for Gulf Drilling

Backers of energy legislation that the House plans to take up Wednesday like to emphasize its potential benefits for consumers. It has substantial rewards for energy producers as well. A little-noted provision backed by Representative Tom DeLay of Texas, the majority leader and an ally of the oil industry, would bypass Congress’s normal spending process […]

Nevada County Town Hall Conference Bringing Together Community

Attempting to bring together a divided community to discuss a difficult subject isn’t an easy task for anyone. Especially for 39 year old house painter/adventurer, Reinette Senum, who works full time What is Senum trying to do? Bring the people of Nevada County together to discuss a crisis few of them even know exists. Peak […]

Aide says Bush taking long view on energy

An aide to President Bush on Tuesday played down any short-term fixes to soaring gasoline prices and said Bush remains focused on his long-sought goal of a broad energy bill. As U.S. drivers face near record-high gasoline prices averaging $2.24 per gallon, Bush will deliver what the White House has billed as a major speech […]

Are we re-entering the dark ages?

ENERGY is one talking point Labour is hoping will not rear its head during the next couple of weeks. A full-blown power failure would be a disaster for the government

Study: Oil and gas jobs declining.

The oil and gas industry, riding high on record oil and gas prices and cash flow, saw the number of its employees decline for the 20th time in 23 years, a study by John. S. Herold revealed. The research firm said its analysis found that employment by the largest U.S. oil and gas companies fell […]

The missing energy strategy

The U.S. House of Representatives is moving quickly and with sad predictability toward approval of yet another energy bill heavily weighted in favor of the oil, gas and coal industries. In due course the Senate may give Americans something better. But unless President George W. Bush rapidly elevates the discussion, any bill that emerges from […]

Ukraine and Russia in spat over Turkmen gas

A number of unpublished agreements purportedly signed between the governments of Ukraine and Turkmenistan for the purchase of natural gas have inflamed a conflict between Kiev and Moscow over natural-gas deliveries from Turkmenistan. The Russian newspaper Kommersant-Daily on April 14 reported that during Ukrainian President Viktor Yushchenko’s visit to Ashgabat on March 22-23 he signed […]

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