Canadian Oil Sands Output Seen at 1.7 Mln B/D in 2010

Canadian oil producers will ramp up production from oil sands even faster than previously forecast, an international oil conference here was told. Addressing the Canadian Energy Research Institute’s oil outlook conference, Robert Dunbar, president of energy consulting firm Strategy West Inc., projected gross bitumen production from northern Alberta’s oil sands reaching 1.7 million barrels a […]

We Dodged the Real Issue

It is often claimed that electoral apathy in the western democracies comes from the absence of any big issue separating mainstream parties. But no such consensus exists globally. Western countries may shrink from acknowledging it, but the world is in the grip of an epic confrontation between those who believe in the capacity of capitalism […]

Can Oil Discovery in Utah be Real Thing?

A major oil discovery in Central Utah is causing excitement in the industry and has people in Sevier County dreaming of a huge economic boost. Some claim it could be the biggest oil find in 30 years, but could it all turn out to be a false hope?KSL TV

21st Century World Still Needs Saudi Oil

Saudi Arabia is likely to become even more critical to the worldThe Navhind Times

End of Suburbia Scares, Inspires Caspar audience

Although the mainstream media, endlessly preoccupied with the Michael Jackson and Scott Peterson trials, has spent the last two years ignoring the issue of peak oil and the film, Suburbia has been a hit in the alternative and energy press and on campuses around the United States and Canada. Geologists around the world have been […]

The Quagmire

In private, however, senior military advisers and intelligence specialists on Iraq offer a starkly different picture. Two years after the U.S. invasion, Iraq is perched on the brink of civil war. Months after the election, the new Iraqi government remains hunkered down inside the fortified Green Zone in Baghdad, surviving only because it is defended […]

Oil Companies ‘Underinvesting by Up to 20%’

Energy companies are underinvesting in new oil and gas production capacity by up to 20 per cent according to the International Energy Agency, the developed world’s energy monitor. The comments follow a warning by Claude Mandil, IEA executive director, this week that the world was not investing enough in new energy supplies. Energy industry executives […]

Crude Oil Rises as Producers Struggle to Meet Growing Demand

“Chinese demand still appears to be growing at a strong rate,” said Marshall Steeves, an analyst with Refco Group Inc. in New York. “There isn’t a lot of spare capacity outside of Saudi Arabia. There has been a reassessment of Russian output growth, which will lead to fewer barrels being made available this year.”Bloomberg

Effort to Set Electric Car Record Delayed

The MSNBC

General Motors, Ford Debt Ratings Cut to Junk by S&P

General Motors Corp. and Ford Motor Co., the two biggest U.S. automakers, had their credit ratings reduced to junk-bond status, slashing the value of a combined $375 billion in debt and causing their shares and bonds to drop. S&P cut GM two levels to BB from BBB-. Ford was lowered one level to BB+ from […]

Are You Ready to Sign Up for the $100 Oil Club?

The bulls may be right. This surge looks very different from the oil shocks of the 1970s, which were driven by a politically motivated reduction in supply. Now the market is driven by a supply-demand imbalance. And we have little certainty about oil availability. We may already have passed peak production — unless there’s a […]

OPEC Exports Up 370,000 B/D In 4 Weeks To May 21 – Analyst

Crude shipments from the Organization of Petroleum Exporting Countries through May 21 are set to rise 370,000 b/d, but should taper off, a leading tanker tracker said Thursday. The extra oil will bring the four-week rolling average to 23.97 million b/d, about a million barrels more than the March low, but still off from December’s […]

Japan may end bid for nuclear fusion project -paper

TOKYO (Reuters) – Japan may give up its bid to host the world’s first nuclear fusion reactor, making it likely that the 10 billion euro ($12.87 billion) experimental reactor will be built in France instead, a Japanese newspaper said on Wednesday. Japan might make the concession because it believed it would win construction work and […]

Boone Pickens Warns of Petroleum Production Peak

“So, if you accept that 84 million barrels a day is all the world can (produce), and then look at refining capacity, I think it’s just a coincidence that refining capacity… world capacity… is 84 million barrels a day. So, we’re in balance: 84, 84. “Now you see the projections for the fourth quarter of […]

IEA: Fuel Consumption Continues to Rise

Energy ministers meeting at the International Energy Agency (IEA) in Paris have predicted a large increase in fossil fuel consumption and carbon emissions by 2030. The IEA forecasts both consumption of and emissions from fossil fuels growing at a rapid pace over the next 25 years. In what they call a “business-as-usual scenario”, fossil fuel […]

Saudis Want to Limit Nuclear Inspections

Saudi Arabia said on Wednesday it wants to sign an obscure agreement that the U.N. nuclear watchdog has warned could keep international inspectors from monitoring any atomic activities within its borders. The “small quantities protocol” is an agreement that states who say they have little or no nuclear material can sign with the U.N.’s International […]

London oil prices eclipse New York on surging Asian demand for crude

LONDON (AFP) – Oil prices in London are trading higher than those in New York for the first time in four years, owing mainly to surging Asian demand for North Sea and west African crude, analysts said. “It is fairly unusual for Brent to trade at a premium,” said Investec analyst Bruce Evers. And even […]

Merrill Lynch: Oil to remain above $50

NEW YORK (Reuters) – Merrill Lynch on Wednesday forecast oil prices would stay above $50 a barrel, despite a recent slide in prices, citing refinery bottlenecks and the higher prices commanded by crude on the futures market. The oil markets are in a “super contango” phase, in which crude oil contract prices for the front […]

Huge Oil Field Found in Utah

A tiny oil company has snapped up leasing rights to a half-million acres in central Utah that it says could yield a billion barrels or more of oil. Geologists are calling it a spectacular find – the largest onshore discovery in at least 30 years, located in a region of complex geology long abandoned for […]

Declining EU Soil Quality Poses Threat to Farming

European agriculture is under threat as the quality of soil worsens, particularly in eastern states. More than 16 per cent of the European Union’s land is affected by soil degradation, but in the accession countries more than a third is affected, according to the first Soil Atlas of Europe, published last week. This degradation can […]

Rising Call: Cut U.S. Oil Imports

Outside official Washington, which is laboring over an energy bill, energy-independence plans are popping up across the American political landscape. Liberals and conservatives, ecologists and former military brass have reached the same conclusion: The United States needs a radical change in energy policy. The way to do it, they agree, is through a mix of […]

Feds See Possible Summer Power Outages

Wholesale electricity price spikes and outages are possible in the U.S. West this summer if temperatures are as hot as forecasters predict, according to a report released on Wednesday by staff analysts with the Federal Energy Regulatory Commission. Los Angeles, in particular, has inadequate electricity reserves for the peak air-conditioning month of August, the report […]

Era of Low Oil Prices is Over, Chinese Oil Exec Says

The comments indicate the Chinese may be making more bullish price assumptions than their Western counterparts when they look at new projects. Chinese firms have been aggressive bidders for petroleum assets around the world, driven by the country’s booming demand for energy. Western oil companies continue to invest conservatively, keen to ensure projects remain profitable […]

Gasoline Prices Unlikely to Hit Predicted Peak

U.S. retail gasoline prices won’t reach the peak of $2.35 a gallon in May as previously forecast and should continue declining through this month, the government said today. A strong rise in crude oil inventories to the highest level in almost six years has pushed down the price for oil and, as a result, lowered […]

The Gushing Truth

It would be easy to blame it on Richard Nixon. He started blathering about “energy independence” shortly after the Arab oil producers raised prices and launched an embargo against the U.S. in October of 1973. Within weeks, oil prices quintupled and the American economy went into seizures. The crusade for energy independence reached another crescendo […]

Topless Oil Prices: Playboy July Edition Bares the Truth

Is there a top in sight for the price of oil? Apparently not. I have it on good authority — no less than Playboy magazine. The soon-to-hit-the-newsstands issue of Playboy (July) features an article on “peak oil.” The article is said to explore a once-obscure theory that global oil supplies are about to start running […]

Seriously, maybe they (Iran) do need the energy

Much has been written in recent days about the Iranian nuclear program. There have been a lot of questions as to whether this is a subterfuge to cover the development of nuclear weapons. The jury on that may not even have been called yet, but perhaps the Iranian Government are not being totally deceptive, and […]

Interview with Roscoe Bartlett on Peak Oil

This is David Room for Global Public Media speaking with Representative Roscoe Bartlett on April 27, 2005. Tonight youGlobal Public Media via EnergyBulletin.net

Carter Tried To Stop Bush’s Energy Disasters – 35 Years Ago

“Instead of taking a strong stand to make America energy independent, Bush kisses a Saudi crown prince, then holds hands with him as they walk into Bush’s hobby ranch in Texas. Our young men and women are daily dying in Iraq – a country with the world’s second largest store of underground oil. And we […]

ASPO Newsletter no. 53

ASPO Newsletter no. 53 – May 2005

Peakoil.net

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