Living On the Edge: OPEC Spare Capacity

It’s time for some straight talk on the oil supply. On September 12th the Organization of Petroleum Exporting Countries (OPEC) announced that they would raise production 522,000 barrels per day (b/d) to alleviate demand-side pressures in the 4th quarter of this year. Few people in the oil markets were impressed by this conciliatory gesture, for […]

ND fuel dealers claim pipeline company misled them

BISMARCK, N.D. (AP) – Eastern North Dakota fuel dealers allege a pipeline company’s alleged deception about unleaded gasoline supplies forced them to buy fuel from other, costlier sources. Mike Rud of the North Dakota Petroleum Marketers Association asked the state Public Service Commission today to intervene in an argument with Magellan Midstream Partners of Tulsa, […]

Groups Urge New Drive to Fight Oil-Climate Crisis

WASHINGTON, Sep 19 (OneWorld) – Activists and foreign policy experts held a public forum this weekend to launch what they hope will be “a combined international movement” to respond to the threats of climate change and the depletion of oil and other cheap energy sources. They said no less than “planetary survival” is at stake. […]

Aramco Celebrates 75th Anniversary

DHAHRAN, 20 September 2007 The celebrations will involve and honor Saudi Aramco

The Oil Drum: The ASPO Conference – Second Morning

The morning began with a Keynote address by Lord Oxburgh former non-executive chairman of Shell, who spoke on The problems, however, are not that we are running out of oil, rather it is that we are running out of cheap oil. When oil fields are abandoned there may be 60% of the original oil (OOIP) […]

Oil hits fresh record high!

Oil struck a record high after the US Department of Energy (DoE) said crude stocks fell by more than the market had expected, helping prices to extend a four week rally. The US, which consumes around 25 pct of global oil, said crude stocks fell for the tenth week in a row by 3.8 mln […]

The Russian Nuclear Industry

Over the second half of the century, vast quantities of radioactive waste and numerous radioactively contaminated sites resulting from the production of nuclear weapons, nuclear accidents, bad practice of early days of nuclear industry, as well as routine and normal functioning of nuclear power plants have accumulated in the world. Especially it refers to the […]

Peak Oil Poster courtesy of the DOE

From the Dept. of Energy: Peak Oil – The Turning Point (PDF) Educational Posters on Oil and Natural Gas

Fears of dollar collapse as Saudis take fright

Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signalling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East. “This is a very dangerous […]

Oil firms pull US Gulf workers, output unaffected

HOUSTON, Sept 19 (Reuters) – Oil companies removed nonessential workers from offshore platforms in the Gulf of Mexico on Wednesday due to the threat of a gathering storm, but production was unaffected. Oil prices rose on the news, briefly hitting a record above $82 per barrel, as traders weighed the possibility of disruptions to output […]

T. Boone Pickens busier now than in the ’80s

… Known for forecasting the price of oil, Pickens said it’s still too early to tell how much higher the fuel price will go now that it’s broken into new highs above $82 a barrel. “I was willing to predict the price up from $20 a barrel. Now I’m in uncharted waters,” Pickens said. “Now […]

Venezuela’s National Oil Company’s Vision for Social Development

National oil companies (NOCs) are in the ascendancy throughout the world, and the traditional oil and natural gas model relating to international energy development and markets must be revised accordingly. Until recently, international oil companies (IOCs) managed the worldNOCs have become sophisticated, extremely capable, and quite profitable business entities in their own right. Compared to […]

Venezuela: Pdvsa to convert investment accounts to euros and Asian currencies

President Hugo Chavez instructed state-run oil holding Pdvsa to convert investment accounts in US dollars to euros and Asian currencies to curb risk. The move is likely to undermine the US currency further, as the Federal Reserve is taking steps to lower interest rates this week, Philip Ree, an economist with DBS Bank in Singapore […]

Greenhouse Earth: Methane powered runaway global warming

PARIS–Methane released from wetlands turned the Earth into a hothouse 55 million years ago, according to research released Wednesday that could shed light on a worrying aspect of today’s climate-change crisis. Scientists have long sought to understand the triggers for an extraordinary warming episode called the Palaeocene-Eocene Thermal Maximum (PETM), which occurred about 10 million […]

Interview: Top Iraq oilman Thamir Ghadhban

DUBAI, United Arab Emirates, Sept. 19 (UPI) — Thamir Ghadhban has served in several political and technical capacities in Iraq Earlier in the conference, he presented a long-term plan to turn Iraq from an oil and gas giant in need of energy sources to a total energy exporter. Saddam Hussein

Analysis: Iraq, oil and Greenspan’s Gospel

WASHINGTON, Sept. 19 (UPI) — History and reality cap the fallout from former Fed Chairman Alan Greenspan

Dawn in the Desert: Saudi High Tech Paying Off at Ghawar Oil Field

By any measure, Saudi ArabiaWhat Makes Reservoirs Tick? While the ongoing debate regarding global oil supplies shows no signs of abating, the underlying challenges facing the industry are relatively straightforward: reduce unit development and operating costs, and increase production and reserves. One might argue that success in fulfilling these goals

Oil Warriors: From Greenspan to Kissinger

Alan Greenspan had acknowledged what is blindingly obvious to those who live in the reality-based world: The Iraq War was largely about oil. Meanwhile, Henry Kissinger says in an op-ed in Sunday’s Washington Post that control over oil is the key issue that should determine whether the U.S. undertakes military action against Iran. These statements […]

Nigeria: Militants Threaten Oil Installations Unless FG Repeals Land Use Act

A militant group, the Grand Alliance of the Niger Delta has threatened to attack oil installations in the country… if the federal government fails to repeal the Land Use Decree and some other laws that entirely withhold ownership of natural resources from the people of the Niger Delta. The Grand Alliance of the Niger Delta, […]

Big drop in energy costs: consumer prices down first time in 10 months

WASHINGTON — Consumer prices in August fell for the first time in 10 months, as another big drop in energy costs offset higher food prices. The Labor Department reported Wednesday that its closely watched Consumer Price Index dipped 0.1 percent last month, slightly better than the flat reading that had been expected. It was the […]

The High Costs of Ethanol

Backed by the White House, corn-state governors and solid blocks on both sides of CongressThe European Union has announced that it wants to replace 10 percent of its transport fuel with biofuels by 2020. China is aiming for a 15 percent share. The United States is already on track to exceed Congress

Former Pdvsa CEO shows concern about production level

Luis Giusti, former CEO of Venezuelan state-run oil firm Pdvsa, said the statements made by the former Chairman of the Federal Reserve Alan Greenspan about the Venezuelan oil industry confirm his view that Pdvsa oil production has collapsed. “The industry is faced with a process of drastic deterioration. I wish people only thought what the […]

Irish energy minister says oil rationing

IrelandDavid Strahan (podcast)

Curbing consumption: the price of oil and gas supply gaps

HOUSTON, TX – As long as energy prices remain affordable for the general public, who needs to be concerned about depleting oil and natural gas reserves? That’s a dangerous attitude to have in today’s energy environment, suggests the Association for the Study of Peak Oil & Gas (ASPO)-USA. ASPO’s 3rd Annual World Oil Conference is […]

Problematic power grid plagues Iraqis

BAGHDAD The generator caught fire in April and was closed for repairs that took nearly four months, becoming yet another example of the woes plaguing Iraq’s electric grid. Despite nearly $4.7 billion spent by U.S. taxpayers since 2003 on fixing the system, insufficient maintenance, sabotage and other problems mean that residents of Baghdad get an […]

Oil hits new record on inventory report

NEW YORK – Oil prices hit a new high while other energy futures were mixed Tuesday after the government reported surprisingly large declines in oil inventories and an unexpected increase in gasoline supplies. Light, sweet crude for October delivery rose 64 cents to $82.15 a barrel on the New York Mercantile Exchange after hitting a […]

The Oil Drum: Economic Impact of Peak Oil Part 1: A Flashback

What happens when peak oil collides with our economic system? It seems to me that there is a high probability of a major discontinuity of some type. What exactly happens after the discontinuity is likely to vary from country to country. It seems to me that the United States is especially vulnerable to a drastic […]

Peak Coal? Analyst Sees Demand Outpacing Supply

The 25 million-ton surplus of coal will be erased, and replaced with a 103 million-ton deficit by 2020, according to a forecast of Asia-Pacific coal demand by UBS Investment Research Associates and written about in Business World. The demand will be driven by the Chinese economic explosion, with almost three quarters of China Asian economies […]

China cuts back on ethanol expansion

CHINA: As Beijing balks at using grain crops for its local ethanol production, one of China’s largest biofuel producers, China Agri-Industries Holdings Ltd. has decided to put on hold plans to build three of its five proposed ethanol plants in the country. Earlier this year, Beijing indicated plans to halt grain-based ethanol production, which is […]

Journalist Paul Syvret on politics, peak oil and mitigation

Paul Syvret, assistant editor and columnist for the Courier Mail newspaper in Australia, talks to GPM’s Andi Hazelwood about the forthcoming report on “Queensland’s Vulnerability to Rising Oil Prices.” Syvret also discusses his coverage of peak oil in the Courier Mail and other News Corp. publications and his own thoughts on peak oil and mitigation […]

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