Oil’s anguish and a productivity paradigm

Tipping point in the oil crisis The depletion of the world’s petroleum resources was first forecast in the 1950s by Dr M. King Hubbert. The point of maximum production (known as the Hubbert Peak) coincides with the midpoint of depletion The depletion of the world’s petroleum resources was first forecast in the 1950s by Dr […]

Oil Prices and the Mayflower Problem

Do oil prices really tell the market what it needs to know when it needs to know it? In a parallel universe far, far away where neoclassical economists run everything and conditions allow for perfect markets and perfect information, finite energy resources gradually climb in price as they are depleted. This encourages the development of […]

Sara’s Pregency Decision Map

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IEA says too early to decide on oil stocks release

PARIS (Reuters) – The International Energy Agency (IEA) is waiting for oil companies to assess the damage caused by Hurricane Gustav on Tuesday before it decides whether to release oil stocks, the energy adviser to rich nations said. Oil prices plunged on Monday as Gustav weakened to a Category 2 hurricane with 110 mph (177 […]

Nymex Issues Force Majeure on Gas Delivery Contracts on Gustav

(Bloomberg) — The New York Mercantile Exchange declared force majeure on natural gas deliveries for August and September contracts after a pipeline operator shut down operations because of the approach of Hurricane Gustav. The announcement follows the decision by Chevron Corp.’s Sabine Pipe Line LLC to begin shutting operations before Hurricane Gustav makes landfall, according […]

OPEC output up for 4th month in Aug: Reuters survey

LONDON (Reuters) – OPEC oil supply rose for a fourth consecutive month in August, mainly due to higher output from Iran and smaller increases in Nigeria and Angola, a Reuters survey showed on Monday. The survey indicates the Organization of the Petroleum Exporting Countries is pumping almost 800,000 barrels per day more than its target […]

Venezuela’s Chavez threatens to expel US ambassador

CARACAS (Reuters) – Venezuelan President Hugo Chavez threatened to expel the U.S. ambassador in a dispute over drug-trafficking that could worsen already frayed ties between the South American nation and its biggest oil customer. Chavez, who spars with the United States over everything from oil prices and free trade to democracy, has made similar threats […]

Cold winter fear grips Turkey

With a looming energy crisis on the horizon with Russia, Turkey has started looking for alternative suppliers for its energy needs, especially in natural gas. Turkey’s balanced approach to Russian-Georgian conflict has been put under increasing strain with Russia beginning to utilize economic tools to pressure Turkey. Russia hopes that Turkey will cave in and […]

A geopolitical tsunami: Beyond oil in world civilization clash

Oil as the cheap energy source has stoked industrial society for a century. However, ominous signs of oil depletion are beginning to appear, in fulfilment of M. King Hubbert …In this paper from an investigation of the causes and the context of the general overall trend of rising oil prices, we will further consider their […]

Hurricane Gustav, Landfall, Energy Infrastructure and Updated Damage Models

We have landfall. LOOP and Fourchon out for a while, not sure how long yet, depends on intensity, probably a couple of weeks. Here’s Chuck’s final pre-landfall composite: COMP ATCF Forecast Time: 2008090112 14 day: 8.21 MMBBL ( 52.36% normal), gas 63.50 BCF ( 65.91% normal) 30 day: 19.98 MMBBL ( 59.46% normal), gas 145.98 […]

World’s glaciers facing huge threat: UN

GENEVA (AFP) – The United Nations said Monday that swathes of mountain ranges worldwide risk losing their glaciers by the end of the century if global warming continues at its projected rate. The UN Environment Programme (UNEP) said in a report that whilst nature has always observed a certain periodic rate of deglaciation, the current […]

U.S. Refineries, Offshore Output Shut by Hurricane

(Bloomberg) — At least eight refineries across the U.S. Gulf Coast and almost all offshore oil output have been shut as companies including Valero Energy Corp.,ConocoPhillips and Exxon Mobil Corp. prepare for Hurricane Gustav’s arrival. About 10 percent of U.S. oil-refining capacity is off line, and five sites are operating at reduced rates. More than […]

Dutch sabotage agent recalled from Iran over

A Dutch AIVD Secret Service ultra-secret operation underway in Iran in recent years has been halted and an agent recalled in view of According to intelligence sources in the Netherlands, the US [or Israel] was expected to make a decision within weeks to attack nuclear plants with unmanned aircraft, used to avoid risking the lives […]

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