Saudi Arabia’s Crude Oil Production Peaked in 2005

Saudi Arabia’s historical crude oil production indicates a peak of 9.6 million barrels/day in 2005. In 2008, crude production was 9.3 mbd. In 2009 it is forecast to be 8.1 mbd followed by an increase in 2010 to 8.5 mbd. Unfortunately, after 2010 a steady decline is forecast.TheOilDrum

Kurdish government warns U.S. military pullout will spark war in N. Iraq

Kurdistan is pressing the U.S. military to remain in northern Iraq to prevent a takeover by the Baghdad government. Kurdish officials said the Kurdistan Regional Government has sent messages to Washington that called for U.S. troops to remain in the north until a resolution of territorial and oil disputes with Baghdad. Officials warned that a […]

Major oil field found in north China

An oil field with reserves of about 100 million tons has been found in Siziwang Banner in north ChinaTehranTimes

Tax the Streets

New Funding Ideas Are Needed for U.S. Roads and Highways When George Harrison wrote “Taxman” back in the 1960s, that line came across as witty hyperbole. Surely they can’t really tax the street? Well, guess again. Amid all the fanfare For the past 80 years, Americans have paid for highways largely through taxes levied on […]

Turkey hops aboard Russia’s ride

Continuing its efforts to firm alliances in the region, Russia has initiated cooperation with former rival Turkey in a variety of political and economic areas, taking advantage of Ankara’s cooling relations with the United States and the European Union. Washington is waking up to its worst nightmare: strategic cooperation among the powers of Eurasia. Asiatimes

Could Obama Push Crude Oil to $300 Per Barrel

…The plan, if executed properly, is setting up to work out perfectly from a political perspective. More importantly, there will be an opportunity to both take some quick profits on a trade and to play this plan over the long-term. First, one or two of the proposed taxes on the oil companies will be voided. […]

Asia’s biofuel dreams shelved as crude oil tumbles

KUALA LUMPUR (AFP) Malaysia and Indonesia, which produce most of the world’s palm oil, heavily promoted their version of biofuel — a mixture of diesel with five percent processed palm oil. But the excitement evaporated as crude oil, which peaked at 147 dollars in July 2008, fell to current levels below 37 dollars. That triggered […]

Position yourself now for $300 a barrel oil

Smart traders know oil’s retreat is temporary NEW YORK (MarketWatch) — Human beings are a predictable bunch and we tend to wait until things get to a painful crisis mode before taking drastic action. My question is why does it always have to get to that point? Take the most recent run-up of oil prices, […]

Why protectionism is a good idea

Reading all about how damaging protectionism can be, I’ve been wondering how that applies to my own preference, in every instance, for local products and services. I believe that the world will fairly soon run out of cheap oil, with devastating effects on anybody, anywhere, who has not prepared for the worst by establishing or […]

Pemex struggles to remain in the ranks of oil exporters

…Mexican oil production is delining 9%/year which, if continued, will end exports in six years. Chicontepec forms a main part of the strategy to bring oil production back above 3 million bbl/day by 2015. In that year, Chicontepec will be producing 511,000 bl/day. Many observers think it will be difficult to meet this schedule. A […]

Growing excitement, expectations for green jobs corps

… Across the country, people like Bryer are looking to the renewable energy sector in hopes its “green-collar jobs” will offer them stability in this shaky economy. Some are signing up for community college or apprenticeship programs that train students to be wind turbine mechanics, solar panel installers, fuel-cell engineers or energy efficiency experts. Government […]

Saudi Arabia to Cut Drilling Rigs Amid Lower Oil Demand

Saudi Arabia, the world’s largest oil exporter, is expected to cut the number of oil rigs by as much as 20% until year-end amid lower crude output, people familiar with the situation said. Last year, Saudi Arabian Oil Co., or Saudi Aramco, the state-run oil company, had about 130 offshore and onshore rigs in operation […]

China to bolster oil reserves

China is accelerating the build-up of its oil reserves to avoid the economic dislocations the country suffered in 2008 from fluctuations in the world oil price. China’s National Energy Administration (NEA) recently released a plan to build nine large refining bases in coastal areas over the next three years, sources with the China Petroleum and […]

Mexico’s Pemex reports 2008 loss of $8.1 billion

Mexico’s state oil monopoly says it lost 109 billion pesos in 2008, $8.1 billion at the year’s average exchange rate, as output and prices fell while taxes and exchange-rate losses climbed. Petroleos Mexicanos, or Pemex, says sales rose 17 percent to 1.33 billion pesos as oil hit $147 a barrel in July, before plunging 70 […]

No future for wind in Ontario

The Ontario government says its new Green Energy Act, if passed, will help Ontario become “North America’s leader in renewable energy.” But since most of this new renewable energy will be from wind, it may not be the smartest move for Ontario because its large hydro and nuclear capacity is not compatible with wind generation. […]

OPEC in Feb makes 81 pct of oil supply cuts-survey

OPEC oil supply fell in February for a sixth straight month as members enforced a deal to cut output and prop up oil prices, but output remained above target levels, a Reuters survey showed on Monday. Supply from the 11 members of the Organization of the Petroleum Exporting Countries with output targets declined to 25.62 […]

Lugar Calls for Deeper Understanding of Food Shortage Challenges

…Thomas Malthus famously warned 200 years ago that food production would not keep pace with population growth. But Malthus did not foresee how technology and innovation would increase food production as the population grew. The problem we face now is that advancements in agriculture technology have been lagging, even as a dangerous confluence of factors […]

Wrong Reason to Tap Reserves

Unlike some of the other black holes into which Washington pours money these days, the Strategic Petroleum Reserve’s value is grasped easily. If needed, it could replace about 44% of daily U.S. oil imports for more than five months. In 30 years plus, there have been only two emergency releases, connected with war and hurricanes. […]

UK: Energy crisis looms

FAMILIES, industry and hospitals could face regular blackouts in the Westcountry in the next decade because the Government has not woken up to a potential “energy crunch”, one of the region’s leading engineers has warned. Barry Griffiths, director of the Institution of Civil Engineers South West, reckons the three-day working week and life by candlelight, […]

A tiny town in the Central Valley prepares for ‘Armageddon’

…The farmers who will be slammed the hardest are those who depend on the Central Valley Project, the massive federal system of dams, reservoirs, pumps and canals that helped spawn California’s $36 billion farming industry Across the Central Valley, warns a new University of California-Davis study, 80,000 jobs could be lost this year. In Firebaugh, […]

Kunstler: What Next?

Isn’t that a question, though…. The Peak Oil story was never about running out of oil. It was about the collapse of complex systems in a world economy faced by the prospect of no further oil-fueled growth. It was something of a shock to many that the first complex system to fail would be banking, […]

We’re all doomed – again

…Kevin Phillips, a former senior strategist for Richard Nixon’s 1968 campaign, cannot see the Obama Administration reining in the buccaneers. In the 2008 election, the Democrats and Obama himself were funded by financial services firms including hedge funds. Phillips also looks at the inability of all sides in politics to come up with a policy […]

ProCon.org and Over 175 Experts Compare Alternative Energies to Fossil Fuels

ProCon.org, a nonpartisan 501c3 nonprofit research organization, created the new website alternativeenergyprocon.org to explore the core question, “Can alternative energy effectively replace fossil fuels?” …Pro and con statements on over 30 energy-related questions were researched and solicited from more than 175 experts including: Samuel Bodman, former US Secretary of Energy; Helen Caldicott, President of the […]

Seattle finds itself at the crossroads as the Great Disruption ends era

…Some economists and urban thinkers are advancing a theory that this recession will result in much more profound change than any recession in memory. Most prominent among them is Richard Florida, the author of the best-selling book “The Rise of the Creative Class.” Writing in the March issue of the Atlantic magazine, the author states: […]

BILL McKIBBEN: The Carbon Addicts on Capitol Hill

Washington has seen its share of big protests over the years, and most of them center on the White House, the Mall or the Capitol. That will change tomorrow, when the first big protest of the Obama era — and the first mass civil disobedience against global warming in this country — will take place […]

Will US, China face off in Africa over oil reserves?

The fact that new President Barak Obama has great favor in African nations such as Kenya, his father’s native country, seems to be making waves among Chinese leaders. That is according to Professor Albert Kwong, founder and vice chairman of PetroAsian Energy Limited, a Chinese oil concern headquartered in Hong Kong. Kwong was educated in […]

Forget gold, farmland makes sense

Here is a suggestion from the Graham Norwood school of property investment: why not put money into British farmland? It seems a perverse suggestion given that farmland prices across the Western world have had fewer spectacular peaks and troughs than other property-related investments like commercial premises, the residential sector or even property funds. But actually, […]

Capitol power plant dims clean energy hopes

Congress faces challenges just trying to clean up its own backyard WASHINGTON – As Congress tries to clean up the nation’s energy sources and cut gases blamed for global warming, it is struggling to do so in its own backyard. The Capitol Power Plant, a 99-year-old facility that heats and cools the hallowed halls of […]

Falling oil prices stymie Iraq’s security spending

BAGHDAD (AP) Iraq’s security plans for this year have been dragged down along with the price of oil, which is now about $45 a barrel after hitting highs last summer of $150 a barrel. Iraq’s government has been forced twice to cut planned spending

Wind-power industry seeks trained workforce

Reporting from California City, Calif. — One man in the classroom earned more than $100,000 framing tract homes during the building heyday. Another installed pools and piloted a backhoe. Behind him sat a young father who made a good living swinging a hammer in southern Utah. But that was before construction jobs vanished like a […]

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