Peak Oil Review – Mar 2

1. Production and Prices

2. Obama

1. Production and Prices

By recent standards, oil prices had a pretty good week. After dropping a couple of dollars to a low of $38 a barrel, prices rebounded 6 percent on Wednesday after the weekly oil stocks report showed an unexpectedly large drop in gasoline stocks. On Thursday prices rose above $45 a barrel on hopes that the drop in US demand may be stabilizing. US crude inventories, which have risen by 30 million barrels in the recent weeks, were up by a less-than-expected 700,000. On Friday, worries about the recession moved to the fore as Japan reported a large drop in exports and the US