Peak oil review – May 4

1. Production and Prices

2. Iraq

3. Detroit

4. Briefs

1. Production and Prices

Oil prices had a good week, closing out above $53 barrel despite much bad economic news. After concern about the possible consequences of the swine flu on Monday and Tuesday, prices moved up on reports of increased consumer confidence and investor hopes that the recession may be bottoming out. […]

2. Iraq

The security situation in Iraq appears to be deteriorating at a time when Baghdad is making a major effort to attract foreign investment and increase its oil production. Last week the government sent revised contracts to potential bidders on six oil and two gas fields it seeks to develop. The new contracts ask for large payments up front as soon as the contracts are signed in an effort to offset the precipitous drop in oil prices since last summer. Last year Baghdad earned nearly $62 billion from oil sales; so far this year they have earned less than $9 billion. […]

3. Detroit

It will be some time before we can sort out the impact of last week