Peak oil review – June 29

1. Production and Prices

2. In the Congress

3. Briefs

1. Production and Prices

Crude prices gyrated within a dollar or two of $70 a barrel last week as weaker equity prices and sluggish economies trumped unrest in lran and damaging insurgent attacks in Nigeria. There seems to be a growing sentiment that hints of an economic recovery someday have already been priced into the oil market, which has doubled in the last six months, and that it will take either evidence of substantially increased demand or serious reductions in supply before the market goes higher. […]

2. In the Congress

By a narrow vote of 219 to 212 the 1200-page Waxman-Markey climate change legislation passed through the House of Representatives on a largely party-line vote. Only eight Republicans voted for the bill while 44 conservative, mostly rural Democrats voted against it. […]

Energy Bulletin