Kuwait to invest $40 bn in oil facilities

KUWAIT CITY: OPEC-member Kuwait is planning to invest up to 40 billion dollars over the next 15 years to modernise its outdated oil facilities and boost capacity to four million barrels a day, the chief executive of the state energy company said. “We have a massive investment programme.We plan to spend between 30 billion to […]

IEA’s Claude Mandil Says Energy Security No Longer A Major Concern

Claude Mandil of the IEA says energy security is no longer a major concern:

“I don’t think security of supply is worse now than it was 30 years
ago for several reasons. The first is that energy as a whole plays a lesser
role in the economy. Second, generally, there are more alternative solutions–
that means energy coming from difference countries, different origins,
different suppliers or different kinds of fuels to obtain the same result,”
Mandil said.

OPEC Can’t Rule Out Oil Production Cuts

We will need to be sure that the price is falling because of fundamentals and we will need to be sure of forecasts that there is oversupply. The alternative could be to eliminate leakage above OPEC’s existing self-imposed quota limits. http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=6991167 “/>

Dow and GM to Build One-Megawatt Fuel Cell Installation

Dow and GM Launch Phase II of World’s Largest Industrial Fuel Cell Program Midland, MI – November 29, 2004 The Dow Chemical Company and General Motors Corp., today launched the second phase of their joint project to prove the viability of hydrogen fuel cells for motor vehicles and possibly for distributed power generation. The project […]

Exxon Mobil Sees Energy Demand Growing 1.7% a Year Through 2030

Demand for oil, natural gas and other fuels will grow to the equivalent of about 335 million barrels of oil a day in 2030 from 220 million barrels a day currently, Alan Kelly, general manager of corporate planning at Irving, Texas-based Exxon Mobil, said on a conference call with investors and analysts.
—
“Maintaining adequate energy supplies to meet this expected energy demand will be a challenge,” Kelly said.

Bloomberg

Is Saudi telling fairy tales about oil?

The most recent announcement from Saudi Arabia’s oil minister says its production is set to rise, but many in the industry feel the thoughts from Ali al-Naimi are based more on political fiction than energy reality.

aljazeera

US DOE lukewarm on Cold Fusion

The Basic Energy Sciences and Nuclear Physics Offices in the DOE Office of Science conducted a peer review of the submitted material in a manner typical for a DOE sponsored university or laboratory research program.
Report of the Review of Low Energy Nuclear Reactions

Oil Prices Steady Above $45 a Barrel

SINGAPORE (Reuters) – Oil prices steadied above $45 a barrel on Thursday, attempting to put a floor under a 7.4 percent tumble after a big increase in U.S. heating oil stocks eased worries of a winter supply squeeze.http://story.news.yahoo.com/news?tmpl=story&cid=580&e=2&u=/nm/20041202/bs_nm/markets_oil_dc

ASPO newsletter 48

ASPO December newsletter #48 http://216.187.75.220/newsletter48.doc447. New Books 448. Further Study of Saudi Arabia 449. Country Assessment – Canada 450. Buying Oil is easier than Finding It. 451. CNN Relays ASPO’s Message on Peak Oil 452. Peak Oil Awareness 453. A Change of Direction by British Gas 454. A Sense of Proportion 455. BP admits to […]

Oil Falls After Report Shows Supplies Rose More Than Expected

`We finally got the distillate number we were longing for,” said Marshall Steeves, an analyst at Refco Group Inc. in New York. “There was a recovery in refinery runs, which led to an increase in distillate stocks that was well above expectations.” Crude oil for January delivery fell $1.03, or 2.1 percent, to $48.10 a […]

Michael C. Ruppert: Peak Oil and the Big Picture

Oil and natural gas are indispensable to our way of life. The world consumes ten calories of hydro-carbon energy for every calorie of food that is eaten. All commercial fertilizers are made from natural gas. All pesticides are made from petroleum. All irrigation, plowing, harvesting and transport is accomplished by either oil-powered machinery or oil- […]

When the oil runs out

Oil is expected to peak by the end of this decade, and finish somewhere between 2030-50. As we slide down the curve, the oil will become gradually hard to extract causing the world to go through times of distress.

Yemen Times

When the wells run dry

Anjorni writes: For the past century, the modern world has run on oil. But geologists now warn that the supply may soon begin to dwindle. Should we be preparing for the end of the Age of Oil? the week

Crisis towers over the dollar

(W Joseph Stroupe is editor in chief of Global Events Magazine, an online geopolitical magazine specializing in strategic analysis and forecasting.)

…a number of oil-exporting countries have already gone on public record as to their preference to make an exit from petro-dollars in favor of petro-euros. They have indicated that if Russia begins such a move to petro-euros, they will rapidly follow Russia’s lead. The net effect would be a rapid international abandonment of the dollar as the international currency, which would in turn “bring down the towers” of the heavily debt-ridden US economy.

Asia Times

All for Oil

The permanent military bases and Pentagon sized American consul offices in Iraq are being built because 60% of the world’s crude comes from an increasingly hostile Middle East, and this percentage of the supply of the world’s most valuable commodity will increase over the next decade, and because control of Iraq is the decisive high ground for control of the Middle East.

Al-Jazeerah

Carbon Storage Comes to Disused Texas Oil Fields

A short distance from Spindletop oil field, the site of the gusher that triggered the Texas oil rush more than a century ago, scientists have found a purpose for the long-disused underground reservoirs — as storage for the pollution emitted by burning fossil fuels.

Reuters

Venezuelan president says OPEC output OK as is, $30 US a floor price for oil

“We should never allow oil prices to drop sharply,” Chavez said. “One barrel of water is more expensive than a barrel of oil, a barrel of wine is three times more expensive than a barrel of oil, while a barrel of whisky – even more.” ** tdrive: Can’t wait for the oil to get as […]

Reserves review forces Shell to postpone AGM

Shell said on Friday that it had decided to postpone its annual general meeting by two months amid continued disruption caused by the oil giant’s review of its proved oil and gas reserves.

FT

Oil supplies rise

NEW YORK (CNN/Money) – U.S. crude oil supplies climbed for the ninth straight week, the government reported Wednesday, but came in well below estimates — while inventories of fuel used for heating snapped a nine-week losing streak, rising far more than analyst estimates. Crude inventories rose by 100,000 barrels in the week ended Nov. 19 […]

Wall Street stalls on oil price spike

Time is GMT + 8 hours Posted: 24 November 2004 0728 hrs Wall Street stalls on oil price spike NEW YORK: Wall Street stalled on Tuesday as volatile oil prices shot briefly above US$50 a barrel before receding, but the movement sent edgy investors scattering to the sidelines for cover. The Dow Jones Industrial Average […]

Comments on papers from Hubbert’s files

Comments on papers from Hubbert’s files at the American Heritage Center, University of Wyoming by Jean Laherrère [2004 November 19]

Laherrere/ Oilcrisis

Oil prices prompt another look at shale

The U.S. government said Tuesday it was ready to resurrect oil shale drilling in the Rocky Mountains, a technology heralded 30 years ago to boost America’s energy output until it failed financially. MSNBCAbout half of the world’s oil shale reserves are estimated to be located in the United States, with other big reserves in Russia, […]

Quebec should boost hydro capacity to enhance exports

MONTREAL, Nov 21, 2004 (The Canadian Press via COMTEX) — Quebec should use its plentiful hydroelectric capacity as an economic development tool, just as Alberta has done with oil, Premier Jean Charest said Sunday. “If Alberta can get rich with petroleum, why can’t Quebec get rich with its electricity?” the Liberal leader told a party […]

Economic `Armageddon’ predicted

Stephen Roach, the chief economist at investment banking giant Morgan Stanley, has a public reputation for being bearish.

His prediction: America has no better than a 10 percent chance of avoiding economic “armageddon.”

Boston Herald

China’s Crude Imports Hit Record High, No Letup

SINGAPORE -(Dow Jones)- China has smashed its full-year crude oil import record and is on track to breach the 100-million-metric-ton mark this year, official data showed Monday. UPDATE: China’s Crude Imports Hit Record High, No Letup SINGAPORE -(Dow Jones)- China has smashed its full-year crude oil import record and is on track to breach the […]

Iraqi Oil Changes Course

Until the war began all of Iraq’s $20 billion oil exports were handled by French, Russian and Chinese oil companies. After the war American and British companies undertook this job.

Zaman, Turkey

Alternative fuel activist has plan to eliminate oil

automakers and energy firms need to adopt new business strategies, and lawmakers need to craft policies that promote this oil-free future. By Lovins’ estimates, it will require an investment of $180 billion over ten years.

That’s less than the U.S. involvement in Iraq will end up costing, and Lovins said it will save $70 billion a year by 2025.

To pay for such programs, Lovins proposes fees on gas-guzzling vehicles and the opposite — rebates — for fuel-efficient vehicles.

Lovins’ message doesn’t sit well with the auto industry.

Houston Chronicle

Rice University professors debate peak oil

With Oil Production Near Peak, Analysts Worry About Meeting Growing Demand By Greg Flakus Houston, Texas 19 November 2004 One of the big economic stories this year has been the high price of oil. As winter approaches in the northern hemisphere, there is growing concern about rising prices for heating fuel. Some economists see the […]

Higher oil prices mean expanded activities for Shell

“I think we can be more optimistic in terms of price going forward than we have been in the past. And we’ve taken that into our own planning assumptions. That still doesn’t give you $50 crude, but it does give you a sensible way of looking at the future.”

Glob and Mail

Michael Klare and Robert Ebel on Onpoint radio

The Michael Klare Interview starts at about the 7 & 1/2 minute point.

GPM

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