Sunset for the oil business?

The world is about to run out of oil. Or perhaps not. It depends whom you believe. So is the oil really running out? The answer is easy: Yes. Nobody seriously disputes the notion that oil is, for all practical purposes, a non-renewable resource that will run out some day, be that years or decades […]

Has Supply Hit Its Peak?

In 1956 a grouchy, iconoclastic Shell Oil geologist named M. King Hubbert forecast that U.S. oil production would peak by the early 1970s. The general reaction to his prediction was disbelief and ridicule

Fortune.com

We American’s love our SUV’s

SPORT UTILITY vehicles roared into stump speeches this month, flattening all common sense. At a speech last week introducing President Bush, Virginia’s Governor George Allen juiced the crowd by asking how many people arrived there in their SUVs and pickup trucks. After a show of hands, Allen was quoted by The Washington Post as saying, […]

Customers come last on oil nations’ political agenda

Most important, the consuming countries have realised that the political dynamics of their suppliers trump the needs of customers every time. Consider three of the largest producers, sitting on some 40% of the world

”Miracle” needed to calm oil markets

Raki Kotak LONDON, Aug 22 (Agence France-Presse) LONDON, Aug 22 (AFP) – World oil prices could sally past 50 dollars a barrel and hold at high levels for the foreseeable future on a combination of tight, unstable supplies and rising demand, notably from Asia, traders and analysts said. Iraqi output levels remain chronically volatile in […]

British Author of book on dominance of carbon fuel decries British oil decline

Peter Odell Saturday August 21, 2004 The Guardian It is paradoxical that Gordon Brown chooses to castigate Opec’s members for failing to produce enough oil to bring prices down while ignoring Britain’s role as one of the world’s top 10 oil and gas producing countries. He also fails to recognise that declining UK oil and […]

EIA Lists Saudi Arabia As ‘Area Of Concern’

For the first time, the U.S. Department of Energy’s statistics arm has included Saudi Arabia on its list of “Areas to Watch.” The addition of Saudi Arabia brings to 42% the amount of the world’s daily oil produced by countries the Energy Information Administration says may be unreliable suppliers, highlighting one of the factors driving prices to record highs.

Al Jazeera questions Saudi figures

How much over OPEC quotas is Saudi Arabia producing? Their promises don’t quite add up.Oil market outlook mired in confusion By Adam Porter in France Thursday 19 August 2004, 14:06 Makka Time, 11:06 GMT When the oil market is under such pressure, statements by powerful players can have a significant impact on prices. Saudi Arabia […]

Farce this Time: Renewed Pessimism about Oil Supply

“Similarly, the total number of wells drilled historically in the United States as of 1970, the year that production peaked in the lower-48 states, was 33.4 per 100 square kilometers of sedimentary basin. Yet, in the rest of the world, the number is less than one. And at current drilling rates, it will be nearly […]

My name is Asia and I’m an Oil-aholic,

The first step is admitting you have a problem.SINGAPORE – Asian countries are scrambling to limit the impact of record-high oil prices on their growing economies through energy conservation, but analysts say such moves are unlikely to dampen strong demand for fuel imports. The region is trying to curb its burgeoning oil consumption by cutting […]

$48

wow…

Government about to make a monumental mistake

An immediate reconsideration of how this money is to be spent giving consideration to the global peak oil issue should commence right now.

Scoop

Oil Sets Record as New Violence Flares in Iraq

U.S. light crude rose 53 cents to $47.80 a barrel, a new record, and London Brent gained 51 cents to $43.54 a barrel. U.S. prices have set record peaks in all but one of the past 15 trading sessions and are up more than $10.50 a barrel, 28 percent, since the end of June.

Reuters

DOE wants oil prices adjusted on weekly basis

The public should become accustomed to more regular increases in gasoline and diesel prices every week after Energy Secretary Vincent Perez Jr. announced on Wednesday that the oil industry is trying to shift into a new pricing regime that calls for small but frequent adjustments amid soaring world market rates.

Oil: Fear vs. Fact

Fear worked its way into oil prices beginning with production outages in Iraq last year. But fear is now incited by something as routine as the announcement of maintenance downtime at a small oil field.

NRO

Mexico’s largest oil field to begin 14% per year production decline in 2006

The head of exploration and production at Mexican state oil monopoly Petroleos Mexicanos, or Pemex, said Thursday that the decline of the country’s biggest oil field has been delayed until 2006. Published on Friday, August 13, 2004 by Rigzone Mexico’s Cantarell field decline deferred to 2006 By Rigzone staffer The head of exploration and production […]

cantarrel oil field, mexico, set to decline

entouch

Oil soars-but please do not panic-just yet anyway

August 15, 2004 Economic Outlook Oil soars again, but no need to panic just yet David Smith EVERY TIME the oil price looks ready to lie down, up it pops again. A promise last week by Saudi Arabia to increase output provided only a brief respite. High prices, it seems, are here to stay. Our […]

Consultant says Era of Cheap Oil is Over

BY PHYLLIS JACOBS GRIEKSPOOR The Wichita Eagle The world is officially out of $30 a barrel oil, analyst Henry Groppe told more than 600 participants and their guests at the opening breakfast of the Kansas Independent Oil and Gas Association’s (KIOGA) annual convention in Wichita Monday. That means, he said, prices generally will be in […]

U.S. Oil Bill At All Time High

For the U.S., another thing has changed since the early 1980s: It imports a lot more oil and a much higher percentage of its consumption. This means that as oil prices increase, a lot more money is leaving the U.S. than it did during the famous oil shocks of a generation ago.

forbes

Saudi Arabian role changing as oil-price arbiter

“If the experienced people leave, the burden of transferring the knowledge and experience increases: It has to be done in a shorter time. From what I could see, the exodus has begun. Expats are leaving in large numbers. I think the terrorists want to drive out the expats and damage the economy.”

Chron

Arguments for Hydrogen

You aren’t a real Peak-Oiler if you haven’t dismissed the hope of hydrogen. Still, it’s a test of faith to read the opposition arguments, if only to do a little reality check.Fuel Cell magazine recently bit the feeding hand by running an excerpt from “The Hype about Hydrogen,” Joseph J. Romm’s debunking of the hydrogen […]

This oil crisis won’t end soon — if ever

Nothing new in this story, it’s just one more example of peak theory going mainstream, from UK’s Globe And Mail newspaper. By ERIC REGULY Saturday, August 14, 2004 – Page B2 The price of oil went through $46 (U.S.) a barrel yesterday, setting another record high. Many energy experts say $50 — a figure unthinkable […]

Sun and hydrogen ‘to fuel future’

BBC News Online science and technology staff Turning sunlight into hydrogen could be the future Capturing sunlight to make enough hydrogen fuel to power cars and buildings has been brought a step closer by a British research company. Hydrogen Solar says it has managed to convert more than 8% of sunlight directly into hydrogen with […]

Why Are Oil Prices So High?

The increased cost of finding and developing non-OPEC oil has fueled speculators’ convictions that oil markets are a good long-term bet. Royal Dutch/Shell ’s reserves troubles have reinforced the view that oil is becoming harder to find.

Rueters

Americans shying away from SUVs

DETROIT – U.S. consumers have recently been shying away from fuel-thirsty sport utility vehicles, an industry research firm said on Thursday, in a report on what may become a worrisome trend for Detroit’s traditional Big Three automakers. MSNBC The Power Information Network report said unsold SUVS had sat on dealership lots for an average of […]

US coal prices soar as output declines

From FT “US coal prices are rising rapidly as unexpected growth in demand this year is undermined by declining domestic production, according to Standard and Poor’s.”FT

Natural resources funds surge

“We’re seeing a collision between supply and demand that will be good for investors,” says Charles Ober, manager of the $1.5 billion T. Rowe Price New Era Fund. “I think this is the beginning of a multiyear run.”

Chron

China Faces 250 Million Ton Oil Shortage by 2020

China’s consumption of crude oil may reach 450 million tons by 2020, with local output at 200 million tons, the report said, citing Chen Geng, president of China National Petroleum Corp. The country’s demand for gasoline, diesel and kerosene may total 260 million tons by 2020, the report said.

Bloomberg Asia

World creeping closer to `oil shock’

The charitable view is that Big Oil is merely reacting to investor expectations. “CEOs are listening to what institutional shareholders want,” Lehman Brothers Inc. analyst James Crandell told Business Week in June. “Production growth is a secondary goal, if it’s a goal at all.”

The less charitable view is that consumers are now at the mercy of a cabal of like-minded Big Oil CEOs who are no longer forced to bet their companies on a potential giant discovery

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