Peak Oil is You

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Latest Geology Headlines

Iraqi Oil Exports Hit $10 Billion

UNITED NATIONS (Reuters) – Iraqi crude oil sales since last year’s U.S.-led invasion have hit more than $10 billion, the U.S.-led authority governing Iraq said on Monday.

Reuters

ten billion barrels of North Sea oil could remain untapped

If methods are not discovered soon to get at the remainder of supplies in the North Sea, the infrastructure that brings it to the surface will be too old to use.

BBC

16 Dead In Attack On Halliburton Oil Compound In Saudi Arabia

At least 16 people were killed in multiple attacks on an oil company’s offices and a housing compound in the Saudi Arabian city of Al Khobar Saturday.

LONDON, May 29 (Xinhuanet) — British Foreign Secretary Jack Strawon Saturday issued a statement to condemn the deadly attacks that reportedly killed at least 10 people in the Saudi Arabia.

Certainly supply isn’t declining yet. “Proved” oil reserves increased from 677 billion barrels in 1982 to 1048 billion in 2002, a 55 percent increase. (“Proved” means quantities that with reasonable certainty can be recovered from known reservoirs under existing economic and operation conditions.) Meanwhile worldwide consumption increased only 13 percent.

That’s not a particularly scary trend.

techcentralstation.com

America’s wake-up call

One of the strongest warnings comes from Kenneth S. Deffeyes, a geologist and Princeton University professor who has calculated that the world’s oil production will peak around Thanksgiving Day in 2005. After that, he predicts, production will begin a perilous and precipitous decline, as wells dry up and oil producers scour the globe for the last of its diminishing supply.

The Baltimore Sun

A Look at Saudi Arabia Attacks

Gunmen open fire on oil company compounds in Khobar, 250 miles northeast of Riyadh. At least six people, four of them foreigners including a 10-year-old Egyptian child, are believed killed.

NewsDay – AP

Pacific Research 2004 Enviromental Study

America can’t afford to be fuelish

But what we really must do — and do with great gusto — is launch a sustained crusade to drastically improve energy efficiency, reduce reliance on fossil fuels and accelerate development of environmentally friendly alternative energy technologies.

Fort Worth Star Telegram

Toronto Star: We are finally running out of cheap gas

‘Our long-standing addiction to cheap oil has cost us dearly in terms of health, global security, human rights and a changing climate. It has also long stifled investment and innovation in alternative energy sources and technologies. Maybe we should look at expensive gas as an opportunity rather than a crisis.’ Well meaning article from Canada. […]

China takes steps to start oil reserve

The fact that China isn’t stockpiling yet means its economy is fuelling the market demand – and that once the reserve purchases begin, Chinese oil purchases could grow.

The fact that discoveries of oil peaked in the 60’s is today an common knowledge, but the fact that natural gas discoveries peaked in the 70’s is for the majority a well hidden secret. Many believe the exploration for natural gas is non-existing, but the industry is searching and they just finds less. We are […]

”I don’t think that control is in OPEC’s hands,”

Consultancy Petrologistics said on Friday OPEC was already pumping 2.8 million bpd above quota in May, with little impact on the oil price. Besides, most OPEC crude is of the heavy, sour variety, while refineries require light gasoline-rich grades. World Oil Prices Fall from 21-Year Highs By Sujata Rao LONDON (Reuters) – World oil prices […]

Cheap-Oil Era Is Far From Over, Analyst Says

“The oil sector competes with many other sectors for [investors’] money, and the oil sector’s performance in the last year was not very good in some respects,” he continued. “Money goes where it will get return. Will investments come in a timely manner in order to bring oil to consumers?”

National Geographic News

Earth’s oil gauge on low?

NEW YORK (CNN/Money) – With oil hovering near record prices and OPEC saying it’s out of their control, the question of whether the planet is nearing the end of its oil supply has again arisen. Earth’s oil gauge on low? Rising demand puts pressure on proven reserves, which have not seen a significant boost in […]

David Goodstein Q & A

If the peak comes and we can

US gasoline price at record high $2.017 a gallon

The national price for gasoline busted through the $2 a gallon threshold for the first time ever, jumping 7.6 cents over the last week to a record high of $2.017 a gallon on Monday, the U.S. government said. WASHINGTON, May 17 (Reuters) – The national price for gasoline busted through the $2 a gallon threshold […]

Record Coal Producing Pit Closed and Abandoned

The National Union of Mine Workers said it was a

Andrew McKillop: Why we need oil at US$60 a barrel

Maverick economics? Oddest opinion I have yet to come accross. Interesting none the less. vheadline.com This time, there will be no Cheap Oil benefits spun off from war, like those of the Kuwait war (or “Gulf War 1″). In addition, the supposed ‘inevitable recessionary impact’ of high oil prices is nowhere to be seen – […]

Analyst: Era of $30 oil nearing end

“WeHenry Groppe says the world is not going to run out of oil, but energy prices will rise. By Julie Breaux Odessa American MIDLAND

Europe Leading World Into Age of Wind Energy

“The United States is lagging in developing wind energy not because it cannot compete technologically with Europe in manufacturing wind turbines but because of a lack of leadership in Washington.” RE Insider, May 10, 2004 – Europe is leading the world into the age of wind energy. In its late 2003 projections, the European Wind […]

Waste Heat – the ’sleeping giant’ of all energy

Our contention is that well over 8.4 million megawatts of free energy is there for the taking, and we do not need invent brand new technology to get a very significant portion of it.

EnergyPulse.net

Uzbekistan: oil and gas holding for sale

Uzbekistanis likely to extend privatization of its energy sector and sell a stake (49 percent ) in the state oil and gas holding

Russia Journal

Fight US with oil weapon Arabs told

KUALA LUMPUR: Malaysia’s former prime minister Mahathir Mohamad urged oil-producing Arab countries in comments published yesterday to use oil as a weapon to fight US oppression.Fight US with oil weapon Arabs told KUALA LUMPUR: Malaysia’s former prime minister Mahathir Mohamad urged oil-producing Arab countries in comments published yesterday to use oil as a weapon to […]

Dig More Coal, The Hybrids Are Coming

coal-powered car? Absurd though that may sound, that’s exactly what a hybrid becomes if configured to allow its battery to be recharged from an electrical outlet

Yahoo – Forbes

Oil Crisis Scenario

“We may be in for a perfect storm type scenario.”

RigZone

Crude oil price surge sends shivers down investors’ spines

The market’s concern is well founded. High oil prices have a ripple effect on the economy

The Globe and Mail

Riding the oil slick

But higher oil prices will also add to the inflationary forces gathering in the world’s economies, which could fuel uncomfortable price gains…

CNN Money

IEA-OPEC jointly contemplate world energy investment outlook

“A pivotal area in shaping the flow of investment to oil development is the Middle East,” said IEA Executive Director Claude Mandil. “Although the costs of developing the region’s vast resources are lower than anywhere else in the world, financing this investment will be determined partially by perceptions of security risk, but even more so by national decisions establishing the pace of resource exploitation.”

Oil and Gas Journal