Impact Of Oil Output Fall At Ageing Fields Seen As Acute

“Depletion has become a serious issue for the oil market, and I believe it is contributing to market tightness,” said Chris Skrebowski, editor of the London-based Energy Institute’s Petroleum Review. Skrebowski has studied the issue using data from BP PLC’s (BP) widely-read Statistical Review of World Energy data. “What it means is that before you meet a single barrel of demand growth you have to replace all the missing barrels,”

Yahoo

WSJ: US may be preparing to use the Strategic Petroleum Reserves

From Petroleumworld: “The U.S. may be preparing to tap the Strategic Petroleum Reserve, according to a story of the Wall Street Journal on Wednesday. The story got rumors going through the oil market that the Administration of President George W. Bush, concerned about the political and economic ramifications of high oil prices, is considering releasing […]

Banks Pull Out of TNK-BP Loan on Russian Risk Concerns

From Neftegaz: “25.08.2004 10:44 Two major European investment banks, Societe Generale and ING, have pulled out of a deal involving a large loan to Anglo-Russian oil group TNK-BP. The banks http://www.neftegaz.ru/english/lenta/show.php?id=50581 Citing unnamed banking sources, the newspaper

Russia does not listen to America on oil pipeline locations

For a decade Washington has been backing the Turkish and Azerbaijan governments to steer the export of Caspian region crude oil away from Russia. Russia’s newest riposte has been to ally the Russian and Iranian oil industries, and open up the shortest, cheapest, and most lucrative oil route of all, southwards out of the Caspian […]

Iraq resumes Kirkuk oil sales

Iraq plans to quietly resume sales of its Kirkuk crude for the first time since May, hoping to avoid further sabotage attacks on its vulnerable northern export line, traders said Monday.

CNN

What $50/barrel oil means to you

So what does such a whopping price for oil mean to your finances?

FARK
| MSN Money

Changes to world economy mean oil prices have less impact on prices

“While we shouldn’t let down our guard, it seems the risk of a widespread outbreak of inflation because of this oil price runup is limited,” says Doug Porter, senior economist with BMO Nesbitt Burns.

Fundamental economic changes over the past two decades seem to have permanently chilled price pressures, he says.

Canada.com

The hydrogen challenge to Arab oil has it’s pitfalls

World oil prices continue to soar – driven by the continuing power struggle in Iraq, by fears for the solvency of the Russian oil giant Yukos, and by surging demand for oil in Asia, notably in China. Even President Hugo Chavez’s convincing victory in Venezuela on August 15 — and his pledge to continue supplying […]

Calif. Plan Aims to Add Solar Energy to Homes

SAN FRANCISCO (Reuters) – California should try to add solar energy systems to 1 million homes by 2017 to save electricity and cut pollution from power plants, Gov. Arnold Schwarzenegger said on Friday. New legislation by state Sen. Kevin Murray to implement the energy plan would require home builders to offer solar panels as an […]

Natural Gas Seems Headed the Way of Oil: More Demand, Less Supply, Higher Cost

“Do we ever want to be in a situation in 20 years when we say, ‘We’d better do this for the Russians or we’ll be in a blackout?’ ” said Amy Myers Jaffe, senior energy analyst at the James A. Baker III Institute for Public Policy at Rice University in Houston.

NY Times

All the evidence points to even higher oil prices in the future

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OPEC oil cartel and its largest member, Saudi Arabia, seem to have lost their traditional ability to bend the market to their will. On three separate occasions since May, leaders of both, have promised the world more crude, and oil has sagged on the news. Each time, however, it has recovered and gone on to a new record.

Globe and Mail

Japan nuclear power plant accident results from pipe

The escaped steam that killed four at the Mihama nuclear plant was the result of not replacing a 27-year-old pipe. TOKYO, Aug. 17 (Xinhuanet) — Last week’s disaster at west Japan’s Mihama nuclear power plant was likely caused by Kansai Electric Power Co. (KEPCO)’s failure to check on a well-known phenomenon in which steam pipes […]

Iraq and the Problem of Peak Oil

According to the best estimates of a number of respected international geologists, including the French Petroleum Institute, Colorado School of Mines, Uppsala University and Petroconsultants in Geneva, the world will likely feel the impact of the peaking of most of the present large oil fields and the dramatic fall in supply by the end of this decade, 2010, or possibly even several years sooner. At that point, the world economy will face shocks which will make the oil price rises of the 1970

It’s Big, It’s Thirsty, It’s the Hummer — an American Excess Story

Hummers…California is the Hummer State, with 3,000+ on its roads. LA Times columnist Patt Morrison rented one so he could tell us all how bad they are. Nothing new here, but you might want to read this to get some angry blood pumping this morning.On the very day last week that the price of a […]

And the hits just keep on coming…

Supply worries push oil to record The surge in oil prices is raising more than just eyebrows Oil prices have continued their record-breaking run on Wednesday, busting through the $47-mark amid concerns that demand will outstrip supply. US light crude hit $47.03 in New York, taking gains for this year to more than 44%. Brent […]

Another Record High for Oil

Crude oil prices reached another milestone Wednesday, as the benchmark U.S. crude contract touched $47 a barrel, with traders awaiting key inventory data due out later today.

TS

Drivers irked as mileage fails to add up

Those fuel-economy estimates posted on new cars and trucks are baloney. The government agency in charge of them doesn’t mean them to be; in fact, the U.S. Environmental Protection Agency seems unusually scrupulous about its fuel-economy testing. But it’s using 30-year-old tests that assume nobody drives faster than 60 mph, or turns on the air […]

Oil prices are soaring; why are gas prices falling?

Big inventory build-up this spring is helping lower pump prices Despite the recent surge in crude oil prices, gasoline is once again selling for less than $2 a gallon in many parts of the U.S.By John W. Schoen Senior Producer MSNBC Updated: 12:24 p.m. ET Aug. 17, 2004 Drivers at the pump fumed this spring […]

A Major Blog Raises the Issue

The number that caught my eye, however, was 84 million barrels a day. That

Oil nears $US47 a barrel

Analysts are not ruling out the possibility that the New York oil futures contract may hit the $US50 a barrel level if unrest in Iraq continues and Russian oil titan Yukos fails to resolve its financial woes.

ABC

The Coming Global Recession in 2005

A recession may be looming especially with the unprecedented rise in world oil prices, which have historically presaged every recession in America. But on oil there is breathtaking complacency says V. Anantha Nageswaran, and warns of the porte nds of faulty OPEC reserves and output data, the UK turning a net fuel importer and the […]

Want better returns? Drive a car with better mileage

Scarily enough, the car you drive may be your most important investment decision right now. By saving just $1,000 a year on gas, youMSN

Norway offshore oil production reaches a plateau

Life in the Norwegian sector of the North Sea is quite different from what it was just a few short years ago.Coming to terms with change from: Offshore Engineer by: Rick von Flatern Sunday, August 01, 2004 For the opening salvoes of this month’s Scandinavian special, OE’s US editor Rick von Flatern recently returned to […]

Independence Way

Sam Jaffe says a new microbe could produce cellulosic ethanol at 60-80 cents per gasoline-gallon-equivalent, and new solid state fuel cells could provide economical and efficient conversion of the ethanol to electricity. Independence Way John Kerry thinks we can innovate our way to energy security. We’re closer than he knows. By Sam JaffeIf there’s one […]

As crude prices soar, ‘Peak Oil’ looms

Heinberg said we’re now facing the imminent arrival of what scientists call “Peak Oil” – defined as the day when oil production peaks.

madison.com

Coal costs shock utilities

Standard & Poor’s warned yesterday that the credit ratings of some U.S. utilities could be jeopardized over the long term if surging coal prices remain near current levels.

Pittsburgh Post Gazette

Lies, damn lies and harbor spies.

From WorldOil “I have no idea why so many elements of reserves growth are ignored or denied by the Peakers; perhaps it’s because it just doesn’t fit their impending doom scenario. Of these, two interrelated factors still have a long way to go: prices and recovery factors. The roughly 10% increase in recovery during the […]

U.S. Fed’s optimism on economy high-stakes oil bet

“It really comes down to oil,” former Federal Reserve Board Governor Laurence Meyer said on Wednesday. “Everything is predicated on oil prices kind of receding, not being much above $40 a barrel. If it goes to $50, it’s a whole new game. If it stays at $45, it’s a bit of a pain.”

Reuters

Natural gas production falls in US despite high prices

RJA: US natural gas production continues downward trend By OGJ editors HOUSTON, Aug. 10 — US gas production during the second quarter showed a 3.8% decline compared with second quarter of last year, according to Raymond James & Associates Inc. based on a survey of 47 publicly traded US oil and natural gas exploration and […]

5 FARMERS GET DEATH FOR STEALING OIL

BEIJING – A Chinese court has sentenced five farmers to death for stealing crude oil from a pipeline that ran through their county, state media said yesterday.

ST

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