Saudi Oil Crown Slipping Away?

Attacks against expatriates working in the Saudi Arabian oil patch have accelerated in tempo and intensity during the past several months. If this trend is not reversed — which is not likely — Riyadh will slowly fall from its current position as the kingpin of global energy markets. Oil prices will be both higher and […]

How far are we willing to go for oil?

By GEORGE F. WILL

In 1977 President Carter said we “could use up all the proven reserves of oil in the entire world by the end of the next decade.” But today known reserves are larger than ever.

Seattle Post-Intelligencer

Ability to ‘See’ Through Rock Helps Find Oil Reserves

“This technology will increase oil production from existing reservoirs and could be a valuable tool in locating new reservoirs,” Secretary of Energy Spencer Abraham

Yahoo

Russia expects oil to play smaller economic role

SAINT PETERSBURG – The role of oil in the makeup of Russian economic growth is set to fall sharply in coming years, says Prime Minister Mikhail Fradkov.

Business Day

Experts Warn World Running Out of Oil Surplus

it often boils down to the old question about whether the glass is half full or half empty…

politinfo.com

The oil that troubles US-China waters

Beijing has embarked on a diversification strategy both in terms of the development of alternative fuels and the establishment of new oil-import markets.

Asia Times

Shell Boss admits that something must be done about global warming

“In an unusual move, Shell boss Ron Oxburgh admits he fears for the planet and is advocating carbon sequestration to cut CO2 outputs. Most of the oil industry is still denying the proof of the link between CO2 build-up and global warming.”

BBC News

electricity and clean water from sewage

IA

Iraqi Security Chief for Oil Fields Assassinated

“The security chief for the oil fields in northern Iraq has been assassinated, in the latest attack on the industry.
Police said Ghazi al-Talabani was shot by gunmen as he travelled to work in the city of Kirkuk.

Mr Talabani is a cousin of Jalal Talabani, leader of the Patriotic Union of Kurdistan.

The killing was the third assassination of an official in less than a week, amid escalating violence in the run-up to the 30 June handover of power. ”

BBCi News

Inflation gains ground in the US

The rise in consumer prices was fuelled by sharp increases in the price of food and energy.

BBC

Vigilantes Kill 14 in Nigeria’s Oil-Rich Delta

Violence in the Delta peaked last year during elections in April and May, after ethnic Ijaws rose up against rival Itsekiris saying they had been denied political power and a fair share of oil wealth.

Scores of people were killed and oil multinationals were forced to shut down 40 percent of the country’s two million barrel-per-day output as a result of the violence.

Reuters

Oil policy at core of troubles

We have to get our priorities in order. First, we have to wrest control of our foreign policy from international oil interests. Second, we have to focus all our available efforts on settling the Israeli-Palestinian conflict. Third, CAFE standards for all vehicles have to be raised to a minimum of 35 mpg. Finally, we have to accelerate development of alternative energy resources, including the infrastructure required to make these resources available.

Florida Herald Tribune

Why Isn’t Big Oil Drilling More?

Why isn’t Big Oil doing more? The companies say it takes years to find and develop “elephant” fields that will produce meaningful amounts of oil. They also say they couldn’t possibly have predicted the spike in prices this year; moreover, oil could fall again to $15 a barrel or so.

Business Week

Gas prices also affect NASCAR

During the energy crisis of 1974, the Daytona 500 was shortened by 50 miles in order to conserve gas. “Obviously, it’s not as bad now as it was at that period of time,” said Kyle Petty

Towanda Daily Review

Wind power gets buffeted

Blade design has since been transformed by computer software that simulates air flow. The result at Bergey Windpower is slightly thicker, harder-working blades, shaped more like airplane wings. The new design smoothed the leading edge, built up a little ridge in front and tapered the back, all to mute the rush of air past blades that can whirl at 200 mph.

Baltimore Sun

Oil: How Bad Do You Want It?

Oil over $40 a barrel accelerates exploration for new fields, and development of known but technologically inaccessible fields, including some fields four miles below the surface of the Gulf of Mexico, where there may be at least 25 billion barrels. High prices may also prompt development of hitherto economically unfeasible sources, such as U.S. oil […]

OPEC Eyes August Output Hike – Venezuela

OPEC was expected to follow through with a plan to raise crude oil production by 500,000 barrels per day (bpd) from August, Venezuelan Energy Minister Rafael Ramirez said on Saturday.

Yahoo – AP

Oil and S&P connection points to grim news for stocks

Ugly Reality No. 3: There are disturbing signs that Hubbert’s Peak is arriving as predicted. Using the techniques of geologist M. King Hubbert

Security of oil tankers fuels worry

“LONDON –
Now that OPEC has agreed to raise its crude oil production quotas in
hopes of taming high and jittery oil prices, industry experts are growing more
concerned about both the capacity and the security of oil tankers, the next link
in the supply chain.”

WE

Diesel to natural gas The conversion dilemma

By December 31, 23,761 heavy commercial vehicles above eight years must convert to Compressed Natural Gas (CNG), or stay off Mumbai roads.

But this long chapter in Mumbai

African Leaders Open $3.7B Oil Pipeline

West Africa is one of the world’s fastest increasing oil regions, with production projected to provide 25 percent of U.S. oil imports alone by 2010.

Yahoo – AP

Oil production slows despite reserves

“For six consecutive years, ChevronTexaco has had good news for anyone worried that the world is running out of oil: The company has found more oil and natural gas than it has produced. Over that time, ChevronTexaco’s proven oil and gas reserves have risen 15 percent, more than 1 billion barrels.”

SH

Schr

“Speaking in Sea Island on Wednesday, Chancellor Schr

Oil climbs; IEA ups demand growth forecast

“SAN FRANCISCO (AFX) — The International Energy Agency raised its forecast on oil demand growth for the year, lifting crude-oil futures back toward the $38-per-barrel level. The agency raised its world crude-oil demand growth forecast by 360,000 barrels per day to 2.3 million barrels, taking the overall demand estimate to 81.1 million barrels per day for 2004, according to Tim Evans, a senior analyst at IFR Energy Services. July crude is up 33 cents at $37.87 per barrel on the New York Mercantile Exchange. This story was supplied by CBSMarketWatch. For further information see ”

FX Street

World Oil Demand Reaches 23-Year High

CNN IEA raises projection in 2004 as China continues to provide accelerating growth. LONDON (Reuters) – Global economic expansion is fueling the biggest increase in world oil demand for 23 years, but extra supply from producing nations is gradually replenishing consumers’ stocks, the International Energy Agency (IEA) said Thursday. In its monthly Oil Market Report, […]

Speed up energy efficiency

Today, the world is quickly running out of cheap, easily produced oil. Some experts say peak production could be only a few years away. Meanwhile, world energy consumption is exploding as a result of population growth and skyrocketing demand for cars and other fossil-fuel-consuming goods in huge, fast-developing nations such as China and India.

Detroit Free Press

Break Out the Bicycles

“The world’s problem is as follows. We now consume six barrels of oil for every new barrel we discover. Major oil finds (of over 500m barrels) peaked in 1964. In 2000, there were 13 such discoveries, in 2001 six, in 2002 two and in 2003 none. Three major new projects will come onstream in 2007 and three in 2008. For the following years, none have yet been scheduled. ”

CD

The other oil crisis

“The world’s tanker fleet is already stretched thin by demand for oil, by looming deadlines for the phase-out of single-hull tankers for safety and environmental reasons and by lengthening backlogs at the shipyards where new tankers are built. It is far from clear, industry specialists say, that the existing fleet can handle the new oil production that Saudi Arabia and others have promised for the coming months.”

IHT

Oil Retreats to $37 Ahead of U.S. Data

“LONDON (Reuters) – U.S. oil prices stumbled back down to $37 a barrel on Wednesday ahead of U.S. data expected to show rising oil inventories, easing worries of a summer supply crunch in the world’s biggest energy consumer.”

Reuters

Exxon Head: Energy Independence Is a Myth

WASHINGTON – The idea of American energy independence is a myth and the United States must maintain “constructive relationships” with oil-producing countries for its own prosperity, the head of petroleum giant Exxon Mobil Corp. said Monday night. “We do not have the resource base to be energy independent,” Exxon Mobil chairman Lee R. Raymond said […]

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