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Soaring oil prices are music to investors ears
Looking ahead, analysts at Citigroup on Monday said technical charts suggest that light crude oil futures can rise to $44.50 or even $45.00.
Dow Down as Oil Prices Near 21-Year High
NEW YORK (Reuters) – U.S. blue chips fell on Monday, as crude prices crept closer to their 21-year high, sparking worries that the rise in the cost of oil could derail the global economic recovery.
Simmons on SA
Matt Simmons
While Saudi Arabia claims it added
2 million b/d in 2003, little arrived in OECD.
Amazing Survival Story – Foreshadowing From Portland
PORTLAND, ORE. – A man and his 12-year-old daughter spent the last four years living in a remote hillside in Portland’s Forest Park, police said. editors note – This is a stretch to be related to resource depletion, but is nonetheless newsworthy. A pediatrician found the girl free of any illness, any signs of physical […]
Saudi Arabia Offers To Increase Output By About 6%
WASHINGTON, May 21 – In an effort to drive down record crude oil prices, Saudi Arabia, the world’s largest oil producer, offered on Friday to increase its output by at least 500,000 barrels, to 9 million barrels a day, starting June 1. New York Times In contrast to an earlier suggestion by the country that […]
Natural gas set to displace oil on world stage
gas supplies will remain tight until at least 2008 when the first significant wave of liquefied natural gas imports is expected
New System for Resource Classification
This is the first time such work on combining the classification of coal, minerals, petroleum and uranium has been implemented with so many nations and organizations involved.
Doomsters are wrong – there’s plenty of oil
The paper, Never Cry Wolf – Why the Petroleum Age is Far from Over, cites the example of the Kern River field in California, first discovered in 1899. Calculations in 1942 suggested that 54 million barrels remained. In fact, over the next 44 years the field produced 736 million barrels and in 1986 was reckoned to have another 970 million barrels remaining.
Airlines Deal with High Fuel Costs
NPR’s Karen Grigsby Bates talks to Kai Ryssdal of Marketplace about how airlines are coping with high fuel costs as oil prices rise.
Programme Booklet for Oil & Gas Depletion Workshop Now Available
A 48-page booklet containing abstracts of the presentations and biographies of the 28 speakers at the Third International Workshop on Oil & Gas Depletion in Berlin on 25-26 May is now available
65% of the world’s gas supply … is now in decline .. and
65% of the world’s gas supply … is now in decline .. and you’re not even sure [of] the rate at which the decline is accelerating… Gas can decline real fast
Matt Simmons speaks frankly about the global natural gas supply and the paucity of reserve data. Interview (14:12)
Real Movie from GlobalPublicMedia
Iraq oil loss set to drive prices higher
Iraq’s oil exports fell by nearly 1m barrels a day last week after its southern oil pipeline was bombed on May 8. Financial TimesThe loss was substantially greater than the 400,000 b/d drop reported by Iraqi oil officials last week and is likely to drive already-high world oil prices higher yet. The loss was in […]
oil ministers prepare for emergency talks
Oil prices surged near $42 a barrel Monday as markets shrugged off a Saudi proposal that OPEC raise its official output target by 6 percent. Separately, the Energy Department said the average U.S. retail price of a gallon of gasoline passed $2 for the first time. more
”Simply put, oil is a runaway train,”
SAN FRANCISCO (CBS.MW) — Crude-oil futures trekked into uncharted territory Monday, closing over $41 a barrel as a late-day reversal as concerns over new violence in Iraq pulled the market to a five-session win. “Simply put, oil is a runaway train,” said Kevin Kerr, editor of newsletter Kwest Market Edge. “While technically the energy markets […]
Gas-station owners aren’t getting rich off gas price hikes
Drivers aren’t the only victims when gas placards hit $2 a gallon. Equally hurt are the people who sell three quarters of the gas consumed in this country: convenience store owners.
New Oil Storage Facility To Be Constructed
Dutch company Royal Vopak NV and a Singaporean company Oiltanking are interested in building oil fuel storage facilities in Indonesia, which will help guarantee distribution of oil fuels to the regions.
Big oil reservoirs are becoming harder to find and more expensive to develop.
Big oil reservoirs are becoming harder to find and more expensive to develop. Many of the oil provinces outside OPEC are mature, which means that finds are now smaller, need more costly technology to develop and fall faster from peak production. Oil companies have also been cautious on spending since the ‘97-’98 price crash slashed […]
A Little Secret the Government Doesn’t Want You To Know
A Little Secret the Government Doesn’t Want You To Know Source: New York Post [May 16, 2004] Excerpted from John Crudele column in New York Post, “What Are They Smoking at the Labor Department?” * Here’s some more bad news about Iraq. A source in the intelligence community tells me that the U.N. oil embargo […]
An oil-driven recession does not look at all far-fetched. It is, all in all, an
“Still, if there is a major supply disruption, the world will have to get by with less oil, and the only way that can happen in the short run is if there is a world economic slowdown. An oil-driven recession does not look at all far-fetched. It is, all in all, an awkward time to […]
Sixty Days One Summer – Entertainment
What happens if we don’t prepare for the end of the oil age, while crushing the future?
Inflation Puts High Crude Oil Prices in Perspective
The price oil is fetching now is frequently described as a record — but allowing for inflation, prices are about half those during the oil price shock that followed the 1979 Iranian revolution.
NPR All Things Considered audio
US losing race for Russian oil deals
” …Russian producers are raking in profits, so the Russian Government no longer feels compelled to sell oil to the US.”Almost three years after the September 11 attacks, the United States is still seeking sources of energy outside the Middle East, and Russia has plenty of oil to sell. But after numerous meetings and high-level […]
Colin Campbell on Saudi Reserves
A worthwhile read
”OPEC has lost control of the market,” Flynn said. ”At this level, I think po
“I think that $45 area is going to do the job and lighten up the demand a little bit,” he said. ” [But] I don’t see a crash in oil prices. Forty dollars is going to be the new norm.” Feeling for Oil’s Ceiling By Rebecca Byrne The Street.com Senior Writer 5/13/2004 7:09 AM EDT […]
IEA Asks Suppliers to Explore for More Oil
Jim Placke of Cambridge Energy Research Associates in Washington: “If you don’t start going out to explore for and produce new resources, (then) three to five years from now when you need them they’re not going to be there.”
Oil prices are the highest since Saddam invaded Kuwait, but analysts aren’t worr
“Oil prices have been exceeding the most bullish forecasts for the past year and a half, and that’s not driven by industry fundamentals, but largely by speculation and fears of a potential supply disruption,” said Fadel Gheit, oil analyst at Oppenheimer & Co.
Peeved at the pump?
Industry magazines have been tracking a controversy about “peak oil”: the notion that world oil production will soon outstrip demand.
IHS-ENERGY : world production forecast
2004 = 46,859 bb total
2005 = 48,527 bb
2006 = 50,417 bb …
ANALYSIS-Oil price strength to bring only limited investment
OPEC’s big producers not only sit on the world’s largest reserves, but also have some of the lowest recovery costs, making it much easier for them to open up output than non-cartel rivals. But many nations either do not allow foreign investment in oil, or have unattractive investment and legal terms. This has slowed down […]
Earth observation boosts hydropower development
Hydropower production may soon get a boost from Earth Observation technology. Through the European Space Agency, C-CORE has joined forces with a number of European and Canadian collaborators to provide Earth Observation services to the hydropower industry. c-core news One fifth of the world
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