How Long Will the Oil Age Last?

John Felmy, chief economist at the American Petroleum Institute, argues that peak oil- production estimates are so far off that for all practical purposes we might as well act as if oil will flow forever. “Ever since oil was first harvested in the 1800s, people have said we’d run out of the stuff,”

Popular Science

Saudis hint at production rise

He said there were areas which the Saudi government had not yet allowed to be intensively explored, including potential fields in the Red Sea and the “empty quarter”.

Nuaimi also reiterated Riyahd

Forget global terrorism.

FORGET THE THREAT OF TERRORISM. CHINA IS ABOUT TO FLICK THE SWITCH ON A GLOBAL ENERGY CRISIS AND A TIME BOMB THAT WILL BRING MASSIVE DESTRUCTION WORLDWIDE

SH

Bolivia’s natural-gas find opens financial floodgates

After allowing foreign gas companies to search for gas deposits, South America’s poorest Spanish-speaking nation discovered it had vast underground wealth. Bolivia claims certified reserves of 52.3 trillion cubic feet, about as much as Kuwait has, and neighbors are hungry for energy.

Kansas City Star (subscription)

China Warns of More Power, Oil Shortages

China’s energy-hungry southeast – the center of the country’s manufacturing industries – suffered brownouts every day in the first six months of the year, said Lu Qizhou, deputy general manager of the State Grid Corp.

Forbes

China Crude Imports At New Record, Stockbuild Seen

China’s crude oil imports hit a record of about 2.8 million barrels a day in June, prompting speculation that aside from a boom in demand, Beijing may be quietly building inventories. China’s crude oil imports hit a record of about 2.8 million barrels a day in June, prompting speculation that aside from a boom in […]

OPEC oil production now at 25-year high

Opec oil production is now at its highest since December 1979, reported Petrologistics. Output is now 29.9m bpd, ahead of a previous peak of 29.8m bpd in November 2000. Opec last week cancelled its July meeting but officials said a planned 500,000 bpd increase in quotas from August 1 will go ahead, though little spare capacity remains.

ameinfo.com

The Lessons of History – 30 years later

By Peter Hillmore
Tuesday October 23, 1973

The shortage of refining capacity has already compelled President Nixon to announce rationing of various heating oils and a large number of garages do not have enough petrol for their customers.

Guardian

Kuwait sees oil falling to $28 a barrel

KuwaitThe Kuwaiti minister told The Korea Times newspaper that as soon as the speculation died down, prices would also dive, to what he called a more stabilised level.

Oil prices giving dealers a big chill

Add the terror factor to the rapidly increasing global demand for oil and the reality of refineries humming at full tilt just to meet the burgeoning need for gasoline and expect to pay more to stay warm in New Hampshire next winter.

UL

Record prices prompt little new drilling to replace imported fuels

“Why on earth would you drill here when we’ve been drilling here for 120 years and when there’s vast untapped regions across the globe?” said Kyle Cooper, analyst at Citigroup Global Markets in Houston.

Pumps in the United States pulled 5.43 million barrels per day of oil in early July, compared with 5.70 million barrels per day in early February, according to the federal Energy Information Administration.

Houston Chronicle

Oil at $41, demand hits 20-year high

U.S. oil prices held firm near $41 Friday as the most robust demand growth in more than two decades pushes OPEC to pump crude at near capacity. World supplies are vulnerable to the slightest production hiccups.

CNN

Exxon-Mobil to build N. Gas to Diesel plant in Qatar

Another read between the lines? Is it interesting that Exxon-Mobil is looking to convert Qatari natural gas to diesel? I wonder whether the business rationale is to create cheaper diesel, or anticipation that current petroleum diesel will become much more scarce and expensive enough (due to depletion) to make this profitable? Afterall, there is a several year lag time by the time these thing come on-line. Seems to match the depletion time lines that Matt Simmons has been putting forth for Arabia.

HoustonChronicle.com

OPEC to Make Quota Boost, May Cancel July 21 Meeting

OPEC will enforce a decision to boost the group’s output quota by 2 percent as planned as of Aug. 1 and is discussing whether to cancel a meeting scheduled for July 21, officials at the group’s Vienna headquarters said.

BloomBerg

Iraq oil lines sabotaged

SABOTEURS damaged oil pipelines at separate sites in Iraq’s north and south while insurgents gunned down an officer with the state-run oil company today amid a series of attacks on the country’s most vital industry.

AN

Oil climbs above $41 as supply fears persist

SINGAPORE (Reuters) – U.S. oil prices rose to a six-week high above $41 (22.1 pounds) as concerns over security of supplies were heightened by a surprise fall in key fuel stockpiles in the United States.

Surprised in October?

It is highly unlikely that we shall see an “October surprise” in which the Saudis flood the crude oil market in order to bring prices down sharply and thereby help ensure a Bush re-election. Faced with rising welfare costs and escalating political tensions, the kingdom has a corresponding need for additional capital expenditure for increased oil capacity. Goldman Sachs estimates that the Saudis require an average price of at least $30 a barrel over the next 5 years just to maintain real per capita expenditure.
ZNet

Physics Today: Basic Choices and Constraints on Long−Term Energy Supplies

Population growth and energy demand are exhausting the world’s fossil energy supplies, some on the timescale of a single human lifespan. Increasingly, sharing natural resources will require close international cooperation, peace, and security.As we enter a new millennium, we are growing increasingly concerned about the limits of our fossil fuels that are driving the world’s […]

Peak Oil reaches Investors

The optimum price for Saudi Arabian oil is US$25 per barrel. Currently it is at US$40 per barrel. This is 60% above the price at which alternative energy sources and alternative oil extraction methods become cost productive. The only oil left to find is underwater. In fact, the planet’s proven untapped deepwater oil reserves could more than triple in the next 20 years. According to experts, proven deepwater reserves could jump from the current 50 billion barrels to 114 billion barrels.”

Investors.com

AL QAIDA COULD DRIVE OIL PRICES TO $60/BARREL

“The possibility exists that Al Qaida, with its intimate knowledge of the market, could spike prices up to as high as $60 a barrel,” Wihbey told the conference on July 9. “This is a significant number, because it means $3 a gallon.”

ME News

Coal-bed Methane Video Special CBC

Coalbed methane story

Video webcast from CBC’s The National

Story starts about 23:40 into the clip

CBC

This link could invalid afer 24hrs

Massive blackout in Greece!

By PATRICK QUINN, Associated Press Writer ATHENS, Greece – The worst blackout in more than a decade hit Athens and southern Greece on Monday, leaving millions sweltering in a heat wave and raising concerns about whether the lights will go out at next month’s Olympics. But it was yet another hurdle in Athens’ attempt to […]

N.Y. Oil Climbs to 5-Week High as U.S. Gasoline Demand Soars

July 12 (Bloomberg) — Crude oil rose to a five-week high in New York amid record U.S. fuel demand that’s forcing oil companies to run refineries at close to maximum capacity to keep filling stations supplied in the world’s largest gasoline market.

Bloomberg

Water, Water Everywhere (but not a drop to drink)

This week saw a most unusual spectacle, resulting in a spate of news articles that may be difficult for the uninitiated to understand. Matt Simmons, an investment banker based in Houston and a longtime oil and gas price bull, presented an extremely alarmist view of Saudi Arabia

Oil Kamikaze

Unlike scores of martyrdom seeking suicide terrorists who have killed themselves throughout the world in recent years these ten had a goal which extended beyond plain murder. Their target was the global energy market, or more specifically oil — in the words of al Qaeda “the feeding to the artery of the life of the Crusader nation”.

iags.org

Oil Kamikaze

Unlike scores of martyrdom seeking suicide terrorists who have killed themselves throughout the world in recent years these ten had a goal which extended beyond plain murder. Their target was the global energy market, or more specifically oil — in the words of al Qaeda “the feeding to the artery of the life of the Crusader nation”.

iags.org

Oil Kamikaze

Unlike scores of martyrdom seeking suicide terrorists who have killed themselves throughout the world in recent years these ten had a goal which extended beyond plain murder. Their target was the global energy market, or more specifically oil — in the words of al Qaeda “the feeding to the artery of the life of the Crusader nation”.

iags.org

China 40% dependent on crude oil imports as of May

Apparent consumption of fuel oil was recorded at 21.13 mln tons in the period, up 36.48% year-on-year. 13.26 mln tons were imported in the months, up 60% year-on-year. Fear of rolling blackouts has forced some industrial plants to resort to using their backup generators for power supply. These generators burn fuel oil, instead of coal.

Source Link Name Here

Exclusive: Election Day Worries

July 19 issue – American counterterrorism officials, citing what they call “alarming” intelligence about a possible Qaeda strike inside the United States this fall, are reviewing a proposal that could allow for the postponement of the November presidential election in the event of such an attack, NEWSWEEK has learned

MSNBC

Exclusive: Election Day Worries

July 19 issue – American counterterrorism officials, citing what they call “alarming” intelligence about a possible Qaeda strike inside the United States this fall, are reviewing a proposal that could allow for the postponement of the November presidential election in the event of such an attack, NEWSWEEK has learned

MSNBC

« Previous Page — Next Page »

LATEST NEWS HEADLINES

• Why the IEA is Wrong About Peak Oil Demand
• Did we inadvertently speed global warming?  
• Venezuela’s Oil Monopoly Eases
• Why Germany is Choosing Natural Gas Over Nuclear Power
• U.S. coal-fired electricity generation decreased in 2022 and 2023

• America Cracks Down on Methane Emissions from Oil and Gas Facilities
• Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
• Is It Time To Refill America’s Strategic Petroleum Reserve?
• Oil prices set to end year 10% lower as demand concerns snap winning streak
• What’s Driving America’s New Oil and Gas Boom?
• China’s peak oil demand bombshell eviscerates Danielle Smith’s energy strategy