Peak oil review – Aug 31

1. Production and prices

2. Droughts in Asia

3. Iraq

Quote of the Week

Energy Stat of the Week

Briefs

1. Production and prices

The struggle between optimists and pessimists goes on and on with neither side as yet gaining a decisive advantage. Oil prices started the week close to $75 a barrel on rising stock markets and hopes for a global recovery; fell to below $70 at mid-week on rising inventories and the outlook for bad employment numbers; and then bounced above $73 on Friday as the stock market gained. Until more definitive information as to the course of the recession arises, this pattern is likely to continue.

2. Droughts in Asia

New reports on the drought that is affecting the Asian sub-continent and parts of China highlight how serious the situation could become. Inadequate rain is not only damaging crop yields but is also reducing hydro-generated electricity production which in turn leads to myriad other problems.

3. Iraq

Iraq