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News from April 2004

The Greatest Story Never Told?

The Greatest Story Never Told? thumbnail

This report, which was written for oil industry insiders and cost a whopping $32,000 per copy, predicted that global oil production will peak around the year 2000 and decline to 25% by 2025.

Daily Headlines


Bush or Kerry, it’ll be status quo on oil

Bush or Kerry, it’ll be status quo on oil thumbnail

Oil is increasingly spoken of as being in short supply, which only guarantees the pivotal position of Saudi Arabia

Business Times Asia


Truckers protest jams freeways

Truckers protest jams freeways thumbnail

LOS ANGELES (AP) – Truckers parked their rigs on a busy freeway Friday, snarling rush-hour traffic for miles in a wildcat protest over high diesel prices.Truckers protest jams freeways By Associated Press LOS ANGELES (AP) – Truckers parked their rigs on a busy freeway Friday, snarling rush-hour traffic for miles in a wildcat protest over […]


Is Saudi Arabia Still the King of the Oil?

Is Saudi Arabia Still the King of the Oil? thumbnail

Credible sources have suggested that Saudi Arabia can barely maintain its current output of around 8.5 million barrels a day, and that when it does increase output, it is only briefly and mainly by means of using its strategic reserve

Alternet


WORLD FOOD PRICES RISING

WORLD FOOD PRICES RISING thumbnail

The last time stocks were this low, in 1972-74, wheat and rice prices doubled.

Earth Policy


Insatiable China Will Import Gas More and More

Insatiable China Will Import Gas More and More thumbnail

China’s demand for natural gas is expected to rise about 12 percent a year for the next 15 years, outstripping proven reserves, and reaching around 1 trillion barrels by 2020.

Neftegaz.ru


Shareholder Concern for Climate Change Triples in One Year

Shareholder Concern for Climate Change Triples in One Year thumbnail

Renewables are the fastest growing segment of the global energy market. The World Energy Council reports that the global market for renewable energy is likely to be in the range of US$234-265 billion by 2010 and US$1.9 trillion by 2020.

Yahoo -AP


EPA: Diesel Pipeline Spills 1M Gallons

EPA: Diesel Pipeline Spills 1M Gallons thumbnail

A broken pipeline has spilled as much as 1 million gallons of diesel fuel into Suisun Bay, which feeds into San Francisco Bay.

ABC News


NYC Must Address the Need for Natural Gas

NYC Must Address the Need for Natural Gas thumbnail

Dr. Matthew C. Cordaro, director of the Center for Management Analysis:
“Where there was once a glut of natural gas, the country now is moving to a point where it will require additional supplies to meet demand.”

Business Wire


Oil security: A top priority for China

Oil security: A top priority for China thumbnail

In 2003, China produced some 169 million tons of crude oil (up 1.5 percent year-on-year) and 34 billion cubic meters of natural gas (up 6.8 percent).

Meanwhile in that same year, crude oil imports were 91 million tons (up 31.3 percent). Imports accounted for 36.1 percent of national consumption that reached 252 million tons (up 10.2 percent). Total oil consumption was 274 million tons (up 11.5 percent).

China View


OPEC May Reset Oil Price Range

OPEC May Reset Oil Price Range thumbnail

the price band of 22 US dollars to 28 dollars per barrel was deemed no longer suitable for present conditions as it had been set in 2000.

RigZone


ConocoPhillips Chairman Says Oil Will Last

ConocoPhillips Chairman Says Oil Will Last thumbnail

Archie Dunham, chairman of ConocoPhillips Inc:
“The world can rely on fossil fuels for the bulk of its energy needs for the next 100 years”

Yahoo – AP


Saudi Arabia Committed to 22-to-28-Dollar-a-Barrel Oil Price Range: Minister

Saudi Arabia Committed to 22-to-28-Dollar-a-Barrel Oil Price Range: Minister thumbnail

He said Saudi Arabia is “willing and ready to invest in two new refineries in the U.S.,” with a capacity of 500,000 barrels a day.

http://www.tehrantimes.com/Description.asp?Da=4/29/2004&Cat=9&Num=12

Eh, on to the roundtable.


Pig manure can become crude oil

Pig manure can become crude oil thumbnail

Zhang and his research team have found that converting manure into crude oil is possible in small batches, but much more research is needed to develop a continuously operating reaction chamber that could handle large amounts of manure.

Waukon Standard


Norway Testing New Clean Energy System

Norway Testing New Clean Energy System thumbnail

The excess power will be used to produce hydrogen fuel so a hydrogen combustion engine and a fuel cell make electricity at windless times.

Yahoo -AP


Black gold is king

Black gold is king thumbnail

The industrialized world has a tremendous thirst for crude oil. Currently, demand is running at more than 80 million barrels per day…

Asia Times


Consumption is Going to Stop Growing

Consumption is Going to Stop Growing thumbnail

Higher prices show that our insatiable demand for gasoline is catching up with our willingness to produce it. By Michael D. Tusiani In today’s Washington Post: Running On Empty – Higher prices show that our insatiable demand for gasoline is catching up with our willingness to produce it. By Michael D. Tusiani Wednesday, April 28, […]


Greenspan: High oil prices here to stay

Greenspan: High oil prices here to stay thumbnail

Greenspan welcomed signs that a “major expansion” of U.S. natural gas import facilities was under way, but said: “The near term, however, is apt to continue to be challenging.”

CNN – Money


PEAK OIL: DEBATE OR FEUD?

PEAK OIL:  DEBATE OR FEUD? thumbnail

if you extend Hubbert’s model of the American petroleum story onto the whole planet, you’ll miss the nuances of regional geology. And if you don’t, you’ll convince yourself that a new motherlode of black gold is just waiting for the right drill from the right team of cowboys.

From the Wilderness


Statoil Extends Life of Lufeng Field Offshore China

Statoil Extends Life of Lufeng Field Offshore China thumbnail

New technology has made it profitable to extend production from Statoil’s Lufeng field in the South China Sea until 2008, rather than shutting it down this February as originally planned.

RigZone


Renewables: Does A Tried Technology From The Past Still Have A Role To Play?

Renewables: Does A Tried Technology From The Past Still Have A Role To Play? thumbnail

Except: The somewhat paradoxical result is that now the world


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

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

Excerpt: I will never believe Mike Lynch again because he just makes up his own facts. To which I would add… Nice grammar Mike! aramcoexpats.com original article Water, Water Everywhere (but not a drop to drink) Author: Michael C. Lynch, President, Director Petroleum Services February 27, 2004 – Released: 3/6/2004 GLOBAL Petroleum SEER Alert: This […]


Saudis to Build Two Refineries in U.S.

Saudis to Build Two Refineries in U.S. thumbnail

Al-Naimi said that Saudi Arabia is committed to alleviating the bottleneck in U.S. refinery capacity and has offered to help by building the two refineries.

Yahoo – Reuters


World oil crisis looms

World oil crisis looms thumbnail

If the exaggeration is confirmed, the estimate of recoverable oil will have to be lowered. That is bad news for Oman, which claims reserves of 5.4bn barrels and is heavily dependent on oil and gas exports but it is also bad news for the world as a whole.

Janes.com


Say goodbye to cheap oil

Say goodbye to cheap oil thumbnail

Despite the recent minuscule drop in gasoline prices, some forecasters believe prices will soon head back up and could crest at $3 a gallon by Labor Day FOR THE tens of millions of American motorists patiently waiting for gas prices to come back to Earth, the news from the oil markets is not encouraging. Government […]


‘Global Epidemic’ of Financial Scandals for Oil Producers

‘Global Epidemic’ of Financial Scandals for Oil Producers thumbnail

The world is facing an “epidemic” of financial scandals in the oil and mining industries, says London-based NGO Global Witness, citing the billions of missing dollars from resource-rich countries such as Kazakhstan.April 01, 2004 [ 12:36 ] By Clare Nuttall, TCA staff writer, TCA More news on: The world is facing an “epidemic” of financial […]


OPEC output

OPEC output thumbnail

By John W. Schoen Senior Producer MSNBC Updated: 12:07 p.m. ET April 01, 2004With drivers fuming at pump prices, and politicians scrambling for solutions, OPEC is standing firm with its plan to further squeeze already-tight world oil supplies. It


US SEC Questions Oil Giants’ Reserves

US SEC Questions Oil Giants’ Reserves thumbnail

Gheit, who owns some ChevronTexaco shares, said he wouldn’t be surprised if other companies besides Royal Dutch/Shell restate their proved worldwide reserve estimates. He cited El Paso Corp., the natural-gas company in Houston, which cut its reserves by 35 per cent in February. “I don’t think Shell is the only company,” Gheit said. “You saw […]


Rising Prices Fuel Gas Clash

Rising Prices Fuel Gas Clash thumbnail

If OPEC members stick to their quotas, U.S. crude could spike to $40 a barrel “within a week or two,” said Carl Larry, an analyst at ABN Amro in New York. (CBS/AP) OPEC’s decision to cut production was expected on Thursday to raise oil prices and fuel the political battle over how to reduce the […]


Iraqi Oil Terminal Closed After Attack

Iraqi Oil Terminal Closed After Attack thumbnail

Suicide boat bombings targeting the oil industry have forced the
closure of Iraq’s biggest terminal, losing the country nearly 1 million
barrels a day in exports, the oil minister said Sunday.

Yahoo – AP


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PO Real Time

Or simply: We have no clue. #peakoil #demand twitter.com/WoodMackenzie/…

@PaulGambles2 @CNBCJou @JMJancovici To be clear, not asking for predictions, but a hedge vs #peakoil. Fair bet policy makers are behind & will be overwhelmed. #antifragile

@PaulGambles2 @CNBCJou Cruel irony is, #peakoil may kick in after it's too late to prevent #climatechange. double whammy/hysteresis. @JMJancovici