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"It is not possible to continue infinite consumption and infinite population growth on a finite planet.”
-- Michael Ruppert, WSJ, 4/11/09


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News from October 2004

It’s the Crude, Dude: War, Big Oil, and the Fight for the Planet

It’s the Crude, Dude: War, Big Oil, and the Fight for the Planet thumbnail

Webcast of the October 27, 2004 launch of Linda McQuaig’s new book at St. Andrews-Wesley church in Vancouver

workingtv.com


Nigerian Strike to Target Oil Exports

Nigerian Strike to Target Oil Exports thumbnail

LAGOS, Nigeria Oct 31, 2004 — Unions declared the top oil multinational here, Royal Dutch/Shell, “an enemy of the Nigerian people” on Sunday and called a Nov. 16 nationwide strike that they said would target oil exports in Africa’s oil giant. The threats in the world’s No. 7 oil exporter the source of one-fifth of […]


Oil companies spend riches on investors

Oil companies spend riches on investors thumbnail

Oil companies spend riches on investors By Russell Gold and Chip Cummins The Wall Street Journal Posted on Sun, Oct. 31, 2004 With oil at nearly $51 a barrel, even after two consecutive days of declines, the oil giants have a problem lots of companies only dream about: What to do with all the cash? […]


Future of oil supply is murky

Future of oil supply is murky thumbnail

‘Now you’re scaring me,” said John Krawiec of Beacon on being told of the peak-oil debate. He has been a local bottled gas distributor for many years. ”I’m at that age where it probably doesn’t make too much difference, but you worry about your kids and your grandkids.”

Poughkeepsie Journal


Oil may fuel ‘green’ prospects

Oil may fuel ‘green’ prospects thumbnail

Less than 3 percent of U.S. electricity comes from renewables such as wind, solar and geothermal, but that share is expected to increase as fossil-fuel prices rise.
For now, advocates are pleased that pocketbook concerns are generating renewed interest in green power.

AZCentral


Britain ‘is insulated from oil price rise

Britain ‘is insulated from oil price rise thumbnail


Britain now uses less oil then any other major economy and has substantial oil resources of its own, making it one of only two net exporters of oil in the G7, the world’s seven largest economic powers.

Telegraph


Opec chief expects oil to fall further

Opec chief expects oil to fall further thumbnail

(Reuters) 30 October 2004 JAKARTA – Opec President Purnomo Yusgiantoro said yesterday that he expected global oil prices to fall further as crude stocks in the United States rose and supplies from the US Gulf of Mexico returned to normal. JAKARTA – Opec President Purnomo Yusgiantoro said yesterday that he expected global oil prices to […]


It’s Time for an Alternative Fuel

It’s Time for an Alternative Fuel thumbnail

The era of human development with oil and gas as energy source is nearing its end and in the next 30-40 years, there will be a ‘clean break’ to produce energy from renewable, non-fossil fuels, mostly from hydrogen. The rise in global temperature due to emission of green house gases will force man to seek […]


U.S. Growth Crimped By Oil

U.S. Growth Crimped By Oil thumbnail

GDP — the volume of all goods and services produced by the economy — rose to $10.9 trillion after adjusting for inflation.

Before inflation, GDP grew at a 5.1 percent annual pace to $11.8 trillion. The economy expanded 3.9 percent during the 12 months that ended in September.

NY Post


Mexico’s energy problem – Oil, politics a difficult mix

Mexico’s energy problem – Oil, politics a difficult mix thumbnail

Mexico’s crude oil reserves have declined from 50.8 billion barrels in 1995 to 12.6 billion barrels in 2003, according to U.S. government figures. At its current production of about 3.4 million barrels per day, that’s about a 10-year supply.

EnergyBulletin.net


Andrew McKillop: Oil prices … another Iran crisis?

Andrew McKillop: Oil prices … another Iran crisis? thumbnail

Under the impact of US humiliation, and slow recovery in Iranian oil production due to the Khomeini revolution, oil prices then moved to around $42/bbl in 1979 dollars, or about $105/bbl in today’s dollars. Gold prices tracked this explosion, attaining well over $900/ounce in 2004 dollars.At the time, there was in fact considerable spare oil […]


Problems as well as profits for oil firms

Problems as well as profits for oil firms thumbnail

The days when the Middle East – a zone of cheap and available supply – produced most of the West’s oil are firmly over. Oil explorers are pinning their hopes on up-and-coming oil patches such as the Caspian and offshore West Africa. …But a lot of the increase in profits in recent years has been […]


Energy politics expert speaks on oil and national security links

Energy politics expert speaks on oil and national security links thumbnail

He cited increasing evidence in recent months that foreign sources could not produce the amount of oil stipulated by the report, and that oil companies themselves admit that the global peak in oil production may be approaching.


“That oil peak is much closer than we thought, and it was laughed out of existence, until very recently big oil companies’ projections began to be consistent with this kind of chart,” he said.

Tufts


Why you may soon pay $10 a gallon for gasoline

Why you may soon pay $10 a gallon for gasoline thumbnail

Peak oil adherents with an even darker view say the world is on the cusp of a global recession, widespread famine and constant warfare between nations desperate to secure what’s left. Human extinction is a possibility, the most pessimistic believers say.

TJN


Deloitte Oil & Gas Conference to Focus on Global Factors Driving Price Increases

Deloitte Oil & Gas Conference to Focus on Global Factors Driving Price Increases thumbnail

Between 400 and 500 people are expected to attend the conference, including executives from companies in all sectors of the oil and gas industry, capital providers and investors, and industry analysts, as well as Deloitte partners, directors, and managers who serve clients in the oil and gas industry.. BW – Pierre-Rene Bauquis, Associate Professor, IFP […]


$200 Oil? It Could Be Asia’s Gift to World: William Pesek Jr.

$200 Oil? It Could Be Asia’s Gift to World: William Pesek Jr. thumbnail

“The fundamentals, long term, of the oil market are very compelling, extremely compelling,” he explains. “I wouldn’t be surprised to see $100 or $200 (for a barrel of) oil in the next five to 10 years. It’s not a projection. It’s that I wouldn’t be surprised.”


The bad news, of course, is that Asia’s rising demand for oil may outpace the world’s ability to meet it or find alternative energy sources. If so, $200 oil could just be Asia’s gift to the world in coming years.

Bloomberg


New method proposed for figuring oil, gas reserves

New method proposed for figuring oil, gas reserves thumbnail

Some 80% of the world’s ‘proven’ oil resources are in countries where information about reserves, mainly from state monopoly companies, need not necessarily comply with such procedures.

OGJ


A Weakening Oil Gusher?

A Weakening Oil Gusher? thumbnail

INVENTORY INCREASE. Those strong results are largely a reflection of energy prices’ climb. Oil has risen more than 70% in the past year. Natural gas, too, has exploded, up 70% since this time last year, to $7.70 per million BTUs. Gasoline sells for over $2 a gallon nationally, an increase of 50 cents a gallon, or 33%.

BW


Global oil production and consumption

Global oil production and consumption thumbnail

- Most estimates of total recoverable oil worldwide since production began range from about 1.8 trillion to 2.4 trillion barrels. The U.S. Energy Information Administration’s estimate is about 3 trillion barrels. About 950 billion barrels have already been produced.


- The funds that oil companies allocate to research have decreased more than 50 percent since 1990. The membership of the American Association of Petroleum Geologists peaked in May 1986 at 44,757 members and is now less than 30,000 members.

Knox


Oil’s cost could make life more miserable for airlines

Oil’s cost could make life more miserable for airlines thumbnail

After the flood of losses swamping the nation’s airlines, it’s difficult to believe things could get worse.


Well, get ready.


If oil prices stay high, one of their carriers’ last defenses against record oil prices will be swept away.

Chron


Global energy demand to surge 60% by 2030

Global energy demand to surge 60% by 2030 thumbnail

Energy demand is projected to rise 1.7 percent annually between 2002 and 2030, slower than the 2 percent average of the past three decades, to the equivalent of 16.5 billion metric tons of oil in 2030, the report said. Oil, coal, and natural gas will meet roughly 85 percent of this increase, the report said.

CBS


Soaring Fuel Costs Undermining Airlines

Soaring Fuel Costs Undermining Airlines thumbnail

“It’s like they’re all treading water, but they’ve got 100 pound weights around their necks,” said airline consultant Robert W. Mann of Port Washington, N.Y. “You can only do it for so long.”

Times


Peak Oil Mini-Summit at San Francisco Green Festival

Peak Oil Mini-Summit at San Francisco Green Festival thumbnail

The Green Festival (San Francisco, Nov 6 & 7) will host an unofficial peak oil mini-summit with Peter Camejo, Richard Heinberg, and Julian Darley.

Also congregating at the Post-Carbon booth will be Jan Lundberg, Julian Darley, Kirstin Miller, Matt Savinar, and Ron Cooke.

Post-Carbon Institute


NATURAL GAS / CRUDE OIL BTU SPREAD NARROWS

NATURAL GAS / CRUDE OIL BTU SPREAD NARROWS thumbnail

As of Final Postings on NYMEX 10/28: DEC NATURAL GAS $8.684/MMBtu DEC CRUDE OIL $8.779/MMBtu DEC HEATING OIL $10.513/MMBtu JAN NATURAL GAS $9.300/MMBtu JAN CRUDE OIL $8.748/MMBtu JAN HEATING OIL $10.556/MMBtu The discount to crude in the December strip was about 9 cents vs. 27 cents on Wednesday. The January “premium” to crude widened 44 […]


OPEC Shipments +280,000 B/D At 24.55M B/D – Oil Movements

OPEC Shipments +280,000 B/D At 24.55M B/D – Oil Movements thumbnail

LONDON (Dow Jones)–Organization of Petroleum Exporting Countries oil exports will rise by 280,000 barrels a day from the previous four weeks to 24.55 million b/d for the four weeks ending Nov. 13, tanker-tracker Oil Movements said Thursday. 10-28 08:22: OPEC Shipments +280,000 B/D At 24.55M B/D – Oil Movements DJ OPEC Shipments +280,000 B/D At […]


Produce prices ‘’soaring”, oil price blamed

Produce prices ‘’soaring”, oil price blamed thumbnail

Disrupted oil production in the Gulf of Mexico remains one of the key reasons why oil prices have hovered near a record $55 per barrel in recent days, and as those prices rise, so do pump prices for gasoline and diesel.

But shipments of fruits and vegetables from the Southeastern U.S., especially hard-hit Florida, also have been affected, and grocers are passing a chunk of the sharp price increases on to consumers.

Sunbury-based Weis Markets Inc., operator of 158 stores in six states, is among other grocers in the Northeast who have started posting signs in produce departments explaining to consumers the sudden price increases.

daily item


Oluf Ulseth, Norway’s Deputy Minister of Petroleum Mentions Norway’s Oil Peak

Oluf Ulseth, Norway’s Deputy Minister of Petroleum Mentions Norway’s Oil Peak thumbnail

“From what we see now we are about to peak on oil,” Ulseth said of Norway’s 3.2 million barrels a day of crude output.

yahoo


Oil Demands Can Be Met, but at a High Price, Energy Agency Says

Oil Demands Can Be Met, but at a High Price, Energy Agency Says thumbnail

LONDON, Oct. 27 – As record high prices raise concerns about future supplies of oil, the International Energy Agency, in a new report, stressed the need for oil-producing countries and international oil companies to increase their investments in finding and pumping oil.

In its report, released Tuesday, the agency says there are sufficient oil reserves to meet demand for at least the next 30 years. But it says that not only will oil companies have to increase their spending, but oil-producing countries must also allow more outside access to their reserves.

NY Times


The global energy outlook for the 21st century

The global energy outlook for the 21st century thumbnail

Peter Odell presentation:

P. Odell


Oil: The illusion of plenty

Oil: The illusion of plenty thumbnail

Oil: The illusion of plenty By Alfred Cavallo Bulletin of the Atomic Scientists One hundred and twelve billion of anything sounds like a limitless quantity. But in terms of barrels of oil, it’s just a drop in the gas tank. The world uses about 27 billion barrels of oil per year, meaning that 112 billion […]


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