Exploring Hydrocarbon Depletion
Webcast of the October 27, 2004 launch of Linda McQuaig’s new book at St. Andrews-Wesley church in Vancouver
LAGOS, Nigeria Oct 31, 2004 Ã¢Â€Â” 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 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? […]
‘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.”
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.
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.
(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 […]
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 […]
GDP Ã¢Â€Â” the volume of all goods and services produced by the economy Ã¢Â€Â” 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.
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.
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 […]
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 […]
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.
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.
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 […]
“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.”
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.
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%.
- 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.
After the flood of losses swamping the nation’s airlines, it’s difficult to believe things could get worse.
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.
“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.”
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.
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 […]
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 […]
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.
“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.
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.
Peter Odell presentation:
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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