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News from November 2004

Michael C. Ruppert: Peak Oil and the Big Picture

Michael C. Ruppert: Peak Oil and the Big Picture thumbnail

Oil and natural gas are indispensable to our way of life. The world consumes ten calories of hydro-carbon energy for every calorie of food that is eaten. All commercial fertilizers are made from natural gas. All pesticides are made from petroleum. All irrigation, plowing, harvesting and transport is accomplished by either oil-powered machinery or oil- […]


When the oil runs out

When the oil runs out thumbnail

Oil is expected to peak by the end of this decade, and finish somewhere between 2030-50. As we slide down the curve, the oil will become gradually hard to extract causing the world to go through times of distress.

Yemen Times


Soaring oil ‘hits world economy’

Soaring oil ‘hits world economy’ thumbnail

The soaring cost of oil has hit global economic growth, although world’s major economies should weather the storm of price rises, according to the OECD.

In its latest bi-annual report, the OECD cut its growth predictions for the world’s main industrialised regions.

BBC


Under All That Ice, Maybe Oil

Under All That Ice, Maybe Oil thumbnail

The ice-cloaked Arctic Ocean was once apparently a warm, biologically brewing basin so rich in sinking organic material that some scientists examining fresh evidence pulled from a submerged ridge near the North Pole say the seabed may now hold significant oil and gas deposits.

NY Times


Iraq Oil Infrastructure Losing Billions

Iraq Oil Infrastructure Losing Billions thumbnail

Between August and October, Iraq lost $7 billion dollars in potential revenues due to sabotage against the country’s oil infrastructure, according to Assem Jihad, spokesman of the Oil Ministry.

An estimated 20 oil wells and pipelines were bombed or set ablaze this month in northern Iraq alone, according to an official of the Northern Company. Iraq has oilfields in the north around Kirkuk and in the south near Basra.

http://news.yahoo.com/news?tmpl=story&u=/ap/20041130/ap_on_re_mi_ea/iraq_oil_under_attack


Saudis to Soothe Oil Fears with 37% Production Boost

Saudis to Soothe Oil Fears with 37% Production Boost thumbnail

The current oil price boom is “significantly” different from the politically driven price spikes of the 1970s, Saudi Arabia’s energy minister said in London yesterday. In comments seen as calming fears over a repeat of an oil-recession, Ali al-Naimi unveiled plans to increase Saudi production capacity by as much as 37 per cent. He played […]


Australian Economy to benefit from rising oil prices

Australian Economy to benefit from rising oil prices thumbnail

http://www.smh.com.au/news/Business/Higher-oil-prices-could-boost-economys/2004/11/30/1101577474073.html High oil prices could actually boost the Australian economy, a leading economic commentator said. Mark Crosby, from the Melbourne Institute, said there were signs that Australia would sail through higher oil prices and actually benefit from the surge. He said as a net exporter of energy, Australia benefited from higher energy prices – including […]


Canada needs higher fuel prices to bridge the gap to renewables

Canada needs higher fuel prices to bridge the gap to renewables thumbnail

By William Rees Canadians enjoy one of the most energy-intensive economies on Earth.(1) Much of the country depends, directly or indirectly, on fossil fuel for heat in winter and for air conditioning in summer. The Canadian way of life feeds on mainly fossil-fuelled transportation that moves everything people need over vast distances within the country […]


Saudi Arabia says high oil prices pose no threat to world economic growth

Saudi Arabia says high oil prices pose no threat to world economic growth thumbnail

Saudi Arabia says high oil prices pose no threat to world economic growth LONDON : Red-hot oil prices during 2004, stoked by a surge in global demand and worries about disruptions to supplies, are not harming world economic growth, Saudi Arabia’s oil minister Ali al-Nuaimi insisted. His bold statement on behalf of the world’s largest […]


When the wells run dry

When the wells run dry thumbnail

Anjorni writes: For the past century, the modern world has run on oil. But geologists now warn that the supply may soon begin to dwindle. Should we be preparing for the end of the Age of Oil? the week


Saudi Arabia to Raise Oil Capacity to Ease Concerns

Saudi Arabia to Raise Oil Capacity to Ease Concerns thumbnail

Saudi Arabia, the world’s largest oil exporter, plans to expand output capacity by 14 percent to ease concern of potential shortages, said the nation’s oil minister, Ali al-Naimi. http://quote.bloomberg.com/apps/news?pid=10000006&sid=aX4XGZDY9ljI&refer=home


Crisis towers over the dollar

Crisis towers over the dollar thumbnail

(W Joseph Stroupe is editor in chief of Global Events Magazine, an online geopolitical magazine specializing in strategic analysis and forecasting.)

…a number of oil-exporting countries have already gone on public record as to their preference to make an exit from petro-dollars in favor of petro-euros. They have indicated that if Russia begins such a move to petro-euros, they will rapidly follow Russia’s lead. The net effect would be a rapid international abandonment of the dollar as the international currency, which would in turn “bring down the towers” of the heavily debt-ridden US economy.

Asia Times


The Armageddon Foil (Stephen Roach)

The Armageddon Foil (Stephen Roach) thumbnail

…With oil prices down about 15% over the past two-and-a-half weeks, the likelihood of a full-blown energy shock has receded a bit. I have long maintained that the $50 threshold is a very dangerous price point for a vulnerable global economy. So far, that threshold was breached for only about five weeks. I have no idea what lies ahead for oil prices, but if they hold at or below present levels, then any disruption to global demand will be limited.

Morgan Stanley


Finite fuels threaten life as we know it

Finite fuels threaten life as we know it thumbnail

If predictions are correct, no future generation will forget 2005 – the year the world began eating into the second half of its oil reserves.

Or, as Professor David Goodstein of the California Institute of Technology argues, the beginning of the end of the civilisation as we know it.

ABC.net.au


Scientists Cite Breakthrough In Producing Pure Hydrogen

Scientists Cite Breakthrough In Producing Pure Hydrogen thumbnail

Researchers at a government nuclear laboratory and a ceramics company in Salt Lake City say they have found a way to produce pure hydrogen with far less energy than other methods, raising the possibility of using nuclear power to indirectly wean the transportation system from its dependence on oil. The development would move the country […]


The Great Uninvention

The Great Uninvention thumbnail

November 27, 2004

An invention that would be great if only it had been invented
MATTHEW PARRIS

Times Online


All for Oil

All for Oil thumbnail

The permanent military bases and Pentagon sized American consul offices in Iraq are being built because 60% of the world’s crude comes from an increasingly hostile Middle East, and this percentage of the supply of the world’s most valuable commodity will increase over the next decade, and because control of Iraq is the decisive high ground for control of the Middle East.

Al-Jazeerah


Moon gas could meet Earth’s future energy demands

Moon gas could meet Earth’s future energy demands thumbnail

“When compared to the Earth the Moon has a tremendous amount of helium 3,. Just 25 tonnes of helium, which can be transported on a space shuttle, is enough to provide electricity for the US for one full year,”

Hindustan
Times


Big Enough to Scare OPEC

Big Enough to Scare OPEC thumbnail

Heres a nitch EV you can buy for $12,000 now.
A pictures worth a thousand words.

Neighbourhood Electric Vehicle Company


Nuclear Energy Belongs in the Technology Museum

Nuclear Energy Belongs in the Technology Museum thumbnail

The end of the fossil energy age approaches. Its ecological limits draw near as material resources are exhausted. The advocates of nuclear energy see a new day dawning. Even some of its critics have joined the appeal for new nuclear power plants. 442 nuclear reactors are now operating worldwide with a total capacity of 300,000 MW. Two and a half times this number will be added by 2030 and four times as many by 2050, says the International Atomic Energy Agency (IAEA), the bastion of the global nuclear community.

Renewable Energy Access


Carbon Storage Comes to Disused Texas Oil Fields

Carbon Storage Comes to Disused Texas Oil Fields thumbnail


A short distance from Spindletop oil field, the site of the gusher that triggered the Texas oil rush more than a century ago, scientists have found a purpose for the long-disused underground reservoirs — as storage for the pollution emitted by burning fossil fuels.

Reuters


Opec president confident of price fall in mid-2005

Opec president confident of price fall in mid-2005 thumbnail

Khaleej Times Online JAKARTA – Opec president Purnomo Yusgiantoro said yesterday he is confident that global oil prices will fall in the second quarter of 2005 due to a decline in world demand. http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2004/November/business_November354.xml§ion=business&col=Khaleej Times Online JAKARTA – Opec president Purnomo Yusgiantoro said yesterday he is confident that global oil prices will fall in the […]


Moon gas could meet Earth’s future energy demands: Scientists

Moon gas could meet Earth’s future energy demands: Scientists thumbnail

Mineral samples from the Moon contained abundant quantities of helium 3, a variant of the gas used in lasers and refrigerators as well as to blow up balloons.

Hindustan Times


Venezuelan president says OPEC output OK as is, $30 US a floor price for oil

Venezuelan president says OPEC output OK as is, $30 US a floor price for oil thumbnail

“We should never allow oil prices to drop sharply,” Chavez said. “One barrel of water is more expensive than a barrel of oil, a barrel of wine is three times more expensive than a barrel of oil, while a barrel of whisky – even more.” ** tdrive: Can’t wait for the oil to get as […]


Reserves review forces Shell to postpone AGM

Reserves review forces Shell to postpone AGM thumbnail

Shell said on Friday that it had decided to postpone its annual general meeting by two months amid continued disruption caused by the oil giant’s review of its proved oil and gas reserves.

FT


New Standard Adopted to Calculate Oil, Gas Reserves

New Standard Adopted to Calculate Oil, Gas Reserves thumbnail

China will adopt new standards for the calculation and registration of its verified oil and natural gas reserves in order to get more accurate data. China will adopt new standards for the calculation and registration of its verified oil and natural gas reserves in order to get more accurate data. China Radio International, English ServiceVice […]


Yukos Exodus May Hit Output

Yukos Exodus May Hit Output thumbnail

Officials close to the company said the ongoing legal harassment, incessant searches and interrogations of company officials could end up disrupting operations.

Moscowtimes


Europeans will back deal with Japan for fusion facility

Europeans will back deal with Japan for fusion facility thumbnail

BRUSSELS, Belgium – European Union ministers will support a proposal to offer compensation to Japan in return for an agreement to build the world’s first thermonuclear reactor in France, officials said Wednesday.

MSNBC


production amount irregularities

production amount irregularities thumbnail

There seems to be a discrepancy between Angency/OPEC numbers and real production in Venezuela.

“…we would be talking of a production of 3 million barrels a day. This figure is significantly higher than the 2.5 to 2.7 million barrels a day reported by the OPEC, the International Energy Association (IEA) and other similar agencies.

It is a shame that the Central Bank has not taken this opportunity to explain to the Venezuelan public the reason for the differences between the production and export figures given by the Ministry of Energy and Mines and those reported by reliable international organizations.”

Petroleum World


Peak steel?

Peak steel? thumbnail

Nissan suspends plants due to steel shortage

Nissan Motor, the Japanese carmaker, has been forced to stop production at three of its four car assembly plants in Japan for five working days after running out of steel – a dramatic illustration of the shortages that have started affecting companies across Asia.

FT


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