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Page added on September 29, 2008

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Peak Oil Review – Sept 29

1. The bailout

2. Gasoline shortages

3. Venezuela and its friends

4. Briefs

1. The bailout

Compromise in the Congress over the $700 billion financial rescue bill brings to a close 10 days during which the oil markets have reacted to little else. For the past week oil has surged on news of progress and sunk when disagreements surfaced. […]

2. Gasoline shortages

Gasoline shortages spread across parts of the Southeast last week as electrical outages and evacuated personnel meant that oil production and refining along parts of the Gulf coast took much longer to recover from the hurricanes. […]

3. Venezuela and its friends

President Chavez had a busy week, traveling first to China and then to Russia to conclude military and economic agreements. While in China, Chavez announced a plan to build a refinery with the Chinese in the Orinoco Basin to process and refine heavy crude, build three refineries in China capable of handling heavy Venezuelan crude, and build four tankers. Chavez said he plans to increase Venezuelan oil exports to China, currently at 250,000 b/d, to 500,000 b/d in 2009 and to 1 million b/d by 2012. The US imports about 1.2 million b/d from Venezuela. […]

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