Shell cuts oil reserves… again

LONDON (Reuters) – Royal Dutch/Shell has cut its oil reserves for the fourth time this year as a booking scandal that has wiped more than a fifth from the oil giant’s reserves rumbled on.

Dow Down as Oil Prices Near 21-Year High

NEW YORK (Reuters) – U.S. blue chips fell on Monday, as crude prices crept closer to their 21-year high, sparking worries that the rise in the cost of oil could derail the global economic recovery.

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Gasoline Price Rises $0.14 in 14 Days

(CNN) — Gas prices in the United States continued to climb sharply over the past two weeks, rising more than 14 cents to an average of $2.07 per gallon, according to a nationwide survey released Sunday.Drivers in San Diego, California, paid the most, at $2.36 per gallon of self-serve regular. Those in Charleston, South Carolina, […]

CHINA: Oil price hike worsens energy problems

China became a net oil importer in 1993. Recently, it overtook Japan to become the second-biggest oil importer in the world, just after the US. Its dependence on oil imports is expected to rise to 50% by 2010.

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Simmons on SA

Matt Simmons

While Saudi Arabia claims it added
2 million b/d in 2003, little arrived in OECD.

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”Never doubt what Saudi Arabia says..”

By Barbara Lewis and Andrew Mitchell AMSTERDAM (Reuters) – OPEC (news – web sites) on Saturday expressed “deep concern” about rising world oil prices, saying it wanted to cut fuel costs to support world economic growth. By Barbara Lewis and Andrew Mitchell AMSTERDAM (Reuters) – OPEC (news – web sites) on Saturday expressed “deep concern” […]

Addicted to oil

Matthew Simmons, an investment banker and adviser to President Bush’s 2000 campaign on energy issues, complained that “You couldn’t get serious people focusing on the issue and we’re going to pay dearly for it.”

Forida Today

Russia set to strike deal: Kyoto pact for WTO bid

Russia set to strike deal: Kyoto pact for WTO bid

Good news for un-Coal-a fans like me.

Seattle Times

Big European investment in fusion research.

In terms of the physics and huge amounts of energy involved, the project would be akin to building a star on Earth. BBC EU ‘confident’ of star power site By Jo Twist BBC News Online science staff The Jet machine can produce ’star power’ plasma (right) Europe is still confident that it will be chosen […]

Amazing Survival Story – Foreshadowing From Portland

PORTLAND, ORE. – A man and his 12-year-old daughter spent the last four years living in a remote hillside in Portland’s Forest Park, police said. editors note – This is a stretch to be related to resource depletion, but is nonetheless newsworthy. A pediatrician found the girl free of any illness, any signs of physical […]

Iraq to revive national oil company

“To pave the way for an efficient, cost effective exploitation and development of our vast natural hydrocarbon resources, we are in the process of a comprehensive restructuring of the oil industry including the revival of Iraq ’s National Oil company (INOC)”

Times of India

Bush to Congress: permit new oil drilling

Washington, DC, May. 22 (UPI) — President Bush used his weekly White House radio address Saturday to call for opening the nation’s untapped oil and gas fields to exploitation.Bush to Congress: permit new oil drilling Washington, DC, May. 22 (UPI) — President Bush used his weekly White House radio address Saturday to call for opening […]

OPEC Delays Decision on Boosting Oil-Production Quota

May 22 (Bloomberg) — The Organization of Petroleum Exporting Countries delayed a decision on Saudi Arabia’s proposal to lift the group’s oil-output quota as the U.S. and other nations press for more supply to lower near-record prices. OPEC Delays Decision on Boosting Oil-Production Quota (Update3) May 22 (Bloomberg) — The Organization of Petroleum Exporting Countries […]

Future of Natural Gas Supply

The fact that discoveries of oil peaked in the 60’s is today an common knowledge, but the fact that natural gas discoveries peaked in the 70’s is for the majority a well hidden secret. Many believe the exploration for natural gas is non-existing, but the industry is searching and they just finds less. We are […]

Saudi Arabia Offers To Increase Output By About 6%

WASHINGTON, May 21 – In an effort to drive down record crude oil prices, Saudi Arabia, the world’s largest oil producer, offered on Friday to increase its output by at least 500,000 barrels, to 9 million barrels a day, starting June 1. New York Times In contrast to an earlier suggestion by the country that […]

India will invest $1 billion per year in acquiring oil and gas fields abroad.

In order to cut dependence on highly volatile international market for its crude requirement, India will invest $1 billion per year in acquiring oil and gas fields abroad. Govt Steps Up Oil Field Acquisitions OUR INFRASTRUCTURE BUREAU NEW DELHI, MAY 21: In order to cut dependence on highly volatile international market for its crude requirement, […]

Natural gas set to displace oil on world stage

gas supplies will remain tight until at least 2008 when the first significant wave of liquefied natural gas imports is expected

petroleumnews.com

China to invest $5000 million in Nigeria oil sector

BARELY 10 days after Nigerian National Petroleum Corpo-ration (NNPC) sealed agreement with China for a daily supply of 50,000 barrel of crude, Chines government, reciprocated the gesture on Thursday pledging to plough over $500 million in the development of NigeriasChina to invest $5000 million in Nigeria oil sector ABDULWAHAB ISA, Abuja BARELY 10 days after […]

”I don’t think that control is in OPEC’s hands,”

Consultancy Petrologistics said on Friday OPEC was already pumping 2.8 million bpd above quota in May, with little impact on the oil price. Besides, most OPEC crude is of the heavy, sour variety, while refineries require light gasoline-rich grades. World Oil Prices Fall from 21-Year Highs By Sujata Rao LONDON (Reuters) – World oil prices […]

Opec plays down oil output boost

Oil cartel Opec is trying to pour cold water on expectations it will boost oil output in the face of record prices. Ahead of an informal meeting in Amsterdam, Opec ministers are warning that factors such as security concerns, and not shortages, are driving costs. Industrialised nations fear that high prices could damage the global […]

Future Car – Watch Online

Video link to watch these future car special clips by PBS

PBS.org

CNN: Concerns grow about world oil reserves

NEW YORK (CNN/Money) – With oil prices hovering near record highs and OPEC saying it’s out of their control, the question of whether the planet is nearing the end of its oil supply has again arisen.CNN.COM NEW YORK (CNN/Money) – With oil prices hovering near record highs and OPEC saying it’s out of their control, […]

OPEC Offers No Help With Fuel Prices

According to the New York Times, There is little that can be done by OPEC to lower prices, because Oil production quotas are not the main problem. If this is in reference to Peak Oil, no body knows but the President of OPEC, and the participating nations in this conference. These remarks contradicted earlier statements […]

New System for Resource Classification

This is the first time such work on combining the classification of coal, minerals, petroleum and uranium has been implemented with so many nations and organizations involved.

RigZone

DOE Launch ‘Powerful Savings’ Campaign To Help Consumers Reduce Energy Bills

On the eve of the Memorial Day holiday and the heavy summer driving season, with record-high gasoline prices and rising home energy costs, the U.S. Department of Energy and the Alliance to Save Energy announced the launch of a year-long “Powerful $avings” campaign to help consumers reduce their energy bills and the nation’s energy usage.

Alliance to Save Energy

Doomsters are wrong – there’s plenty of oil

The paper, Never Cry Wolf – Why the Petroleum Age is Far from Over, cites the example of the Kern River field in California, first discovered in 1899. Calculations in 1942 suggested that 54 million barrels remained. In fact, over the next 44 years the field produced 736 million barrels and in 1986 was reckoned to have another 970 million barrels remaining.

scotsman

The world economy remains vulnerable to the price of oil

a small risk of a very bad outcome is enough to justify a substantial

Airlines Deal with High Fuel Costs

NPR’s Karen Grigsby Bates talks to Kai Ryssdal of Marketplace about how airlines are coping with high fuel costs as oil prices rise.

Audio on NPR.org

Venezuela increasing crude oil production 5 million bpd by 2009

Rodriguez announced that PDVSA, the Venezuelan state-owned energy company,will invest some $27 billion of its own funds to underwrite the increase in crude oil production.

Petroleum World

Waste-to-oil company selling oil commercially

TCP is more than 80% energy efficient. In addition, it generates its own energy to power the plant, and uses the steam naturally created by the process to heat incoming feedstock. In addition, TCP produces no emissions and no secondary hazardous waste streams

Joplin Independant

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