Americans ought to stop complaining about the superficial “price of gas” and learn some geology. The world is finite and so is petroleum, coal, natural gas and even uranium. U.S. oil production peaked in 1970 and it’s become physically impossible for us to obtain the 10 MBPD flow-rate we had at the peak. New oil […]
Petroleos Mexicanos’ proven reserve replacement rate now exceeds 100 percent, meaning the Mexican state-owned oil company is replacing every barrel of oil it extracts with at least one new barrel of reserves, President Felipe Calderon said today. Calderon made the comment at a ceremony to start operations of the Bicentenario semi-submersible oil platform, according to […]
Chevron Corp. (CVX) said it began exploring for shale gas in China, holder of the world’s biggest reserves of the fuel, and expects to start a natural gas processing plant in the country next year. “The company signed a joint study agreement to explore for gas from shale resources in the Qiannan Basin in April […]
Which of the following can we count on to act as a “bridge fuel” to a renewable energy economy? Oil Natural Gas Coal None of the above The correct answer is: D. None of the above. Mark Twain is reported to have said: “It ain’t what you don’t know that gets you into trouble. It’s […]
THE world’s biggest oil company says the next 30 years are looking good for oil and gas suppliers and consumers, but perhaps not so good for miners. Texas-based ExxonMobil says there is no sign of peak oil and energy efficiency is growing along with demand. Exxon’s 2012 energy outlook — which the company is presenting […]
There is a great deal of discussion about why global oil markets are engaged in yet another price feeding frenzy. Some claim it is simply supply and demand. Others point out that both “supply” and “demand” can be manipulated in many ways. Others point to international tensions in the middle east, particularly Iran. Yet others […]
There is an old Russian saying: “If I had known where I would fall, I would have put down some straw there.” (“Знал бы, где упаду—соломки бы подостлал.”) It is one of thousands of such sayings that are the repository of ancient folk wisdom. Normally, it is used to express the futility of attempting to […]
WSJ Blog— “Soaring oil prices in the spring of 2008 sent gasoline prices surging and accelerated the recession. Now, rising gas prices are threatening the recovery. But lower natural gas and utility costs this time around might limit some of the damage, says Deutsche Bank chief U.S. economist Joseph LaVorgna.In a note to clients last […]
Rising oil and gasoline prices are of concern to many people today. I see three basic issues involved: “Stalled out” growth in world oil supply Concerns about Iran Artificially low interest rates Stalled Out Oil Supply Leads to Five Million Barrel a Day Shortfall in 2011 In my view, the biggest contributor to high oil […]
Scientists from the U.S. Geological Survey said this week that an area in Alaska could hold trillions-of-dollars-worth of natural gas and oil. The U.S. Geological Survey said that Alaska’s North Slope shales could contain roughly half of as much natural gas as is located in the Marcellus shale in the contiguous U.S., which by some […]
As crude oil prices reached a nine-month high on concerns about Iran’s nuclear program, Saudi Arabia has increased its crude exports, and the U.S. is pondering releasing oil from its Strategic Petroleum Reserve, according to media reports Saturday. Saudi Arabia, the world’s biggest oil exporter, has increased production in the past week and offered additional […]
A few days ago, before the latest breakout in crude sent Brent to all time highs in GBP and EUR (and Asian Tapis in USD just shy of all time highs), we said that “we hope our readers stocked up on gasoline. Because things are about to get uglier. And by that we mean more […]
Qatar has been ranked as the world’s wealthiest country on a new list compiled by the prestigious US magazine Forbes. The UAE was placed sixth on the list. The Gulf state of 1.7 million people ranks as the world’s richest country per capita thanks to a rebound in oil prices and its massive natural gas […]
The race to open a $40 billion coal region in Australia is being led by billionaires Gina Rinehart and Clive Palmer. Victory depends on who wins approval to build a 500-kilometer (310-mile) railroad to the coast. Rinehart, 58, Asia-Pacific’s richest individual, and Indian billionaire GV Krishna Reddy’s GVK Group are developing a $10 billion mine, […]
“There are few problems which have greater potential to quickly unsettle the North American public and strain essential services than suddenly being denied access to fuel.” ~ Rick Munroe Imagine, if you can, that there is a resource everyone likes to use. They like to use it for convenience: it lets them go places, have […]
Kuwait has decided to abandon civilian nuclear power production. The decision was prompted by the March 11, 2011, nuclear disaster at the Daiichi nuclear power complex in Japan, which was devastated by a magnitude-9.0 earthquake and then hit by a tsunami, causing widespread destruction at the six reactor complex. Accordingly, Kuwait is scrapping plans formulated […]
Since there’s nothing that can be done about climate change, because there’s no scalable alternative to fossil fuels, I’ve always wondered why politicians and other leaders, who clearly know better, feel compelled to deny it. I think it’s for exactly the same reasons you don’t hear them talking about preparing for Peak Oil. 1) Our […]
President Obama has blamed tensions with Iran as the reason behind rising oil prices in the US causing the US to buy oil at above peak oil prices and use its reserves. Interview with Mr. Nader Mokhtari, columnist and political commentator, Tehran
Oil is up to $110 and it is on a roll. The last time oil went in this direction, it caused a slowing in the global economy that led to a global financial panic. What’s causing it? Peak oil, Chinese growth and lots of potential oil disruption. Pretty much the same factors that caused it […]
Internationally recognized oil industry expert Chris Skrebowski, of Peak Oil Consulting, London, discusses the rapidly growing demand for petroleum in developing countries, and how that will contribute to the peaking of world oil production.
The ‘Peak Oil’ or ‘Hubbert Peak’ theory refers to the peak in global oil production. Oil is finite and non renewable resource and once half of its reserve is depleted then it will go into a terminal decline as shown on the above figure. Hubbert Curve The theory is named after M.King Hubbert (former […]
Stuart Staniford is a scientist and innovator in the technology industry with advanced degrees in physics and computer science, This post presents the latest data from the Energy Information Administration (EIA), the International Energy Agency (IEA) and the Organization of Petroleum Exporting Countries (OPEC) on crude oil and associated liquids production and price as of […]
As gold strengthens on the back of the extreme experimentation of the world’s (now-sheep-like) central bankers’ easing and printing protocols, it does no real harm to the world, but as John Burbank (of Passport Capital) notes, the painful unintended consequence of all this liquidity is energy costs skyrocketing – and it won’t stop until the […]
While US WTI oil prices have remained at a sharp discount to the more globally reflective Brent crude price, both have risen this year, with Brent at a nine-month high of $122.72 per barrel this week after rising 13 percent in dollar terms since January. Although this is far from the peak of $150 set […]
Make no mistake about it: the American economy is in the throes of the longest, most protracted recovery since the Great Depression. But there is an industry offering a beacon of hope, and it could soon serve as the tipping point that gets America back to work: natural gas. With the onset of new technologies […]
The Indian Ministry of Petroleum and Natural Gas said a Saudi delegation “assured affirmative consideration” of a request made during meetings in New Delhi for increased oil supplies to compensate for reduced purchases from Iran. “Acknowledging India’s importance as one of the fastest growing markets in the world,” a ministry statement said, “Saudi Arabia expressed […]
The U.S. economy is “gradually building immunity” from the kind of surge in gasoline prices seen this year, according to Steven Wieting, Citigroup Inc.’s managing director of economic and market analysis. As the CHART OF THE DAY shows, spending on gasoline and other motor fuels fell 10 percent from a peak in 2005 through the […]
Twenty years after the initial Rio summit, which rightly proclaimed the need for global sustainability, the world will be meeting again to assess the progress made in the past 20 years, as well as to recommend a way forward from our current position. For this occasion, the UN has prepared a report, which details the […]
Founder of ASPO, the Association for the Study of Peak Oil, Colin Campbell, discusses the substantial changes industrialized societies will face when petroleum production tops out. Produced and directed by Dave Bowden, Oil Education Television, former Executive Director, ASPO-USA. Filmed in Ballydehob, Ireland, Sept. 200
Talk about pain at the pump! Some Florida drivers are spending nearly $6 a gallon to fill up their gas tanks. According to GasBuddy.com, motorists are shelling out $5.89 for a gallon of regular gas at a Shell station in Lake Buena Vista, topping out at $5.99 a gallon for premium. It doesn’t get better […]
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