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Cheap oil not here to stay: Ex-Talisman CEO
Richard Foot, CanWest via Calgary Herald
Consumers shouldn’t get too comfortable with cheap gasoline, because the planet is running out of oil and prices will go “sky high” — as high as $20 per litre — as petroleum reserves dwindle in the coming years.
That’s the view of Jim Buckee, the British oilman who was CEO of Calgary-based Talisman Energy Inc., one of Canada’s largest energy producers, from 1993 to 2007.
… He is now retired and living in England, but Buckee says society hasn’t done enough serious thinking about how to cope with gasoline prices of $10-$20 a litre.
“Black oil has peaked,” he said in telephone interview this week. “The biggest oilfields in the world have been producing for 50 years and they’re all getting tired.”
He says no giant oilfield, capable of replacing those in Saudi Arabia, Iraq or Kuwait that produce more than half-a-million barrels a day, has been discovered and developed since the 1970s.
(14 January 2009)
Ukrainian Natural Gas Crisis Drags On
Gail Tverberg, The Oil Drum
The Russian/Ukranian problems seem to continue. There is talk that the Ukraine is on the brink of bankruptcy:
[YouTube of Russian reportage]
How can this be good for gas supplies for the rest of Europe?
(14 January 2009)
Links and excerpts.
Russia Proposes Energy Summit in Moscow to Resolve Gas Dispute
Lucian Kim and Ben Farey, Bloomberg
Russian President Dmitry Medvedev proposed an emergency summit in Moscow to resolve a dispute with Ukraine over gas prices and transit fees that’s disrupted shipments to the European Union for nine days.
EU nations and Ukraine have been invited to the Jan. 17 meeting, which will also seek to prevent a repeat of the crisis that’s disrupted supplies to the 27-nation bloc and caused power shortages in the Balkans, Medvedev told state television.
(14 January 2009)
