Castro announces crude oil discovery

President Fidel Castro said a crude oil deposit has been discovered off Cuba containing up to 100 million barrels, good news for a country that imports about half the petroleum it needs.

Market edges closer to breaking points

When I went to work for Mobil Oil in 1966, M. King Hubbert’s prediction that Lower 48 crude oil production would peak in 1970 was controversial. Debate over the timing of the peak in global oil production can be taken as an indicator that it is getting close.