Exxon Mobil production rises slightly, profits boom

Total output rose 1 percent to the equivalent of 3.91 million barrels of oil a day as Chief Executive Officer Lee R. Raymond added production from the $3.4 billion Kizomba A project in deep waters off the coast of Angola. Other projects began producing in the past year in the North Sea and off Equatorial Guinea.
The impact of new projects was almost outweighed by a 14 percent drop in U.S. gas output, asset sales and production- sharing contracts under which the company gets fewer barrels of crude from certain fields as prices rise.

High gas prices may be here to stay

Motorists may groan, but the times of $2-a-gallon gasoline could look like the good old days before the decade is over. The problem is that global demand for oil is rising briskly, and at the same time, production in old oil fields is declining and new fields are increasingly hard to find.

US: Peak Oil Mini Summit at the Green Festival

The Green Festival, a two-day party intended to accelerate the emergence of a new economic paradigm that values life, will be host to an unofficial peak oil mini summit. The official program for Saturday November 6th features Peter Camejo, Richard Heinberg, and Julian Darley speaking about oil depletion and the implications.

IEA Says Current Energy Trends “Call for Urgent and Decisive Policy Responses”

Claude Mandil, executive director of the Paris-based International Energy Agency, presented a reassuring assessment today of the prospects for global energy supplies, but drew attention to serious concerns about energy security, investment, the environment and energy poverty. He called for more vigorous action to “steer the global energy system onto a more sustainable path”.

Sweden: Nuclear out, wind in (no matter what the people say)

“Nuclear power has run out of steam.” That was prime minister Göran Persson’s conclusion earlier this month when the government announced the decommissioning next year of the Barsebäck 2 nuclear plant. A survey has now shown that most Swedish people think that Sweden should continue to use the nuclear power plants currently in use.

ConocoPhillips oil & gas production declines

Third-quarter oil output fell 7.6 percent from a year earlier, and natural-gas production slid 5.9 percent, partly because of asset sales, ConocoPhillips said.
Oil production rose from wells in Vietnam and the Timor Sea and declined everywhere else, the company said. Gas output fell everywhere the company did business except Norway and Vietnam.

US Petrodollars: Economic Crash Imminent?

In the same time period during which the price of oil has gone up in terms of the dollar, it has remained stable in terms of the EURO. This has prompted speculation that OPEC will change from denominating all sales of oil in the dollar to other, more attractive currencies, like the EURO, which would be disastrous for the US economy and the dollar as world reserve currency.

The Real Reasons Why Iran is the Next Target: The Emerging Euro-denominated International Oil Marker

The Iranians are about to commit an “offense” far greater than Saddam Hussein’s conversion to the euro of Iraq’s oil exports in the fall of 2000. Numerous articles have revealed Pentagon planning for operations against Iran as early as 2005. While the publicly stated reasons will be over Iran’s nuclear ambitions, there are unspoken macroeconomic drivers explaining the Real Reasons regarding the 2nd stage of petrodollar warfare – Iran’s upcoming euro-based oil Bourse.

The Godly Must Be Crazy

Abortion. Same-sex marriage. Stem-cell research. U.S. legislators backed by the Christian right vote against these issues with near-perfect consistency. That probably doesn’t surprise you, but this might: Those same legislators are equally united and unswerving in their opposition to environmental protection.