OPEC urges U.S. to release Strategic Petroleum Reserve
JAKARTA, Indonesia (Reuters) — OPEC president Purnomo Yusgiantoro said Wednesday he had urged the United States to use its strategic petroleum reserves (SPR) to bring down oil prices.
Update on an old warning: Beware the coming shortages
Dennis Meadows warned 32 years ago that the world would run short of resources within a century, putting the planet at risk of expanding hunger as well as economic and social disaster. Today, that danger is more imminent, says Mr. Meadows, one of the authors of “The Limits to Growth,” a book published in 1972 and now just updated.
Australia warns on Timor Sea project
Australia today warned that a $6.7 billion natural gas project in the Timor Sea could be scrapped after East Timor rejected its latest proposal.
Oil price will drop, says BP
“I think it is not helpful for the world to believe that we are running out of oil.” LORD BROWNE, BP chief executive
India: Oil crisis looming large
Despite RBI Governor Dr Y.V. Reddy putting on a brave front on Tuesday saying that the Indian economy is resilient enough to absorb the oil shock, it is now clear that the ogre of petro inflation will adversely impact India’s growth prospects.
Iran, China to boost energy cooperation
Iran’s Ambassador to Beijing Fereydoun Verdinejad said here Wednesday that Iran and China enjoy great potentials to boost long-term cooperation in various oil, gas and petrochemistry fields.
US Oil Supply: So Muddy And Deep
Some traders are handicapping the possibility of the U.S. tapping the Strategic Oil Supply. With one week to go before the election, and with long-term problems now being fully catalogued, the scenario becomes possible. The United State’s supply of oil is in tatters due to underwater mudslides caused by Hurricane Ivan.
US: Snazzier houses bring energy crisis home to middle class
The old homestead – and not just the kind with seven baths – is increasingly filled with multiple refrigerators, plasma TV sets, and lap pools. The result is that this year’s energy woes, more than ever, are hitting the American middle class and upper middle class as well as the poor.
NZ Government Deluded About Future Oil Supply
New Zealand is not preparing for the petroleum energy decline because, like most governments, it relies on the speculative theoretical forecasts produced by (non-geologist) economists of the International Energy Agency (IEA).
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.
