Insight and inspiration in turbulent times.
The Family, The Real Story of the Bush Dynasty by Kitty Kelly is an exposé on three generations of the Bush family. Kelly, who collaborated with Sharon Bush on the book, makes the allegation that George W. Bush understands both that world oil production will soon peak and that this has dire implications for the world economy – he’s just not letting on.
Despite vaunted crude oil finds in Africa and Latin America, widespread pumping decreases will make global markets more dependent on the Middle East and Russia over the decade, a study released on Wednesday found.
Oil price declines won’t last long, many energy experts say, and Americans may have to get used to higher prices for everything from gasoline to groceries.
Russia’s top general threatened Wednesday to attack “terrorist bases” anywhere in the world, as security services put a $10 million bounty on two Chechen rebels they blame for last week’s school siege.
Since oil production peaked in the United States in 1970, a growing number of geologists, economists and industry analysts have been pondering the question of just how long worldwide supplies will keep up with growing demand. And some are predicting that global production may peak as soon as next year.
“A book would need to be written in order to fully explain and diagram the on-going discussions and controversy that surrounds the prospect of drilling on the Rocky Mountain Front in Montana.”
Canada’s deputy minister for natural resources claims his country can boost output of oil from tar sands fivefold to 5 million barrels a day, without specifying a timeframe.
Oil output in Venezuela falls short of quota set by the Organization of Petroleum Exporting Countries (OPEC), according to a report by the organization.
A respected oil-forecasting group predicted that the energy industry may be unable to produce enough oil to meet projected demand by the end of the next decade, in a study that lends support to a small chorus of analysts who warn that a peak in petroleum output is looming in the years ahead.
Julian Darley, the founder of a Vancouver-based energy think tank has claimed that North America is on the verge of “a full-blown natural-gas crisis”.
China expects to have 140 million automobiles plying its roads by 2020, seven times more than now, fueling demand for transportation infrastructure and services, state media reports.
The anxiety, tension and panic induced by the oil prices permeate between the markets and the governments, which in turn makes it harder for people to understand the international oil market, and its underlying relationship to geo-politics and geology.
