Insight and inspiration in turbulent times.
But many Caspian estimates proved to be unrealistic, at least in the short term. Experts now say the Caspian should in coming years pump some 4 million to 5 million barrels per day, on par with Iran.
The Australian federal government is pushing for Australia to be a major supplier of LNG to Mexico and the west coast of the US.
The skeptics think that it is already too late. Isn’t time to get serious about peak oil and global warming? About navigating The Bottleneck? About imminent global societal collapse?
British manufacturers’ raw materials costs rose at their sharpest pace in four and a half years in January as the price of crude oil and imported goods surged.
China will rely on oil for more than half of its energy by 2010, when net imports will rise to between 180 million tons and 200 million tons of oil a year, a Chinese official said.
India is fighting China in the battle for Russian oil by angling for a supply deal and a stake in Yuganskneftegaz, the oil unit that was seized from Yukos and is now owned by Rosneft, the state oil company.
Oil and stocks both finished higher last week. They may not be able to move in tandem for ever. But the long-term oil bulls aren’t backing off.
HOUSTON – Want to drill an oil or gas well? Get in line. After a stunning 2004, this year looks to be even better for drilling companies. And 2006 could top them both, if prices stay high.
Even as fears of shortages grow throughout the world and prices remain high, the cash-rich oil companies are not pouring a large portion of their money into their basic business: drilling for oil. Indeed, oil executives, in their second straight year of rising profits, are finding that too much money is chasing too few oil fields.
Under the stricter SEC rules, BP replaced only 89 per cent of the barrels it produced. Excluding joint ventures, notably its Russian acquisition TNK-BP, BP’s replacement ratio falls to 78 per cent.
If 2005 were a conventional economic environment, we could invest as we have in the past. Look for industry and market trends, check out the economic indicators, keep an eye on the politicians, and then – with this information in hand – evaluate individual stocks and bonds. But 2005 is not a conventional economic environment. The old rules of investing are useful, but they ignore an essential truth – petroleum has become a wild card.
Oil stocks in industrialized nations fell sharply in December and should keep dropping in the first quarter.
