Tomorrow, the Festival
Caryl Johnston is writing a semi-humorous novel about the Oil Crash. Here is Chapter Ten.
Fossil Fuels
Market is in charge as OPEC’s clout fades
OPEC’s 11 members possess three-quarters of the world’s known oil reserves, produce a third of its crude oil, and account for half the exports. Yet OPEC seems to have lost its clout to influence prices.
Mexico’s Pemex in a corner after oil find boast
A boast by Mexico’s Pemex that it may have spotted new deposits big enough to double its oil reserves has put fresh pressure on the state energy monopoly to finalize joint ventures needed to access the potential deposits.
UK: Record oil imports widen trade deficit
Britain became a net importer of oil for the first in more than a decade in July. North Sea oil output is expected to be “more or less over” by 2020 according to ASPO.
Alaska: Slope oil production tumbles
North Slope crude oil production was down 24 percent in August compared to last year and continued to fall short of expectations through the first week of September.
Peak oil – running on empty
Conspiracy theorists to scientists and pundits from the auspices of the National Geographic to the BBC are all in agreement that we are reaching a point called “peak oil”.
World oil stocks to build unless OPEC cuts
World oil stocks will swell in coming months unless OPEC producers pull back from a production surge that is replenishing inventories, the International Energy Agency said on Thursday.
UN Darfur vote turns scramble for Sudan’s oil
As the UN Security Council is debating a US draft resolution on the Sudan crisis, based on colliding views whether a genocide is or is not happening in Darfur, the issue of Sudan’s oil is becoming a key factor.
UK: Experts warn of oil and inflation link
UK interest rates must rise at a faster rate than currently forecast if oil prices stay permanently above $42 a barrel, new research has suggested.
Australia, Mexico to sign energy pact in November
Australia and Mexico will forge an energy co-operation agreement in November, the energy minister of Australia, which wants to sell more coal and gas to the Latin American country, said yesterday.
New book claims Bush knows about peak oil
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.
‘Dependence on Mideast, Russian oil to grow’
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.
