Crude Oil Prices Rising / Gasoline Prices Dropping — What Does It Mean?
Public awareness of the seriousness of oil peak’s ramifications could cause international panic, including huge drops in the international and national financial markets.
Fossil Fuels
Oil Near $49 as Iraq Violence Escalates
Global oil prices raced to fresh highs on Friday carrying U.S. crude close to $49 a barrel, driven by escalating violence in Iraq and unabated demand growth from China and India.
Bolivian peasants end oil siege
Peasant farmers in Bolivia have ended an occupation of foreign-owned oil fields after the government promised to speed-up land redistribution.
Cantarell, The Second Largest Oil Field in the World Is Dying
The second largest producing field in the world is the Cantarell complex in Mexico, with 2.1 MMb/d of output in 2003 up from 1.9 MMb/d in 2002. Cantarell is expected to decline rapidly over the next few years, falling as far as 1 MM b/d by 2008.
Latest ODAC Bulletin
From ODAC bulletin: Of the top 45 oil-producing nations that accounted for 98.7 percent of world oil production in 2003, a total of 25 (including 7 of the 11 OPEC nations) are now past their peak.
US: Natural Gas Seems Headed the Way of Oil: More Demand, Less Supply, Higher
At a time when the nation is chafing at its persistent dependence on foreign oil, it is becoming clear that the United States may be headed for the same situation with natural gas.
ChevronTexaco CEO: Oil’s new high may persist
Price of crude topped $47 a barrel Wednesday, despite Saudis’ recent talk of loosening spigots. “This may not be a short-term aberration,” said ChevronTexaco CEO David O’Reilly, in a recent speech before the US Chamber of Commerce.
Iran Warns Of Preemptive Strike To Prevent Attack On Nuclear Sites
Iranian Defense Minister Ali Shamkhani warned Wednesday that Iran might launch a preemptive strike against US forces in the region to prevent an attack on its nuclear facilities.
Turkey: Oil Crisis Process Starts
Since crisis is defined as a sudden unexpected happening that hurts people and economies, it can said that the oil issue has turned into a crisis.
Chasing the SUV Vote
Out of the earshot of the environmental think tanks in Washington and California, Kerry said: “I want Americans to drive. You want to drive a great big SUV? Terrific. That’s America.”
Chavez victory is a rout for rich
PRESIDENT HUGO Chavez has won a resounding victory in a referendum designed to topple him and the government of Venezuela—a government hated by the rich and powerful in both Caracas and Washington.
Saudi production slips
Despite pledges to increase its output, Saudi Arabia, OPEC’s largest producer and exporter, produced about 9.13 million barrels a day of oil in July, down from 9.52 million barrels a day in June, according to Petrologistics.
