LUKoil discovered five offshore fields
Russian oil major LUKoil announced reserves in Russia’s sector of the Caspian Sea may compose total 33 billion barrels of oil equivalent.
Fossil Fuels
Bush Touts Failed Policies
Bush’s energy bill, written by Vice President Dick Cheney’s secret energy task force with the help of oil industry executives – including former Enron executive Ken Lay – was a subsidy-laden giveaway which would have done little to promote conservation or alternative fuels.
Trio vows to pump more oil – but can’t
Leading oil exporters outside the Middle East have pledged to boost production to offset soaring oil prices, but it could be years before Russia, Nigeria and Mexico manage to open their taps.
UK: Oil price leads to turbulence for airlines
Oil analysts are reporting that some airlines are shopping around for hedging insurance as far forward as 2007 — a recognition that the high price is here to stay.
U.K. Conservatives Encourage Fuel Price Protests
U.K. Conservative Party Leader Michael Howard encouraged motorists to protest rising fuel prices and Prime Minister Tony Blair’s plan to boost taxes on gasoline.
Saudi’s Missing Barrels of Oil Production (excerpt)
Even those who believe that this is the decade that oil will peak and decline had thought that the Middle East, and Saudi Arabia in particular, would be immune for at least another ten to fifteen years. Now it seems even that shard of confidence might be misplaced.
As prices hit the roof, oil wars will keep burning
Oil prices are back in the headlines and likely to stay there, as the world’s global energy crosses new thresholds of increased demand, clashing politics and threats of terrorism.
Demand for unconventional oil and gas on the increase
Demand for unconventional oil is expected to reach 10.31 million bbl in 2008, up from 8.59 million barrels in 2003 at an average annual growth rate (AAGR) of 3.7%, said Business Communications Co. Inc., Norwalk, Conn.
Africa’s oil pool proves tantalising for sharks
Off the West African coast, the sharks are circling the sleepy “chocolate islands” of Sao Tome and Principe, eager to bite off slices of billions of dollars of hoped-for oil revenues.
More Abiotic Oil
Matt Savinar of lifeaftertheoilcrash.net answers some questions about the theory of abiotic oil.
Putting Abiotic Oil In Perspective
Henry Kissinger once quipped, “University politics are vicious precisely because the stakes are so small.” While Kissinger has achieved a level of amorality not conceivable to most of us mere mortals, to my knowledge he has never been accused of being stupid. The recent debate over Peak Oil has certainly been laced with plenty of bitterness, but in this case the stakes are incredibly high. The reality, or lack thereof, of imminent Peak Oil directly affects nearly every person currently drawing breath on this planet.
The Coming Global Energy Crunch: A $2 gallon of gas is just the beginning.
Oil fuels 95 percent of all transportation and a significant portion of global food production. Industrial societies are dependent on a vast, steady flow of inexpensive petroleum for just about everything we make and do. Disrupt this flow, and modern society as we know it is inconceivable.
