Insight and inspiration in turbulent times.
NEW YORK/LONDON – Oil prices bounced back to 13-year peaks above $40 on Tuesday on doubts that top world exporter Saudi Arabia’s call for a rise in OPEC quotas would add much actual supply to a tight international market.
Oil prices, at their highest levels for more than a decade, are trending upward. Natural gas prices are going out of sight. Yet more blips in the ups and downs of fuel costs? Or, as many believe, the start of an era of ever-more-expensive energy?
Saudi Arabia’s oil minister said the Organization of Petroleum Exporting Countries should increase quotas by 6.4 percent, causing the biggest drop in crude oil prices in more than a month.
A suspected sabotage attack on an Iraqi oil pipeline has caused a significant drop in exports, reports say.
Saudi Arabia is considered the world’s lone indispensable oil supplier. But is it a reliable one?
HOUSTON — Medium-sized energy companies have become more aggressive in booking proved undeveloped oil and gas reserves to compensate for their inability to achieve production growth, according to a report released Monday.
As soon as natural resources start running out or some alternative energy sources come up, Russia will start slipping down into a bottomless precipice and will inevitably collapse into small territories.
The oil price, in dollar terms at least, is now the highest it has been since 1990. It was soaring oil prices that tipped the world into three of the last four world recessions — the early ’70s, the early ’80s and the early ’90s — so there is an obvious concern. Add in the fact that the two countries with the largest oil reserves, Saudi Arabia and Iraq, are not in the most stable condition.
“LNG will not be coming into this country on the timeline that people have been hoping for. When the gas does arrive here, it will not be at a dollar or two an MCF but at $5 or $6.”
Spiralling oil prices would force an economic crisis in Australia within 15 years if authorities failed to act now, the Australian Greens said today.
“By 2007 at latest, any Saudi princes that might remain in power will have had their pumping capacity bluff called many times over!”
Stephen Leeb, co-author of The Oil Factor: Protect Yourself – AND PROFIT – from the Coming Energy Crisis talks about ever higher oil prices and how to profit from it.
