Oil

Global world product will not grow at 4%+ for five years

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You can see that the IMF is basically forecasting five years of pretty good growth – near the top of the historical range, but certainly not above it. They are not projecting any serious global slowdowns, still less an outright global recession (those are rare – 2009 was the only case in the last thirty years)…This requires the world come up with another 17mbd of supply in the next five years, though it only managed to come up with about 3-4mbd over the last five years, and that took a quadrupling of prices to achieve. I don’t see where this much oil can possibly come from.

Energy déjà vu: Obama must break with failed U.S. policies

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Despite soaring rhetoric and some promising proposals, President Obama is repeating the same mistakes that have doomed U.S. energy policy to failure for 40 years. Until Obama and Congress finally put a true price on the fossil fuels America consumes, the U.S. will continue its addiction to foreign oil and domestic coal.

Surprise, surprise! Iraq war was about oil

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Documentary evidence has emerged showing that Great Britain’s Lords and Ladies lied about how big oil companies, like BP, lusted after Iraqi oil in the months leading up to the attack on Iraq.

Oil researcher Greg Muttitt’s new book Fuel on Fire: Oil and Politics in Occupied Iraq presents that evidence. After a five-year struggle, he obtained more than 1,000 official documents which — how to say this — do not reflect well on the peerage, the captains of the oil industry, and the government of Tony Blair.

Man Bites Dog: CNBC runs programs that acknowledge fossil fuel resource limits

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I was surprised that CNBC (I sometimes think that the first “C” stands for Cornucopian*) just ran two programs that seriously talked about resource limits, Sprawling from Grace on Wednesday and Fuel on Thursday.

Of the two, I think that Sprawling from Grace was a lot better, but having said that, it seemed to me to be largely a remake of End of Suburbia, and in fact Jim Kunstler was prominently featured in both. But Sprawling was on CNBC, while End of Suburbia was not.

ODAC Newsletter – Apr 22

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Confusion around the true extent of the spare oil production capacity of Saudi Arabia increased this week following a statement by Saudi oil minister Ali al-Naimi that his country had reduced production in March by 800,000 barrels–this despite the loss of 1 million barrels/day of production from Libya. Al Naimi went on to claim that global markets are currently oversupplied.