Oil

United States & Canada – Oct 6

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NYT’s Friedman discusses solutions to world’s climate, energy, and population problems (video & transcript)
Politics of drilling, financial bailout heading into elections (video & transcript)
Fukuyama: The Fall of America, Inc.
Ok, Now What?
Atlanta Q&A: Why gasoline supplies went south

Peak oil, bailout bunk, and the coming recession

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If, as seems likely, the omnibus financial bailout does little good and the world goes into a prolonged recession, then we probably are on the peak/plateau of world oil production right now. Demand will drop, production will be slowed, and new multi-billion dollar oil projects that are not already well underway will be delayed or cancelled due to lack of demand or capital to pay for them.

The impact of the credit crunch on energy markets

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New projects are harder to fund. Highly leveraged companies are sometimes finding it necessary to shed assets. Some players are finding themselves to be the indirect casualties of other players, like Lehman, that have already failed. Long term, we will probably see consolidation and lower production than would have been the case without the credit crunch. Of course, if there is a major recession, it is possible that we won’t need as high production.

Peak Oil and Worldwide Economic Recession Soften Oil Prices: Lull Before the Storm

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In the first half of 2008 we saw oil climb to approach $150 a barrel amid the pundits’ warning of oil rocketing to $200 a barrel and way beyond due to the phenomenon of Peak Oil. In the wake of those heady days we have now witnessed the slumping of oil prices to well under $100 a barrel into October.
So what is happening to cause the retreat of oil prices?