Oil

Triple crisis (energy, food, finance) – June 16

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After the credit boom comes the long and painful squeeze
£100 to fill up the tank? Just get used to the idea
Surging Oil and Food Prices Threaten the World Economy, Finance Ministers Warn
From Indonesia to the US, governments stand powerless in face of markets
Why is the cost of living going up?
The End of Cheap Oil as an Opportunity

Prices & supplies – June 16

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A Bull Market Sees the Worst in Speculators
Action against oil speculators could backfire
If a Hurricane Strikes
Out Of Control(s)- China’s energy subsidies
Eliminating Subsidies Won’t Cut It (Demand for Oil That Is)
Can We Have Rationing Now Please? (David Fleming interview)
BP Statistical Review of World Energy 2008

ODAC Guest Commentary – Richard Pike rebuttal

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Richard Pike is an old BP hand, whose maths is sound. The proved reserve is often defined as that low amount which is 90% likely to be recovered, i.e. almost certain, and is called P90. Proved and probable reserve, or P50, is the amount which is 50% likely to be recovered. P10 also includes the possible, and is only 10% likely to be recovered.

Five nations agree to think about ending oil subsidies

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The day after markets registered the highest single-day rise in crude oil prices ever, the United States and Asia’s four largest economies (Japan, China, India and South Korea), meeting in Aomori, Japan in advance of the G8 Energy Ministers summit, have formed a sort of Petro-holics non-Anonymous club, calling for an end to oil subsidies in their countries.

Consumer subsidies (subsidized fuel prices), that is, not producer subsidies.

OK, what they actually agreed upon was “the need” to remove fuel-price subsidies. Eventually.