OPEC Expects Further Increase in Oil Prices
High oil prices haven’t damped demand or spurred extra production, forcing the world to rely more on OPEC’s oil, the producer group said Monday.
Oil
Analyst expects oil may rise to US$75
Crude oil prices, which rose to a record US$55 a barrel in New York on Friday, may increase further and peak at US$75 a barrel, said Bernard Dan, president of the Chicago Board of Trade, the second-biggest US futures market.
Shale’s new hope
Shell is reconsidering decades old technology to attempt to produce liquids from shale oil in the US.
Oil Windfall Gives Saudi the Capital to Add New Output Capacity
Record oil prices are likely to reduce the chances that companies such as Exxon Mobil Corp. or BP Plc will be asked to develop new crude output capacity in Saudi Arabia as the kingdom doesn’t need their capital, Aramco oil company officials and analysts said.
Iraq opens oil reserves to Western companies
Iraq has issued an open invitation to the world’s largest oil companies to exploit its vast reserves.
Bush talks about Peak Oil at luncheon
Someone asked Bush what he’s going to do about energy policy with worldwide oil reserves predicted to peak. Bush said: “I’m going to push nuclear energy, drilling in Alaska and clean coal. Some nuclear-fusion technologies are interesting.” He mentions energy from “processing corn.”
Oil’s slippery slope
If someone sitting in air-conditioned comfort in one part of the world believes that what happens in Iraq or Nigeria, Venezuela or Colombia doesn’t affect him or her, Sonia Shah’s Crude: The Story of Oil takes that little daydream and shakes it up.
Australian Treasurer fears third oil shock
Federal Treasurer Peter Costello has warned that the record international oil price could deliver a “double whammy” to the Australian economy, describing it as “the third oil price shock”.
Recession clouds gather on the horizon
Recession is something rarely announced by politicians – it does not sound too good. And elections are often based on economic well-being, so to tell the nation that a recession is here, or coming, does not bode well for those in office.
At $3.41 a gallon, gas is too costly for many Cubans
Feeling pain at the gas pump? Be thankful you don’t live in Cuba, where the typical worker must labor for an entire week just to earn enough for a gallon of the precious stuff.
Lack of refining capacity for heavy crudes pushing oil prices higher
Oil consuming countries, and especially the United States, are struggling to refine heavy crude oil as lighter crudes become rarer, driving global oil prices higher.
Report from Germany: The 3rd International Meeting on Peak Oil and Gas
Eight-page report on the Association for the Study of Peak Oil and Gas (ASPO)conference this May in Germany…Our conclusion from the meeting? Peak Oil is real, and it’s getting closer.
