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.
Oil
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.
New York crude bolts to record 55 dollars a barrel
New York’s main crude oil price bolted to a record 55 dollars a barrel as traders fretted about stretched supplies, hot demand and thin stocks of winter heating fuel.
Platts: Global Oil Peak Soon
The Managing Editor of Platts claims that global oil production will peak soon, and economic output will peak soon. (Link to PowerPoint presentation.)
Global Scale Politics
While peak oil enjoyed a break out in 04, and even though most Americans know in their heart of hearts that Iraq was about oil, Americans, this election, have yet to really make the connection.
Real oil price should be $100: Iranian MP
“I think the real price for oil to be $100,” said MP Kamal Daneshyar. “Therefore, importers are now buying oil much cheaper than the price they’ll soon face”.
Oil to hit US$100 a barrel, says psychic
OIL prices will skyrocket to US$100 per barrel, but the rich in Trinidad and Tobago will continue to get richer and the poor poorer. Yesenia Gonzalez, the 44-year-old Venezuelan psychic, is so confident this prediction would materialise in 2005, that she said she was prepared to put her reputation as a “top international psychic” on the line. [ At least she’s been reading her ASPO newsletters. ]
The Problem: We’re Almost Out of Oil and Fossil Fuels
A treasure chest of downloadable presentations on Peak Oil topics, including OPEC, energy and equity, alternative energy, and hydrogen.
Post Carbon Dispatch #3: Tar sands and the price of oil
As oil settles at over $50 a barrel for the second day in a row (four if you include the weekend) I am visiting one of the only places on Earth which really does have an expanding hydrocarbon supply.
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.
China, India fight for African oil
Asian giants and economic rivals India and China are locked in battle to secure stakes in oil fields and blocks in the new energy haven of West Africa, officials and analysts here say.
