Union Threatens to Extend Nigeria Strike
A union leader threatened Tuesday to extend a four-day nationwide strike in Nigeria that has helped push world oil prices to record highs.
Oil
The Hundredth Monkey
Oddly enough, I’ve been cheering on a “Marxist Dictator” of late. Not that I’m a no good pinko commie red mind you… no, but I am rooting for Hugo Chavez as he’s poking the Plutocratic forces at play outside Venezuela.
China to build four major oil reserve bases
China will formally launch its strategic petroleum reserve program next year, as learned from related departments. An oil reserve base in Zhenhai, Zhejiang Province is now under construction, which will be able to hold more than 5 million cubic meters oil when its first-stage project is completed next year.
Of Economics, Resources & Energy
An off-planet view of economic theory and its applicability when dealing with limited primary resources.
Britain’s oil bounty is running dry
The fact is UK oil and gas, which has given a big boost to the economy for the past two and a half decades, is running out fast. At current rates of extraction, the last drop of oil could be sucked out of the North Sea fields in about 10 years’ time.
Analyst warns of Saudi oil dropoff
Saudi Arabia, the world’s safety valve for oil, may soon lose its ability to make up production shortfalls from other countries.
Saudi September Production Lower Than Estimated
Saudi Arabia produced 9.5 million barrels per day in September, about 250,000 b/d below earlier estimations, Geneva-based tanker-tracker Petrologistics said in its latest report.
Growing militarization of our oil dependence
While there is no doubt that global oil output will attain peak levels, the current rise in prices reflects a more worrisome phenomenon: America’s growing dependence on imported petroleum from unstable and unfriendly countries.
Oil price breaks through $54
Oil prices have surged to record highs above $54 as a fire at Nigerian export pipeline becomes the latest threat to consumers’ efforts to build winter heating fuel inventories.
Saudi Arabia bitter over global taste for sweet and not sour oil
SAUDI ARABIA’s oil minister said his country was ready to pump more oil but it could not find buyers as the Kingdom’s high-sulphur crude was being rejected by Western refineries.
High Oil Prices Jump-Starting Exploration Efforts
With short-term oil prices currently above $50 per barrel and the futures markets predicting long-term prices of around $34 on five-year contracts, signs of a rebound in exploration efforts are suddenly popping up everywhere.
Venezuelan Ambassador: Peak Oil is good for Venezuela
Venezuelan Ambassador to the United Kingdom, Alfredo Toro Hardy writes: Everything seems to indicate that Venezuela is at the end of the tunnel and about to enter into a new period of prosperity.
