Insight and inspiration in turbulent times.
Given the current supply climate, even a small nation can become important in helping provide new reserves of crude. Some of the world’s biggest oil companies have set their sights on Mauritania.
We live in a time in which several “storms” are colliding: resource depletion, continued population growth, declining per-capita food production, global climate change and other signs of environmental degradation, unsustainable levels of US debt and a potential dollar collapse and international political instability. Powerdown, the path of cooperation, conserving and sharing, seems the most sane response.
Asian stocks dropped on concern record oil prices will slow global economic growth and corporate profits. Exporters such as Toyota Motor Corp. and airlines including Cathay Pacific Airways Ltd. led declines.
The continuing surge in oil prices is proving Opec’s limited influence on the market despite the organisation committing to increasing its production ceiling, analysts said.
Well, no. Oil’s startling price surge this year has actually driven many traders to the sidelines as wild intra-day swings magnified by powerful speculative funds confound traditional trading strategies, market sources say.
Industry will lose between $3 billion and $4 billion as soaring oil prices increase pressure.
India’s crude oil imports jumped by 23.3 % in July this year on increased demand for oil products, a senior Petroleum Ministry official said.
Terrorists and insurgents are stepping up attacks on oil and gas operations overseas in an effort to disrupt jittery energy markets, destabilize governments and scare off foreign workers, analysts said.
Nigerian rebels fighting for sovereignty of the oil-producing Niger delta told oil companies in the world’s seventh largest exporter to shut production before they begin an “all-out war” on Oct. 1.
Crude oil futures on New York’s NYMEX have jumped 36 cents in electronic trading to the psychological $50 a barrel level, the highest in the 21 years oil futures have traded on the exchange, as Nigerian rebels decided an “all-out” war against the government starting October 1.
George W. Bush, oilman that he is, has done everything in his power to help the energy industry. He’s trashed environmental regulations, given cushy tax breaks to oil companies, and gotten his Saudi pals to promise lower oil prices by the election. So why are oil prices higher than ever? None other than the Wall Street Journal is suggesting that “peak oil” may be upon us.
The price of crude nearly doubled this year, but for Indonesians that meant nothing. A fuel subsidy scheme means the Government, not consumers, picks up the bill for the increased cost of petrol, diesel and kerosene used everywhere for cooking.
