Insight and inspiration in turbulent times.
No matter when that peak occurs, though, the indisputable fact is that a few generations of humans—particularly we Americans—will have squandered a geological resource that took several hundred million years to accumulate.
High prices are unlikely to erode India’s booming demand for oil and the country has stepped up negotiations with producer nations to secure its energy supplies, said oil minister Mani Shankar Aiyar.
While sought-after commodities like oil can generate immense revenues for an exporting nation, they can also end up inflicting great damage on its economy and political culture.
The world of crude has flipped upside down, with high prices becoming the norm, says the president of Devon Energy Corp., the largest U.S. oil and gas independent.
India Friday urged the Organisation of Petroleum Exporting Countries (OPEC) to adopt a uniform pricing policy for all buyers and not charge a premium from developing countries in Asia.
Oil prices may have fallen about 10 per cent from their high near $US50 a barrel in mid-August, but that’s not deterring fund managers, many of whom say the long bull run has a lot of life left in it.
Russian oil major YUKOS, fighting to prevent a cheap fire sale of assets in a tax dispute with the state, boosted oil-reserve estimates of its core Yugansk unit fivefold today.
Oil producers’ struggle to keep up with rampant global demand growth will only be won with access to oilfields now off-limits, Exxon Mobil chief executive Lee Raymond said yesterday.
IF THEY sound worried, it is because they are desperate. The multinational oil companies are rolling in cash but they have little to spend it on.
Oil prices fell on Wednesday as Hurricane Ivan, one of the strongest storms on record, cut the demand for crude oil by shutting nearly 13 per cent of US refining capacity.
World oil production will likely not be able to meet global demand as early as the middle of the next decade, according to a new study by Washington-based consultants PFC Energy.
Rising oil prices and pollution are fueling interest in green power in Asia but experts see no prospect of a rapid switch from the region’s growing dependence on oil, coal and gas.
