Insight and inspiration in turbulent times.
Reeling from record oil prices, the Philippines yesterday launched a countrywide campaign to limit energy consumption that includes halting government car purchases and switching off air conditioning for an hour in government offices.
Some of the world’s biggest oil-producing countries have reduced their investment in new capacity despite record oil prices. The Organisation of Petroleum Exporting Countries this week revealed its members drilled 6.5 per cent fewer wells in 2003, suggesting the global supply crunch and high oil prices could last longer than expected, analysts said. The numbers appear to contradict statements by Opec members that they are actively building extra capacity.
Oil prices are at record highs, production may well have peaked, yet demand continues to soar. So why aren`t the oil companies panicking?
The San Francisco Chronicle, in 1971, carried a small item: “The Texas Railroad Commission announced a 100% allowable for next month.” It was a very cryptic report and, knowing newspapers, it was probably simply used as a filler.
Kenneth S. Deffeyes, a Princeton University geologist, has a suggestion for Thanksgiving 2005: “Give thanks for a century of cheap and plentiful oil.”
Hon Dr MICHAEL CULLEN of the New Zealand parlaiment: I have to confess that, for once, the member has floored me; I do not understand what is meant by the term “peak oil”.
Royal Dutch/Shell Group agreed on Tuesday to finalized settlements with U.S. and UK regulators which will cost the oil giant $150.7 million over its mis-statement of proven oil reserves.
Nadine didn’t flinch when she acknowledged the inevitability of an oil shortage, which was remarkable because it would probably result in the end of civilization as we know it.
Green Party co-leader Jeanette Fitzsimons is questioning the wisdom of building billions of dollars worth of new roads around the country, saying the rising price of oil will eventually leave them empty.
Transcript of exchange in New Zealand Parliament re oil depletion.
New statistics are claiming that oil production in 18 producer countries has passed its peak and is declining faster than previously thought: At about 1.14 million barrels a day.
The summer’s record high oil prices and tight supplies raise questions about how much oil is left.
Estimating how much oil a company owns thousands of feet underground is, at best, a slippery business.
