Insight and inspiration in turbulent times.
The possible timeframe to address ecological problems is far shorter than even most environmentalists realise due to Peak Oil. Information to help survive the collapse of capitalism must be collected and distributed for regional solutions.
Dan Rice has been following the energy sector since the 1979 oil crisis, when fears of gasoline shortages led to long lines at gas stations. But Rice, manager of State Street Research Global Resources fund, believes the USA faces a much more serious energy crunch this time.
AMERICA’S trade deficit widened unexpectedly in April to a record US$48.3 billion (£26.7bn), as strong consumer demand and the highest oil prices in 21 years pushed imports to unprecedented levels. The monthly trade gap was well above Wall Street forecasts of $45bn (£24.8bn).
Many geologists believe we are in for a period of significantly higher oil prices, while nearly all economists and the analyst community predict oil prices will fall. Who do you believe?
Last month, the Angolan government did something startling: it announced that an oil deal signed with ChevronTexaco would bring the country $300 million.
Financial globalisation has raised the risks of contagion, or the knock-on effects through which one country’s vulnerabilities can spread through the global economic system.
US regulators had formalised an investigation of whether a joint venture including Halliburton, the world’s biggest oilfield contractor, violated anti-bribery legislation to win orders for work on a Nigerian gas plant, the company said at the weekend.
Islamist terrorists targeting Westerners in Saudi Arabia continues to raise security concerns despite assurances from authorities that the situation has not reached “crisis levels,” as the kingdom’s Islamic Affairs minister claims.
BP PLC on Monday defended its method of estimating oil and gas reserves, and said that its figures would not show a “material” change when it recalculates them for submission to regulators in the United States.
Asian economies want talks with Opec as part of a strategy to improve regional energy security and combat rising oil demand and high prices, officials from the Asian Pacific Economic Cooperation (Apec) group said yesterday.
It is far from clear, experts say, whether the existing fleet can handle the new production that Saudi Arabia and others have promised in coming months.
BP is preparing to downgrade up to 3 per cent of its oil reserves, according to investment bank Goldman Sachs.
