Insight and inspiration in turbulent times.
“…and alongside those issues was the alarming decline in Australia’s self-sufficiency in crude oil, which forecasters say means we will have to import most of our crude oil and petroleum products from overseas by 2008.”
Petroleum giant BP said yesterday that world oil supplies remained plentiful, despite growing concerns about the remaining global reserves of crude.
Russia has sent signals that it could clear the way for the construction of private oil pipelines as a way to increase petroleum exports to the West.
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.
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.
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.
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.
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.
