Security of oil tankers fuels worry
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.
Oil
BP may be forced to downgrade reserves
BP is preparing to downgrade up to 3 per cent of its oil reserves, according to investment bank Goldman Sachs.
CBS: Got Oil? (video)
Sharyn Alfonsi looks at reports that oil companies that claim to have growing reserves have not been able to match reserves with production. The companies may have been overstating supplies.
An Oil Enigma: Production Falls Even as Reserves Rise
Even as reserves have risen, ChevronTexaco’s annual output has fallen by almost 15 percent, and the declines have continued recently despite a company promise to increase production in 2002.
Wall Street Life: Take an oil price over $40 – then quadruple it
Simmons reckons that the correct price for oil so that demand is controlled while humankind comes up with another plan is $182 a barrel.
African Leaders Open $3.7B Oil Pipeline
Central African leaders officially opened the taps Saturday on one of the largest private investments in sub-Saharan Africa – a 663-mile, $3.7 billion pipeline snaking from Chad through virgin rain forests to the Atlantic.
Author: U.S. faces a reality check over oil
Gasoline at $2 a gallon may be just a pleasant memory in a few years as energy prices continue to surge, warns author Paul Roberts.
Raymond: Facing Some Of The Hard Truths About Energy
For a variety of reasons, we expect fossil fuels to provide about 80 percent of the energy used in 2020, and to increase — and I emphasize increase — in absolute magnitude by about 65 million oil equivalent barrels per day. Just how much is 65 million barrels per day? Well, it is close to eight times Saudi Arabia’s current crude oil production.
The debate over arctic oil drilling erupts again
WASHINGTON — Hoping to capitalize on public ire over record-high gasoline prices, advocates of opening the Arctic National Wildlife Refuge for oil exploration predict the House next week will authorize drilling there.
Violence could force Shell out of Nigeria’
Consultants tell oil group its policies have fed mounting strife in Nigeria, which is home to 10% of its output
Crude Talk: US and Venezuela Dance
After several failed efforts to unseat Venezuela’s popular President Hugo Chavez, the fuel sector of corporate America is getting nervous. Venezuela is growing in prosperity, relying on its own mineral resources and technological patents to build new wealth. Chavez is exactly the kind of indigenous national leader whom American power can’t tolerate.
Review: Warning to all gas guzzlers: Expect a crude awakening
The problem is easy to describe, but its consequences are fearsome and its solution daunting. The Age of Oil is coming to an end, and the future is precarious. So say two very different new books.
