Today I’ll try to explain President Obama’s policy for decreasing oil consumption in the United States. Right now the administration has so many balls in the air that it is impossible to make a definite statement about what the effects of their initiatives will be, but a coherent policy is emerging if you gather all the pieces together. I compile a list Obama’s policies at the end of 2nd section below.
1. Last Week 2. Commentary: Drilling with Charlie – Blizzard in the Badlands 3. Quote of the Week 4. Briefs week of May 25, 2009 Commentary: Top Stories from 2008 Continue Reading
Oil prices had a bullish week, increasing steadily from $57 a barrel, at one point getting above $62, and then closing at $61.67. Once again the fundamentals of supply and Continue Reading
The nation’s capital had the activity of a three-ring circus last week, with a challenge fired at the Chrysler bankruptcy; a GM bankruptcy in the wings; a cap and trade Continue Reading
Nigeria‘s oil production has fallen to less than half its capacity as fighting escalates in the Niger River delta. The West African nation, formerly the continent’s biggest producer, now pumps Continue Reading
“It is well-recognized that the main drive of the deepest recession since the Great Depression was the failure of the US and global debt and credit systems. But the surge Continue Reading
[Note: a true story from the oil fields. You may have burned some of the associated gasoline.] I am no longer in the directional drilling business due to the industry Continue Reading
Physical traders storing oil will start dumping it back on the market. They will need to dump it all or pile up losses leasing supertankers. The ensuing snowball will cause the oil price to crash. Oil may fall below its February low as today’s distorted $62 price becomes tomorrow’s distorted $25 price. I could be wrong of course. Mr. Market may experience another drug-induced mood swing which reflates the oil price. Naturally it is hard to predict Mr. Market’s future emotional state.
Prices and production Crude closed on Wednesday at $62.05 a barrel, the highest level in more than six months, after rising $5 in the last three days. Although the US Continue Reading
1. Production and Prices After rising by $10 a barrel since mid-April, oil prices continued to increase early last week, and at one point touched a six-month high of $60. Continue Reading
At the 2009 Offshore Technology Conference (OTC) in Houston two weeks ago, the top issues revolved around policy questions more than technology, such as drilling the Outer Continental Shelf (OCS) Continue Reading
After rising by $10 a barrel since mid-April, oil prices continued to increase early last week, and at one point touched a six-month high of $60. Just as the equity Continue Reading
A few years ago when the oil supply situation was much tighter, every militant attack on an oil facility in the Niger Delta triggered an immediate jump in oil prices. Continue Reading
As a leading compiler of information relating to oil, the release of the IEA’s Oil Market Report around the middle of each month always draws much attention. This month the Continue Reading
On April 27th natural gas prices fell to a recent low of $3.25 /Mcf but have since rebounded to the vicinity of $4. The demand for natural gas, which has Continue Reading
Saudi Aramco produced 8.9 million b/d of crude oil on average last year, up from 8.5 million barrels a day in 2007, according to its 2008 annual report posted Wednesday. Continue Reading
“When I became president, the average gas mileage on a car was 12 miles per gallon, and we had mandated, by the time I went out of office, 27.5 miles Continue Reading
I would be crazy to get involved in this dispute, so I won’t, and besides 1) I’m not up on these issues; and 2) I don’t think Cap & Trade as opposed to a Carbon Tax matters one bit, which is why I’m not up on these issues. However, the Romm versus Hansen dispute does deserve comment because it directly addresses the question of how much CO2 in the atmosphere constitutes dangerous human interference with the Earth’s benign Holocene climate. But first I need to explain why Cap & Trade doesn’t matter.
1. Last Week 2. Some Economic Implications of Peak Oil 3. Quote of the Week 4. Briefs May 11, 2009 Commentary: Top Stories from 2008 Read Online Library and PDF Continue Reading
Oil prices closed at a six-month high of $58.63 on Friday, capping a week of steady gains. The price surge continues to be tied to investor hopes that economic growth Continue Reading
Tensions between the Chavez government and the oil service industry have been on the rise for many months over PdVSA’s failure to pay service companies. The total now owed to Continue Reading
In recent years, the EU has become increasingly concerned about its precarious energy situation. Disputes between Russia and Ukraine have resulted in reduction of the flow of gas from Russia Continue Reading
Last week, the Raymond James & Associates firm of financial advisors published a report discussing the possibility that world oil production has already peaked. The event was noted by no Continue Reading
Chevron Corp. said its $4.7 billion Tahiti field in the Gulf of Mexico began pumping crude yesterday, almost two years after faulty parts delayed the project. The Continue Reading