Review January 10, 2011
Download Full PDF 1. Oil and the Global Economy After reaching a 27-month high of Continue Reading
The Tierney-Simmons Bet
Five years ago, John Tierney, a columnist with The New York Times, and Matt Simmons, peak oil guru and founder of energy investment bank Simmons & Co., made a bet. Simmons argued that oil prices would be much higher in 2010. Tierney, a believer in human ingenuity and a follower of economist Julian Simon, took the other position. Simon, a so-called Cornucopian, argued that there would always be abundant supplies of energy and other natural resources and that the real price of commodities like oil would remain stable or decline over time.
Group shifts peak oil attention to Washington with new executive director
In a bid to boost its influence on US energy policy, the Association for the Study of Peak Oil & Gas-USA has appointed a Washington policy insider and former campaign hand as the group’s full-time director, it said Thursday.
Top 10 Developments of 2010
Top 10 Developments of 2010
1. Unexpected Growth in Global Demand
As the global demand for oil increased during 2010 the IEA was forced to steadily increase its forecast for average annual demand. In January the agency said that the increase over 2009 would be 1.4 million b/d. By July that had increased to a 1.8 million b/d gain and in mid-December the estimate was up to a 2.5 million b/d increase in global oil consumption. The agency notes that in the 3rd quarter global demand may have been up by 3.3 million b/d over the previous year, a rate which is clearly outstripping increases in production and indicating that a drawdown in global stocks is taking place.
Review January 3, 2011
Top 10 Developments of 2010
1. Unexpected Growth in Global Demand
As the global demand for oil increased during 2010 the IEA was forced to steadily increase its forecast for average annual demand. In January the agency said that the increase over 2009 would be 1.4 million b/d. By July that had increased to a 1.8 million b/d gain and in mid-December the estimate was up to a 2.5 million b/d increase in global oil consumption. The agency notes that in the 3rd quarter global demand may have been up by 3.3 million b/d over the previous year, a rate which is clearly outstripping increases in production and indicating that a drawdown in global stocks is taking place.