Section » Quote of the Week
Fareed Zakaria
“Russia now needs oil at $110 a barrel to manage its finances. For Iraq, the number is $100. Even Saudi Arabia now needs oil to trade around $80 a barrel just to balance its budgets… Only a decade ago Saudi Arabia was able to balance its budget with oil prices averaging around $25 a barrel.”
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Ronald White
“Gasoline prices are the highest ever for the start of the year, and they’re on the rise, supercharged by expensive oil and changes in refinery operations”
Steve LeVine
“The United States, alone or with Canada, will never produce a sustained volume of 19 million barrels of oil a day.”
Gregor Macdonald
“Global giants such as Royal Dutch Shell and Exxon Mobil have essentially abandoned the effort to meaningfully expand their oil reserves. Instead, they are now shifting course in favor of a strong, natural gas emphasis. The result is that Russia in the past decade has accounted for nearly all of the supply growth in crude oil, among Non-OPEC producers. Indeed, without Russia, Non-OPEC supply would
from Exxon Mobil’s 2012 Outlook for Energy
“Much attention is paid to new energy technologies, with good reason. But it also is important to know that most of today’s liquid fuels come from fields that have been producing for decades. More than 95 percent of the crude oil produced today was discovered before the year 2000. About 75 percent was discovered before 1980.” – from Exxon Mobil’s
Mohammed Bin Dhaen al-Hamli, oil minister for the UAE
“The challenge for producers such as the (United Arab Emirates) is to continue producing oil and gas from existing reservoirs while, at the same time, developing new opportunities… It is no secret that the days of easy oil are coming to an end.”
Kevin Drum
“Saudi Arabia has been making excuses for years for their inability to produce more than 10 million barrels of oil per day. They’re publicly stating - for the first time, I think - that they aren’t going to keep up the pretense anymore. Their exploration and drilling program is over, and 10 million barrels is as good as it’s ever going to get.” – No Comments • Read this story »
--->Robert Rapier
“In its simplest form, Peak Oil means that just as oil production in the US peaked in 1970 and began to decline, so shall global production do the same. Once you get past that basic premise - one in which there is near-universal agreement once people understand that is what you mean when you say “Peak Oil” - there are many different opinions of exactly how events will unfold. The
US Secretary of State, Hillary Clinton
“You can’t talk about our economy or foreign policy without talking about energy. With a growing global population and a finite supply of fossil fuels, the need to diversify our supply is urgent.” – US Secretary of State, Hillary Clinton
IEA Executive Director, Maria van der Hoeven
“Governments need to introduce stronger measures to drive investment in efficient and low-carbon technologies. The Fukushima nuclear accident, the turmoil in parts of the Middle East and North Africa and a sharp rebound in energy demand in 2010 which pushed CO2 emissions to a record high, highlight the urgency and the scale of the challenge.”
