World Production
The first part of last week was dominated by concern over the sagging world economy and the expiration of the February futures contract which at one point sent oil below $33 a barrel. Lack of sufficient storage for crude in the US has been causing technical distortions to the US oil markets of late as futures contracts expired and the time came to take delivery of oil. The next three days saw steadily
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OPEC still cutting
For the first time since OPEC began cutting production last fall, analysts are beginning to wonder if global production finally might be falling faster than demand. Tanker loads of oil that were unsalable a month ago are now selling relatively quickly as Middle Eastern oil exporters are notifying customers of significant reductions in contracted amounts. By the end of January OPEC production could
Obama’s first week
Shortly after being sworn in, President Obama issued an order halting the implementation of pending orders issued by the outgoing administration. Among these was the directive to expand off-shore drilling into previously banned areas. On Wednesday, however, the Interior Department announced that the leasing plan will continue. Of more interest was a hold the new EPA administrator placed on a coal-fired
Briefs January 26, 2009
China boosted crude oil production by 2.3 percent in 2008 while natural-gas output gained 12 percent even as the economy expanded at the slowest pace in seven years. (1/22, #12) Colombia’s 2008 average crude oil output totaled 588,000 barrels a day, up from 531,000 barrels a day in 2007 as high prices in the first half of the year pushed companies to increase production.
Quote of the Week
“The recent years of increased exploration and production spending have not been sufficient to substantially improve the supply situation. The age of the production base, accelerating decline rates and the smaller size of recently developed fields will mean that any prolonged reduction in investment will sow the seeds of a strong rebound.” (1/24, #1) – Andrew
Seize the Moment–The Man on the Moon Mission Starts Now
In recent years, peak oil realists have done a tremendous job sounding the alarm about the need for a concerted national effort to leave oil before it leaves us. Now, our mission must turn urgently from the educational to the political. With the changing of the guard in Washington, D.C. and the sting of $4/gallon gas still a recent memory, we have a unique opportunity to present the federal government
