Peak Oil - What Do We Do Now?
The history of world peak oil production has been truly remarkable. Modern day concerns were rekindled in 1998 when Campbell and Laherrere published their peak oil thinking in Scientific American. Not surprisingly, they were largely ignored. Some in the establishment took the time to utter “Bah-humbug,” but a few independent souls decided to seriously consider the problem. ASPO
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CERA Week
Cambridge Energy Research Associates continues to make news with its annual energy conference in Houston which it dubs CERAWeek. Star attractions such as the CEO’s of Shell and BP told the gathering that despite the recent drop in demand, the prospects for long term growth remain unchanged and that the industry must continue to invest to meet demand that is expected to double in the next 40 years. Saudi
Production and Prices
The trends that have developed over recent weeks continued. Prices started about $40 a barrel on hopes that the US stimulus program will be successful and then fell for 4 days to $34 a barrel due to pessimistic economic news and yet another increase in US crude stockpiles. On Friday, however, prices jumped 10 percent to close at $37.51 as traders closed out positions in preparation for the President’s
French realism
Among the CEO’s of the world’s major oil companies, Total’s Christophe de Margerie has long been the most realistic about the prospects for further growth in world oil production. Last year he had hinted that production would peak at or below 95 million b/d. Last Friday, de Margerie broke new ground by telling reporters in London that world oil production may hit a plateau below
Detroit at the Crossroads
This may turn out to be a pivotal week for the US automobile industry as GM and Chrysler are to submit restructuring plans on Tuesday in order to qualify for continued federal aid. The industry’s parts suppliers have already asked the government for $18.5 billion in loans and guarantees. So far the Obama administration has been non-committal as to whether it will respond to the request for more
