Insight and inspiration in turbulent times.
“…and alongside those issues was the alarming decline in Australia’s self-sufficiency in crude oil, which forecasters say means we will have to import most of our crude oil and petroleum products from overseas by 2008.”
Dan Rice has been following the energy sector since the 1979 oil crisis, when fears of gasoline shortages led to long lines at gas stations. But Rice, manager of State Street Research Global Resources fund, believes the USA faces a much more serious energy crunch this time.
OPEC said on Wednesday it will ask producers outside the cartel to raise output to help cool high prices, but got a quick reply from Russia saying it had no slack in its system to boost exports.
in the United States–we have before us an utterly unsustainable process. For every calorie you consume, ten calories of fossil fuel go up in smoke.
With all Iraq’s oil exports halted by sabotage, gunmen killed a top Iraqi oil official on Wednesday in a new blow to an interim government reeling from violence two weeks before U.S.-led occupation formally ends.
Petroleum giant BP said yesterday that world oil supplies remained plentiful, despite growing concerns about the remaining global reserves of crude.
Russia has sent signals that it could clear the way for the construction of private oil pipelines as a way to increase petroleum exports to the West.
The possible timeframe to address ecological problems is far shorter than even most environmentalists realise due to Peak Oil. Information to help survive the collapse of capitalism must be collected and distributed for regional solutions.
The first major economic decision by the government is expected to hit many industry segments, leading to an across-the-board rise in prices of various goods. The steep hike in petroleum and coal prices on Tuesday will negatively hit companies — especially the automobiles, steel and cement sectors.
AMERICA’S trade deficit widened unexpectedly in April to a record US$48.3 billion (£26.7bn), as strong consumer demand and the highest oil prices in 21 years pushed imports to unprecedented levels. The monthly trade gap was well above Wall Street forecasts of $45bn (£24.8bn).
Many geologists believe we are in for a period of significantly higher oil prices, while nearly all economists and the analyst community predict oil prices will fall. Who do you believe?
Last month, the Angolan government did something startling: it announced that an oil deal signed with ChevronTexaco would bring the country $300 million.
