How Long Can We Hang On to our Impossible Lifestyle?
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.
Oil
Oil and consumers widen US trade deficit
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).
Get Ready for $50US Oil!!
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?
Angola’s Elusive Oil Riches
Last month, the Angolan government did something startling: it announced that an oil deal signed with ChevronTexaco would bring the country $300 million.
IMF calls for alternative oil initiative
Financial globalisation has raised the risks of contagion, or the knock-on effects through which one country’s vulnerabilities can spread through the global economic system.
Halliburton faces probe by US regulators
US regulators had formalised an investigation of whether a joint venture including Halliburton, the world’s biggest oilfield contractor, violated anti-bribery legislation to win orders for work on a Nigerian gas plant, the company said at the weekend.
Analysis: Is Saudi oil in peril?
Islamist terrorists targeting Westerners in Saudi Arabia continues to raise security concerns despite assurances from authorities that the situation has not reached “crisis levels,” as the kingdom’s Islamic Affairs minister claims.
BP defends oil reserve estimate method
BP PLC on Monday defended its method of estimating oil and gas reserves, and said that its figures would not show a “material” change when it recalculates them for submission to regulators in the United States.
Security of oil tankers fuels worry
It is far from clear, experts say, whether the existing fleet can handle the new production that Saudi Arabia and others have promised in coming months.
BP may be forced to downgrade reserves
BP is preparing to downgrade up to 3 per cent of its oil reserves, according to investment bank Goldman Sachs.
CBS: Got Oil? (video)
Sharyn Alfonsi looks at reports that oil companies that claim to have growing reserves have not been able to match reserves with production. The companies may have been overstating supplies.
Asia seeks dialogue with Opec
Asian economies want talks with Opec as part of a strategy to improve regional energy security and combat rising oil demand and high prices, officials from the Asian Pacific Economic Cooperation (Apec) group said yesterday.