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8:40 AM Mar 16th
• FORT WORTH The great American drilling boom is over. • The number of oil and gas rigs deployed to tap new energy supplies across the country has plunged to less than 1,200 from 2,400 last summer, and energy executives say the drop is accelerating further. • Lower prices are bringing to an end an ambitious effort to squeeze more oil from aging fields and to tap new sources of natural gas. For the last four years, companies here drilled below airports, golf courses, churches and playgrounds in a frantic search for energy. They scoured the Rocky Mountains, the Great Plains, the Gulf of Mexico and Appalachia.rn … full story
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5:06 PM Feb 12th
• For the past few months, oil bulls have put their faith in a simple calculation: With the world tightening crude oil supplies like never before, the slightest glimmer of an economic rebound later this year and renewed demand for oil will cause crude prices to shoot back up.rnrnSo what happens if that economic rebound doesnt materialize? A new survey of 52 economists by The Wall Street Journal paints an increasingly gloomy picture for the second half of 2009, stimulus package or not:rn … full story
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7:57 AM Feb 6th
• The crude world has now traversed the full distance. The inevitable has happened. The bubble has finally burst. Not long ago, the peak oil theory was in robust circulation. New converts were adding to the force and fury of the peak oil camp virtually on a daily basis. Things have changed completely within a very short span of six to seven months.rnrnThe tide is exactly on the opposite side today. The markets obsession today with plummeting oil demand has been so pervasive that it has even fostered a new theory: Peak demand.rnrn … full story
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11:32 PM Aug 24th
• Has the world already reached peak oil, a time of permanently high oil prices and shortages that will profoundly change our way of life? The answer, I think, is likely yes, but the proximity of this catastrophe is not the most important question to ask. Oil is a finite natural resource; sooner or later, the supply will peak. Jeroen van der Veer, chief of Royal Dutch Shell, earlier this year predicted 2015 as the year the world reaches peak production. John Hess of Hess Corp. said: "An oil crisis is coming in the next 10 years. It's not a matter of demand. It's not a matter of supplies. It's both." … full story
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5:12 PM Aug 22nd
• Jeffrey Brown, petroleum geologist (Brown): The basic thrust of my research is that the world has already arrived at Peak Oil - which is a condition in which the worldwide supply of oil cannot keep up with demand. We have used proven mathematical models to show that the top five net oil-exporting countries - which are Saudi Arabia, Russia, Norway, Iran and the United Arab Emirates, and which account for one-half of current world net oil exports - are showing an ongoing decline in net oil exports, continuing a trend that began in 2006. To give you an idea of where we're headed, Mexico - another former top producer - will see its oil exports hit zero in 2010. … full story
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5:15 PM Jul 29th
• many oil experts warn that the world's production will hit a peak soon if it hasn't already. With the exception of Iraq's, most of the "easy oil" in large reservoirs close to the surface is gone. Mexico's biggest field, Cantarell, is in steep decline. Indonesia has become a net oil importer, withdrawing from the Organization of the Petroleum Exporting Countries as output from its largest fields has slipped and new discoveries have lagged. Production in the North Sea is plummeting, and Russian output is hitting a plateau. … full story
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5:12 PM Jul 29th
• The WaPo gets Âpeak oil gospel and explores how U.S. declining production is a foreshadowing of the global situation, leading to permanent high oil prices. But pricey oil isnt great news for Big Oil, either, says the WSJ (sub reqd.): Shares are down, refining profits are slipping, and people are looking for alternatives. Actually, BPs done alright with expensive oil, reporting a 28% profit gain thanks to steady production and a big corporate turnaround. Things arent as rosy in Canada, where BP, Shell and others face a backlash for investing in dirty tar sands development. … full story
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5:11 PM Jul 29th
• WASHINGTON, July 29 (UPI) -- The world's maximum oil output peaked about three years ago, an industry expert from Texas said. Mathew Simmons, a consultant from Houston says that Saudi Arabia's largest oil field, Ghawar, is in decline and that sustainable global production reached its peak in May 2005. … full story
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12:24 PM Jul 24th
• Students in the SFU Dialogue and Public Issues class hosted a discussion on the Âoil crisis (their term) yesterday, called Beyond the TurmOIL, involving students, activists, members of the general public, and 4 speakers. It was an interesting and fast-paced session anchored by Sara Robinson, futurist and blogger for Blog For our Future and other sites; Sara provided both hard facts and her personal story about the impacts of oil on her life. … full story
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11:48 AM Jul 24th
• OTTAWA - Nearly a quarter of the world's undiscovered petroleum resources lie in the Arctic, confirms a U.S. study that should only intensify pressure on countries such as Canada to stake their claims to the Far North. The U.S. Geological Survey has previously offered a rough estimate of the Arctic's vast oil and gas resources. On Wednesday, the state-funded agency released a study that refines its estimates for the entire Arctic region. … full story
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2:54 PM Jul 16th
• I now believe that the hypothesis of a near or medium-term peak in the worldÂs oil supply is confirmed beyond any reasonable doubt. A shift in emphasis that speaks to reducing our demand for oil and examining alternatives to oil is now required. I will be taking that road in the future, leaving specific concerns about the oil supply behind. … full story
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9:52 AM Jul 16th
• The scary thought - held by observers like peak oil guru Matt Simmons and commodities investor Jim Rogers - is that the cartel can't do much more than that because the easy oil is already out of the ground. "They've been telling us for years that they have between two and three million barrels of [daily] spare capacity," says Gal Luft, the executive director of the Institute for the Analysis of Global Security. "If you have it and you don't use it then you are deliberately denying liquidity to the market when it needs it. If they have it, why don't they use it? And if they don't have it, we need to know that. We need to put more oil in our strategic reserve." … full story
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3:25 PM Jul 14th
• A perfect storm of factors including falling supply and increasing demand in developing countries could see petrol prices rise to $8 per litre within a decade, according to a new CSIRO forecast. The ultra-high price is the worst-case outcome among several different scenarios considered by an industry and community forum on fuel convened by the nationÂs leading scientific think-tank. It is based on the peak oil theory that we are about to see a peak in oil production followed … full story
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3:01 PM Jul 14th
• These oil reserves aren't the end of it. These figures -- for the year ending December 2006 -- represent oil that's not only known to be available, but also economic at 2006 prices using 2006 technology. Since prices have soared in the last year, and technology has improved too, BP's annual assessment for the 2007 year will show greater proven oil reserves still. … full story
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10:30 AM Jul 11th
• SAN FRANCISCO (MarketWatch) -- A last-minute jump Thursday pushed crude-oil futures up more than $5 to above $141 a barrel, partly recovering a loss of over $9 a barrel in the first two sessions of the week, as geopolitical tensions in oil-rich countries such as Nigeria and Iran intensified. Crude for August delivery closed up $5.6, or 4.1%, at $141.65 a barrel on the New York Mercantile Exchange. Crude was mostly trading up less than $2 during the session, but jumped as much as $6 a few minutes before the market closed. … full story
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10:27 AM Jul 11th
• VIENNA Â The head of the Organization of the Petroleum Exporting Countries warned on Thursday that oil prices would experience an unlimited increase in the event of a military conflict involving Iran because the groups members would be unable to make up the lost production. … full story
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2:18 PM Jun 24th
• In another volatile week, oil prices reacted sharply to breaking news, but ended the week just about where they started. Oil rose slightly on Monday after the UN Secretary General revealed that Saudi Arabia would announce only a 200,000 b/d production increase rather than the 500,000 b/d that had been widely discussed. A fire on a North Sea platform and a weaker dollar briefly sent oil prices to a new high of $139.98 but they soon receded to below $134. … full story
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2:12 PM Jun 24th
• They don't drink in Saudi ArabiaÂnot officially, anywaybut the Saudis sure know how to nurse an addiction. Ours, that is. American and European officials are expressing thanks and relief, now that the Saudis have pledged to boost oil production by about 0.2 percenttwo one-thousandthsof the daily global demand for oil. The increase in supply is so puny that it's hard to see how this will make a penny's worth of difference, given that demand for oil seems to be rising faster than supply. Yet the Saudis, in this tableaux, are the good guys, doing everything they can to help ease the pain for Americans paying $80 to fill up their SUVs. … full story
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2:54 PM Jun 23rd
• Not really. The price of crude oil is something that no one can really control at this moment in time. Read this article from USA Today … full story
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3:05 PM May 14th
• Vowing to become a hub of solar research and solar energy production, the Saudi Minister of Petroleum and lead of OPEC makes some interesting comments about where the price and demand for oil are going. … full story
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