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Keyword: oilreserves

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  • U.S. Tight Oil Reserves From Bust to Boom... to Bust Again?

    05/17/2014 1:22:08 PM PDT · by ckilmer · 3 replies
    energyandcapital ^ | Tuesday, May 13th, 2014 | Keith Kohl
    U.S. Tight Oil Reserves From Bust to Boom... to Bust Again?   By Keith KohlTuesday, May 13th, 2014Nowhere else in the world are people more used to the boom and bust of the oil industry than in Texas.I think it's safe to say that nearly all of us have heard of the historic gushers in the state's history — and the famous Lucas Gusher at Spindletop is arguably the most famous of them.That single exploratory well in Beaumont started it all for the Lone Star State.And while the image of 100,000 barrels of oil exploding out of the top of one...
  • Oil Brings us to a Better Place

    06/15/2013 5:25:49 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | June 15, 2013 | Caroline Glick
    By all accounts, Shai Agassi, the founder and CEO of Better Place, Israel's bankrupt electric car company, is an extremely charismatic man. His charm had politicians, venture capitalists, celebrities and non-automotive industry reporters slobbering over him. Everyone wanted to get their picture taken with the man who would transform Israel's auto industry into the first electric powered industry in the world and transform the start-up nation into the transportation hothouse for the world. Agassi's vision was simple and easy to understand. By 2020, half of Israel's cars would be battery powered electric cars supplied by his company, Better Place. We...
  • Kerry Has Investments in Companies Accused of Violating Iran Sanctions

    12/21/2012 10:50:39 AM PST · by Sub-Driver · 22 replies
    Kerry Has Investments in Companies Accused of Violating Iran Sanctions Daniel Halper December 21, 2012 12:59 PM John Kerry, who will be nominated later today to be the next secretary of state, is the richest member of the U.S. Senate. His estimated net worth is, at minimum, $198.65 million, according to disclosure forms. Kerry's disclosure forms also reveal that he has invested in companies accused of doing business with Iran. One of the companies Kerry is invested in is called Petroleo Brasileiro SA Petrobras (Petrobras), it's a Brazilian-based oil and gas corporation. Disclosure forms reveal that Kerry has between $150,000...
  • U.S. taps reserves to calm New York, New Jersey fuel "panic" post Sandy

    11/02/2012 7:03:26 PM PDT · by Oldeconomybuyer · 15 replies
    Reuters ^ | November 2, 2012 | By David Sheppard and Jonathan Spicer
    (Reuters) - A third day of gasoline "panic buying" among storm-stricken motorists in the New York area and New Jersey prompted authorities to tap emergency oil reserves and ordered the military to dispatch fuel on Friday, while limited deliveries from pipelines and oil barges offered a glimmer of relief. Four days before the U.S. presidential election, the Obama administration made an all-out effort to ease the crisis, authorizing the Defense Logistics Agency to buy and deliver up to 22 million gallons of fuel for the region, waiving a rule barring foreign-flagged vessels transiting U.S. ports and loaning out diesel from...
  • 54.5 MPG and The Law of Unintended Consequences

    08/08/2012 5:37:53 AM PDT · by Kaslin · 99 replies
    Townhall.com ^ | August 8, 2012 | Harry Jackson, Jr
    Legislators and regulators need to observe a fundamental Golden Rule: Do not implement new laws if you have not considered or cannot control important unintended consequences. A perfect example is the Obama Administrations plan to increase new car mileage standards, from the currently legislated requirement of 35.5 miles per gallon by 2016 to 54.5 mpg by 2025, as an average across each automakers complete line of cars and light trucks. Carmakers reluctantly agreed to the new requirements, to avoid even more onerous standards, or different standards in different states. But the deal does nothing to alter the harsh realities...
  • Energy Revolution 2: A Post Post-American Post (Important!)

    07/16/2012 6:02:36 PM PDT · by 2ndDivisionVet · 18 replies
    The American Interest ^ | July 15, 2012 | Walter Russell Mead
    Forget peak oil; forget the Middle East. The energy revolution of the 21st century isnt about solar energy or wind power and the scramble for oil isnt going to drive global politics. The energy abundance that helped propel the United States to global leadership in the 19th and 2oth centuries is back; if the energy revolution now taking shape lives up to its full potential, we are headed into a new century in which the location of the worlds energy resources and the structure of the worlds energy trade support American affluence at home and power abroad. By some estimates,...
  • North America has the potential to be energy world's next Middle East, report argues

    03/25/2012 4:37:49 PM PDT · by mamelukesabre · 11 replies · 1+ views
    The Telegraph ^ | 4:29PM GMT 22 Mar 2012 | Richard Blackden
    North America's energy sector has the potential to drive a "remarkable resurgence" that could see the Continent become the new Middle East in shaping the global supply of gas and oil, a new report has claimed. Deepwater drilling in the Gulf of Mexico, tapping shale deposits for gas and oil and Canada's oil sands are among the ingredients that could see North America's production of oil and natural gas liquids almost double to 26.6m barrels a day by 2020, according to a report by analysts at Citigroup. "The energy sector in the next few decades could drive an extraordinary and...
  • Exclusive: U.S., Britain to agree emergency oil stocks release

    03/15/2012 8:56:46 AM PDT · by mojito · 88 replies · 1+ views
    Reuters ^ | 3/15/2012 | Richard Mably
    Britain has decided to cooperate with the United States in a bilateral agreement to release strategic oil stocks, two British sources said, in an effort to prevent high fuel prices derailing economic growth in an election year. A formal request from the United States to the UK to join forces in a release of oil from government-controlled reserves is expected "shortly" following a meeting on Wednesday in Washington between President Barack Obama and Prime Minister David Cameron, who discussed the issue, one source said. Britain would respond positively, the two sources said.
  • Obama to David Cameron: Lets tap our strategic oil reserves together

    03/15/2012 8:57:11 AM PDT · by SeekAndFind · 29 replies
    Hotair ^ | 03/15/2012 | Ed Morrissey
    Remember that Barack Obama insists that there are "no silver bullets" to fix the issue of high gas prices. So when British Prime Minister David Cameron visited Washington for high-level talks and the discussion turned to gas prices, what did Obama propose? According to Reuters, holy water and a garland of garlic: President Barack Obama and British Prime Minister David Cameron discussed the possibility of releasing emergency oil reserves during a meeting on Wednesday, two sources familiar with the talks said, the first sign that Obama is starting to test global support for an effort to knock back near-record fuel...
  • Scarce Oil? U.S. Has 60 Times More Than Obama Claims

    03/14/2012 12:51:06 PM PDT · by IBD editorial writer · 55 replies
    Investor's Business Daily ^ | 03/14/2012 | John Merline
    When he was running for the Oval Office four years ago amid $4-a-gallon gasoline prices, then-Sen. Barack Obama dismissed the idea of expanded oil production as a way to relieve the pain at the pump. "Even if you opened up every square inch of our land and our coasts to drilling," he said. "America still has only 3% of the world's oil reserves." Which meant, he said, that the U.S. couldn't affect global oil prices....But the figure Obama uses proved oil reserves vastly undercounts how much oil the U.S. actually contains. In fact, far from being oil-poor, the...
  • U.S. weighs release of oil reserves, world frets about Iran (Turbo TaxCheat Timmy says on CNBC)

    02/24/2012 11:38:10 AM PST · by NormsRevenge · 20 replies · 1+ views
    Yahoo ^ | 2/24/12 | Rachelle Younglai and Jeff Mason - Reuters
    WASHINGTON (Reuters) - The United States is considering a release from its strategic oil reserves, Treasury Secretary Timothy Geithner said on Friday, acknowledging the harm that supply disruptions from Iran could have on the global economy. Rising tensions between Iran and the West .. have fueled a rise in oil prices, pushing benchmark Brent crude above $125 a barrel on Friday. "There is a case for the use of the reserve in some circumstances and we will continue to look at those and evaluate that carefully," Geithner said on CNBC television. "Obviously Iran can do a lot of damage to...
  • Oil Pops Higher After Iran Balks At Nuclear Talks [Imports from Iran fall about 493,000 b/day]

    02/22/2012 10:26:40 AM PST · by fight_truth_decay · 3 replies
    FUTURESmag.com ^ | 2/22/2012 | PHIL FLYNN
    So much for the olive branch The odds of conflict with Iran continue to rise as it appear talks that could be the last chance to stop events from spinning out of control seem to be dead on arrival. Oil prices, which really looked beyond the symbolic Iranian cut of oil to the UK and France, seemed to start to focus a bit more on latest deal to save Greece and a surging stock market. Yet oil already up got another dollar spike when Bloomberg News reported that Irans foreign Minister basically said that talks about Irans nuclear program were...
  • The Solution to the Energy Crisis is Right Here

    05/27/2011 1:38:38 PM PDT · by GonzoII · 15 replies
    Crisis Magazine ^ | 05/27/2011 | Mark W. Hendrickson
    The Solution to the Energy Crisis is Right HereMark W. Hendrickson Saudi Arabia has long been the dominant producer of petroleum on the planet. Nature endowed the Arabian Peninsula with gigantic deposits of this vital source of energy. Many of us have lamented the quirk of nature that placed much-needed oil in the most geopolitically unstable region in the world.Although Saudi Arabia is the king of oil producers at present, there is another country that has far more extensive deposits of fossil fuels. Because fossil fuels are the most economical and reliable energy sources known to man, the country that...
  • House Dems float bill to tap U.S. oil reserves

    03/10/2011 11:40:14 AM PST · by jazusamo · 45 replies
    The Hill ^ | March 10, 2011 | Andrew Restuccia
    This is the time to deploy a responsible amount of reserves before it is too late, Rep. Edward Markey (D-Mass.), the author of the new bill, told reporters. Markey's bill represents the latest effort by Democrats to release oil from the Strategic Petroleum Reserve (SPR), a 727-million-barrel emergency stockpile of oil. But the proposal faces opposition from Republicans and at least one senior House Democrat. The legislation would require that over the next six months at least 30 million barrels of oil be released from the SPR. President Obama ultimately has the authority to release oil from the SPR....
  • TWO BONEHEAD OBAMA MOVES

    03/10/2011 8:04:42 AM PST · by shortstop · 22 replies
    boblonsberry.com ^ | 03/10/11 | Bob Lonsberry
    Right now, the Obama Administration is thinking of doing two very stupid things. Let me rephrase that. Right now, the Obama Administration is thinking of doing two very stupid things that we know about. To whit: Tapping into the strategic petroleum reserve and attacking Libya. Lets take them in reverse order. In recent days, it has seemed that the administration and its various deep thinkers have decided that the world will somehow be a better place if the American military knocks off Muomar Khadafi. Like we need another war. Like this new batch of Third Worlders will react kindly to...
  • Oooops! Saudi oil reserves 'overstated by 40%' (Long suspected, now apparently confirmed)

    02/09/2011 7:52:06 AM PST · by SeekAndFind · 38 replies
    American Thinker ^ | 02/09/2011 | Rick Moran
    As far back as 2004, there was worry that the Saudis were fudging on how much oil they still had in the ground. Thanks to Wikileaks, we now have a little better idea. The Guardian: The US fears that Saudi Arabia, the world's largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show.The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom's crude oil reserves may have been overstated by as much as 300bn barrels -...
  • WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices

    02/08/2011 6:07:47 PM PST · by ErnstStavroBlofeld · 52 replies
    The Guardian ^ | 2/8/2011 | John Vidal
    The US fears that Saudi Arabia, the world's largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show. The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom's crude oil reserves may have been overstated by as much as 300bn barrels nearly 40%. The revelation comes as the oil price has soared in recent weeks to more than $100 a barrel on global demand and tensions in the Middle East. Many analysts expect that the...
  • Is Matt Simmons Credible?

    07/28/2010 2:03:30 AM PDT · by Faketan · 2 replies
    OilPrice.com ^ | 07/27/2010 | Robert Rapier
    I am going to address a touchy subject in this essay, but I simply cant ignore it any longer. I have noticed that a lot of people are finding my blog through keyword searches of Debunking Matt Simmons. About two and a half years ago, I did write an essay called Debunking Matt Simmons. Because of Matts recent claims about the disaster in the Gulf of Mexico, there has been a spike in interest over whether his claims related to the disaster are actually credible. So now seems like a good time to revisit the subject. Claims like "BP will...
  • The World's Biggest Oil Reserves

    01/31/2010 7:16:48 PM PST · by myknowledge · 18 replies · 1,337+ views
    Ninemsn (article from Forbes) ^ | January 2010 | Christopher Helman
    HOUSTON - This month Iraq will finalize contracts with the likes of ExxonMobil, Royal Dutch Shell and BP to develop some of its biggest oil fields. These giants are among the world's last remaining pockets of so-called "easy oil." They don't require ultradeep drilling or innovative production techniques, just the application of Big Oil know-how. No wonder the oil companies agreed to develop Iraq's fields without even getting an ownership stake in the fields and collecting as little as $1.15 per barrel recovered. Given the size of Iraq's undeveloped giants there are no technical reasons why within 10 years the...
  • The World's Biggest Oil Reserves

    01/26/2010 1:30:11 AM PST · by ErnstStavroBlofeld · 11 replies · 721+ views
    Yahoo Finance ^ | 1/25/2010 | Christopher Helman
    This month Iraq will finalize contracts with the likes of ExxonMobil, Royal Dutch Shell and BP to develop some of its biggest oil fields. These giants are among the world's last remaining pockets of so-called "easy oil." They don't require ultradeep drilling or innovative production techniques, just the application of Big Oil know-how. No wonder the oil companies agreed to develop Iraq's fields without even getting an ownership stake in the fields and collecting as little as $1.15 per barrel recovered. Given the size of Iraq's undeveloped giants there are no technical reasons why within 10 years the country can't...
  • Power To Spare (Palin vs. Biden on energy)

    11/05/2009 4:53:14 PM PST · by raptor22 · 3 replies · 702+ views
    Investor's Business Daily ^ | November 5, 2009 | IBD editorial staff
    Leadership: As Palin jousts with Biden on energy independence, the government reports that we lead the world in energy reserves. From oil to gas to coal, we are sitting on prosperity. So why are we importing anything? One of the interesting sidelights of the NY-23 race was an exchange on energy independence between Vice President Joe Biden and the former governor of energy-rich Alaska, Sarah Palin. Biden, who came in to campaign for Democrat Bill Owens, was reminded of the issue of energy. "The fact of the matter is that Sarah Palin thinks the answer to energy was 'Drill, baby,...
  • Foolishly Choosing Bears Over Barrels

    10/26/2009 5:25:31 PM PDT · by Kaslin · 3 replies · 826+ views
    IBD Editorials ^ | October 26, 2009 | INVESTORS BUSINESS DAILY Staff
    Ecology: The administration creates the mother of all protected habitats for a species whose numbers have increased since Al Gore's "An Inconvenient Truth." It's our hopes for energy independence that are drowning. When filmmaker Phelim McAleer, whose documentary "Not Evil Just Wrong" takes apart the myths of global warming, got to ask Gore a question at the annual conference of the Society of Environmental Journalists, McAleer brought up the nine critical errors in Gore's film "An Inconvenient Truth." A British court two years ago listed them and said they must be righted before the film could be shown in schools...
  • A California 'Black Gold' Rush

    09/29/2009 8:52:35 AM PDT · by raptor22 · 13 replies · 1,492+ views
    Real Clear Markets ^ | September 29, 2009 | IBD staff
    Energy: An amazing number of oil finds have been made this year, including the biggest in California in 35 years. If the world is running out of oil, why do we keep finding more of it? The mantra of the anti-drilling crowd has been that oil companies like to sit on their leases and the oil in the ground, hoping to drive up the price. They should use the leases they have or lose them, these critics say. They also like to add that the world is running out of oil so it doesn't matter anyway. Occidental Petroleum hasn't been...
  • A California 'Black Gold' Rush

    09/28/2009 4:48:14 PM PDT · by Kaslin · 22 replies · 2,207+ views
    IBD Editorials ^ | September 28, 2009 | INVESTORS BUSINESS DAILY Staff
    Energy: An amazing number of oil finds have been made this year, including the biggest in California in 35 years. If the world is running out of oil, why do we keep finding more of it? The mantra of the anti-drilling crowd has been that oil companies like to sit on their leases and the oil in the ground, hoping to drive up the price. They should use the leases they have or lose them, these critics say. They also like to add that the world is running out of oil so it doesn't matter anyway. Occidental Petroleum hasn't been...
  • Forget 'Peak Oil' Drill, BP, Drill

    09/03/2009 5:28:33 PM PDT · by Kaslin · 16 replies · 2,009+ views
    IBD Editorials ^ | September 3, 2009 | INVESTORS BUSINESS DAILY Staff
    Energy Policy: Ignoring peak-oil Cassandras, BP has made another giant oil find in the Gulf of Mexico. We're not running out of oil. Our government just doesn't want us to look for it.The world is running out of oil and good riddance. That's the environmentalists' mantra. But since the first well was drilled near Titusville, Pa., 150 years ago, the prophecy has gone unfulfilled. Trouble is, those darn greedy oil companies keep finding the stuff. Oil has been produced in the Gulf of Mexico since the first well was drilled by Kerr-McGee Corp. in 1947. Some of the wells are...
  • The Saudi Arabia Of Shale

    08/17/2009 6:14:56 PM PDT · by Kaslin · 47 replies · 4,070+ views
    IBD Editorials ^ | August 17, 2009 | INVESTORS BUSINESS DAILY Staff
    Energy Policy: New York's governor wants to tap into a shale formation that can supply the entire U.S. with natural gas for 65 years. Will NIMBY environmentalists let him stimulate New York's and America's energy economy?Last week, David Patterson released a draft report of his Energy Planning Board that does something Democrats are loath to do: It proposes developing a domestic energy resource the huge amounts of natural gas trapped in the Marcellus Shale formation. New York produces 5% of its natural gas in-state and imports more than 95% from the Gulf Coast and Canada. The Marcellus Shale stretches...
  • Shifting Oil Sands

    09/01/2009 5:03:45 PM PDT · by Kaslin · 5 replies · 1,027+ views
    IBD Editorials ^ | September 1, 2009 | INVESTORS BUSINESS DAILY Staff
    Energy: We balk at importing "dirty" oil from Canada, but others aren't so reluctant. Exempt as a "developing" nation from Kyoto-like agreements, China has decided to help Canada develop its energy-rich oil sands.The Financial Post reports that PetroChina International Investment Co. has struck a deal to buy a 60% interest in Athabasca Oil Sands Corp.'s McKay River and Dover projects for $1.9 billion. China has been establishing energy beachheads around the world in its quest to keep its growing economy fueled. With possible conflict brewing between Israel and Iran, Beijing recognizes the need for reliable suppliers like Canada in an...
  • Drill Like Brazil

    01/26/2009 6:22:09 PM PST · by Kaslin · 12 replies · 1,656+ views
    IBD Editorials ^ | January 26, 2009
    Stimulus: Brazil, a leader in the use of biofuels such as ethanol and in the face of falling oil prices, still plans to spend huge sums to expand its offshore oil resources. Drilling rigs are infrastructure too.With oil prices scraping the bottom of the barrel, pun intended, there wouldn't appear to be much incentive to pursue the development of new oil resources. And in tough economic times worldwide, the necessary investment required would appear to be prohibitive. As the U.S. seeks to get its economy going by building roads, bridges and bicycle paths, Brazil has decided to create jobs and...
  • Will Russia Drill Off Florida's Coast?

    08/05/2009 5:13:29 PM PDT · by Kaslin · 43 replies · 3,692+ views
    IBD Editorials ^ | August 5, 2009 | INVESTORS BUSINESS DAILY Staff
    Energy: As Russian attack submarines patrol our eastern seaboard, Moscow signs a deal to help Castro's Cuba drill for oil off the Florida coast. In Moscow and Havana, the cry is "Drill, Comrade, Drill!"Two Russian nuclear attack submarines have taken up positions along our East Coast in recent days, another sign of renewed assertiveness by the former communist giant. The move comes as Moscow inks a deal with the communist relic of Cuba to drill for oil we refuse to go after. The submarines are of the Akula class, a counterpart to the Los Angeles class attack subs of the...
  • Peak Gov't, Not Oil

    08/04/2009 5:39:27 PM PDT · by Kaslin · 5 replies · 1,103+ views
    IBD Editorials ^ | August 3, 2009 | INVESTORS BUSINESS DAILY Staff
    Energy Policy: The chief economist of the International Energy Agency says the world is running out of oil. We've been told that for the last 150 years. The only thing we're running out of is the will to drill.Ever since the first oil well was drilled in Titusville, Pa., in 1859, experts have been predicting we would soon run out of oil. The latest is Dr. Fatih Birol, chief economist for the International Energy Agency in Paris, whose job it is to assess future energy supplies by OECD countries. In an interview with the Independent, Dr. Birol says that based...
  • Peak Oil: An Idea Whose Time Is Up

    05/28/2008 5:10:23 PM PDT · by Kaslin · 55 replies · 657+ views
    IBD ^ | May 28, 2008
    Energy: Analysts have found that investors spooked by the peak oil theory the belief that crude production has topped out and is in decline are partly behind the soaring oil prices. Someone should set them straight.Blame part of $135-a-barrel oil on the increased demand in China and India, where the populations and economies are growing rapidly. But the impact of those nations on crude prices in recent months is suspect. Global oil consumption grew 2% in the first quarter of this year over the first quarter of 2007, while production increased 2.5% over the same period. On a...
  • HR 6709 It relates to selling of 10% of our strategic oil reserves

    08/17/2008 11:57:26 AM PDT · by buffyt · 9 replies · 251+ views
    Coalition for a Conservative Majority ^ | 8-17-2006 | Patt Snyder
    CCM Members, I and 2 other CCM members attended the Renewable Energy Task Force Meeting held by Congressman Nick Lampson, 22nd Congressional District. He focused the meeting on H. R. 6709 "National Conservation, Environmental, and Energy Independence Act that congress would like to take action on in September. It now has support from 119 members of congress and they hope to have 300 supporters by the time it comes to a vote. There were 28 attendees at the meeting in addition to Lampson and two of his staff. I am guessing that about 6 of the attendees were members of...
  • The 'Peak Oil' Myth: New Oil Is Plentiful

    06/22/2008 11:43:06 AM PDT · by shrinkermd · 74 replies · 290+ views
    Seeking Alpha ^ | 22 June 2008 | Jason Schwarz
    The data is becoming conclusive that peak oil is a myth. High oil prices (USO) (OIL) are doing their job as oil exploration is flush with new finds: 1. An offshore find by Brazilian state oil company Petrobras (PBR) in partnership with BG Group (BRGYY.PK) and Repsol-YPF may be the world's biggest discovery in 30 years 2. A trio of oil companies led by Chevron Corp. (CVX) has tapped a petroleum pool deep beneath the Gulf of Mexico that could boost U.S. reserves by more than 50 percent.. 3.West Cape Three Points is the largest discovery in deep water West...
  • Saudi Oil Exec: Crude Reserves Figures Bunk

    06/05/2008 11:11:38 AM PDT · by Tolerance Sucks Rocks · 29 replies · 203+ views
    MoneyNews.com ^ | May 29, 2008 | MoneyNews
    Junk your SUV and buy an electric scooter. Recent claims by various OPEC leaders that the world has plenty of oil left are bunk, alleges Sadad Al-Husseini, a former top executive at Saudi Aramco, Saudi Arabias state-owned oil company. Oil-producing countries are inflating the size of their oil reserves by as much as 300 billion barrels by padding supposedly proven reserves with probable reserves and tar and oil sands, according to Husseini. Such hypothetical reserves are not delineated, not accessible and not available for production, Husseini said at a recent energy conference in London. Oil production has now reached its...
  • House speaker asks Bush to stop stockpiling oil (Mega barf alert)

    04/24/2008 1:33:27 PM PDT · by RWB Patriot · 14 replies · 61+ views
    Reuters ^ | 4-24-08 | Richard Cowan
    WASHINGTON (Reuters) - The Speaker of the House of Representatives on Thursday called on the White House to temporarily stop sending crude oil into the nation's emergency stockpile. House Speaker Nancy Pelosi told reporters she was calling on President George W. Bush to work with Democrats to find a way to "temporarily suspend" oil deliveries to the Strategic Petroleum Reserve. The White House immediately rejected the plea. "We don't believe the fill rates have a meaningful impact on oil supplies," White House spokesman Scott Stanzel said. "We continue to fill the reserve to provide an added layer of protection to...
  • There's No Such Thing as a Gas or Oil Shortage

    04/07/2008 8:52:00 AM PDT · by Tolerance Sucks Rocks · 75 replies · 1,764+ views
    MoneyNews.com ^ | April 3, 2008 | MoneyNews.com
    First the good news: Automotive expert Ed Wallace says there's no gasoline or oil shortage in the U.S. today and near-record reserves are on hand. Now the bad news: Not only has the congressional mandate for ethanol jacked up the price of food, but Washington, Wall Street and fuel producers all want you to think the gas and oil shortage they keep talking about is real. Washington, Wallace says, appears to be protecting oil speculators and ethanol producers rather than the interests of U.S. citizens who will ultimately pay higher prices for food and U.S. farmers, who are already staggering...
  • International Energy Blather

    12/20/2006 1:27:14 PM PST · by Tolerance Sucks Rocks · 9 replies · 460+ views
    Cato Institute ^ | December 20, 2006 | Jerry Taylor and Peter Van Doren
    Energy ministers from China, India, Japan, South Korea, and the United States which, collectively, account for nearly half of the world's oil consumption met in Beijing last Friday to see if they could agree on a coordinated response to high petroleum prices. On Saturday, the ministers reported that they will henceforth work together when engaged in the project of picking winners in energy markets, redouble their efforts to subsidize and mandate energy conservation and efficiency, cooperate in the management of their respective government-owned oil stockpiles, and improve flow of oil market data between their respective economies. Let's hope...
  • Producers Move to Debunk Gloomy 'Peak Oil' Forecasts

    09/14/2006 11:44:07 AM PDT · by Tolerance Sucks Rocks · 18 replies · 836+ views
    Wall Street Journal ^ | September 14, 2006 | BHUSHAN BAHREE and JEFFREY BALL
    Leading players in the petroleum industry, including Saudi Arabia and Exxon Mobil Corp., are aggressively arguing that plenty of crude oil remains for world consumption, in an effort to counter critics who contend crude output is about to plateau. That argument, known as peak-oil theory, has provided intellectual backing for the boom in crude prices and sowed doubts among some policy makers about crude's long-term reliability as an energy source. Such doubts, coupled with concern over sky-high prices, have added impetus to the search for oil substitutes -- including in Washington, where President Bush this year declared the U.S. "addicted...
  • Peak oil theorists don't know Jack ( It Could Increase U.S. Reserves by 50% )

    09/05/2006 10:03:24 PM PDT · by demlosers · 106 replies · 2,565+ views
    Globe and Mail ^ | 5 September 2006 | PATRICK BRETHOUR
    The elephants aren't extinct yet. Chevron Corp. and its partners say they have tapped into an area that may contain as much as 15 billion barrels of oil in the ultradeep waters of the Gulf of Mexico the kind of massive reservoir of crude that the industry dubs an elephant discovery. The days of such discoveries were supposedly gone, with oil supplies peaking as the world simply ran out of big oil-producing fields, according to pessimistic forecasters. Instead, high technology and sky-high oil prices have combined to transform dud prospects into billions of barrels of crude. The industry is...
  • China and Saudi Arabia: interesting SPR team up? China may tap Saudis to fill its oil reserve...

    06/23/2006 8:47:57 AM PDT · by fight_truth_decay · 325+ views
    MarketWatch ^ | 7:10 AM ET Jun 23, 2006 | Myra P. Saefong,
    China may tap Saudis to fill its oil reserve, a move likely to influence prices. SAN FRANCISCO (MarketWatch) -- A deal between the globe's most populous nation and the biggest oil producer in the world may hold significant consequences for oil prices, but experts disagree on exactly what that outcome might be. China and Saudi Arabia are reportedly discussing an agreement to import oil from Saudi Arabia to fill China's strategic oil reserves. The goal was to have about 800 million barrels in the reserve, said Phil Flynn, a senior analyst at Alaron Trading, who cited comments from China's Finance...
  • The U.S. Govt'sSecret Colorado Oil Discovery

    05/17/2006 8:44:30 PM PDT · by dmanLA · 112 replies · 6,182+ views
    Newsmax email | Newsmax email
    The U.S. Govt's Secret Colorado Oil Discovery Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world - more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. Three companies have been chosen to lead the way. Test drilling has already begun... Dear Reader, Five months ago, the U.S. Energy Department announced the results of a land survey... It was conducted to determine the official amount of oil a thousand feet deep in the Rocky Mountains... They reported this stunning news: We have more oil inside our...
  • Scaring People About Energy

    02/22/2006 12:38:54 PM PST · by Anne_Conn · 67 replies · 1,049+ views
    Canada Free Press ^ | Wednesday, February 22, 2006 | Alan Caruba
    By Alan Caruba Wednesday, February 22, 2006 Theres a new book, "A Thousand Barrels A Second" by Peter Tertazkian, that paints a very scary scenario about the oil industry and energy options in the future. When I read such books or the daily headlines in newspapers or in news magazines, I keep reminding myself that bad news sells.
  • Why are Newfoundlanders so dumb?

    02/14/2006 10:13:52 AM PST · by Anne_Conn · 15 replies · 1,053+ views
    Canada Free Press ^ | Tuesday, February 14, 2006 | Myles Higgins
    It's long been said by people in Newfoundland and Labrador that, "everyone else thinks they know better than we how things should be done." "Outsiders" have given us reams and reams of unsolicited advice for decades, since long before joining Confederation in fact.
  • Cuba Invites U.S. Cos. to Fight Embargo

    02/03/2006 4:17:52 PM PST · by NormsRevenge · 8 replies · 294+ views
    AP on Yahoo ^ | 2/3/06 | Julie Watson - AP
    MEXICO CITY - Cuban officials invited U.S. corporations Friday to lobby against the U.S. trade embargo and invest in the communist nation's energy sector, as they announced plans to double their drilling capacity and explore for oil in the island's Caribbean waters. In the first private-sector oil summit between the two countries, executives from U.S. giants like ExxonMobil Corp., Caterpillar Inc. and Valero Energy Corp. were meeting with Cuban government officials in Mexico City this week to learn about Cuba's potentially lucrative oil reserves. "We would be happy if North American companies also participated in future projects," said Raul Perez...
  • Kuwait oil reserves only half official estimate-PIW

    01/24/2006 10:19:33 AM PST · by dkj1021 · 19 replies · 797+ views
    Reuters.com ^ | Friday, January 20, 2006
    LONDON, Jan 20 (Reuters) - OPEC producer Kuwait's oil reserves are only half those officially stated, according to internal Kuwaiti records seen by industry newsletter Petroleum Intelligence Weekly (PIW). "PIW learns from sources that Kuwait's actual oil reserves, which are officially stated at around 99 billion barrels, or close to 10 percent of the global total, are a good deal lower, according to internal Kuwaiti records," the weekly PIW reported on Friday. It said that according to data circulated in Kuwait Oil Co (KOC), the upstream arm of state Kuwait Petroleum Corp, Kuwait's remaining proven and non-proven oil reserves are...
  • The crescent of fear

    11/10/2005 7:31:45 AM PST · by Eurotwit · 18 replies · 1,435+ views
    Spectator ^ | Issue: 12 November 2005 | Rod Liddle
    As France burned, the mullahs arrived on the scene, shook their heads sadly and immediately issued a fatwa. However, for the many Frenchmen who may have shuddered inwardly when they heard the term so invoked, this was a good fatwa, a nice fatwa, a fatwa to be proud of. The mullahs swung by and ordained that Allah would be extremely cross if Muslims torched any more cars, shot any more policemen, lobbed any more petrol bombs or murdered any more elderly white people. Allah wanted Muslims instead to stay at home, potter about the house, maybe watch a little TV....
  • Former U.S. president Clinton urges responsible development of oil reserves (in Canada)

    10/19/2005 4:45:42 PM PDT · by NormsRevenge · 31 replies · 687+ views
    Canadian Press on Yahoo ^ | 10/19/05 | Judy Monchuk
    CALGARY (CP) - Former U.S. president Bill Clinton had a stern message for oil-rich Alberta about the effects of global warming when he ventured into the heart of Canada's energy industry Wednesday. Energy-producing nations shouldn't keep their "heads in the sand" and allow the world's climate to change to the point where it could have catastrophic results, Clinton told 5,000 people gathered for a motivational seminar. "In the long run, rich countries and emerging countries are going to have to be much more discriminating about what we use oil and coal for," Clinton said at the final stop in a...
  • Rand Corp: Green River Formation of CO, UT, & WY Contains Triple The Saudi Proven Oil Reserves

    09/03/2005 8:30:13 AM PDT · by Entrepreneur · 39 replies · 4,186+ views
    The Rand Corporation ^ | 2005 | James T. Bartis, Tom LaTourrette, Lloyd Dixon, D.J. Peterson, Gary Cecchine
    The U.S. Oil Shale Resource Base The term oil shale generally refers to any sedimentary rock that contains solid bituminous materials that are released as petroleum-like liquids when the rock is heated. To obtain oil from oil shale, the shale must be heated and resultant liquid must be captured. This process is called retorting, and the vessel in which retorting takes place is known as a retort. The largest known oil shale deposits in the world are in the Green River Formation, which covers portions of Colorado, Utah, and Wyoming. Estimates of the oil resource in place within the Green...
  • Iraqi oil output 'can help meet rise in demand'

    04/15/2005 11:19:09 PM PDT · by M. Espinola · 5 replies · 467+ views
    The Financial Times ^ | April 15th, 2005 | Neil MacDonald & Kevin Morrison
    Recovering Iraqi oil production could go some way towards meeting an expected spike in world oil demand later this year, assuming that security improves and output can be ramped up, a senior Iraqi oil marketing official said on Thursday. But any boost in Iraq's crude production is still likely to fall short of optimistic output estimates of 3.5m barrels a day made in the early days of the US-led administration in Iraq. "We expect to boost our production by 500,000 to 750,000 b/d [barrels per day], if and only if the security situation improves and if investment plans are...
  • New York Times Up, Bush Down? - (Getting It Wrong Again)

    04/13/2005 10:21:40 PM PDT · by CHARLITE · 537+ views
    OPINION EDITORIALS.COM ^ | APRIL 11, 2005 | R.A. HAWKINS
    It was interesting to see the crude oil prices spike again recently. It reminded me of the way in which lemmings run off of cliffs in a rapture that only they could ever understand. Somebody said they thought the prices could reach $110 per barrel and everybody that could jump on that did. I really have to wonder why that is. One would think that after the good ole dotcom con that people would be a little more cautious about such advice. Apparently not. The per barrel price began to drop within a week. That was but a sideshow to...