Keyword: oilsupply

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  • Warming Russia-Turkey relations send a chill through Ukraine

    10/12/2016 1:33:53 AM PDT · by Brad from Tennessee · 99 replies
    Christian Science Monitor ^ | October 11, 2016 | By Fred Weir
    Moscow — Leaders of Turkey and Russia signed a long-delayed deal Monday to build the TurkStream gas pipeline under the Black Sea to deliver Russian gas to Europe's doorstep within three years. The rapid warming trend in Russo-Turkish relations holds deep implications for Syria's immediate crisis, which dominated the talks and the subsequent headlines, but the fallout from that pipeline deal is a potentially crushing blow to struggling pro-Western Ukraine and may be rearranging strategic realities around the region for many years to come. Analysts say that if TurkStream goes ahead it will enable Moscow to cut its former main...
  • Iran says Saudi Arabia should move to curb oil price fall

    01/01/2015 11:12:32 PM PST · by Olog-hai · 10 replies
    Reuters ^ | Thu Jan 1, 2015 11:22am EST | Michelle Moghtader
    Falling world oil prices will hurt countries across the Middle East unless Saudi Arabia, the world’s biggest crude exporter, takes action to reverse the slump, Iran’s deputy foreign minister told Reuters. Hossein Amir Abdollahian described Saudi Arabia’s inaction in the face of a six-month slide in oil prices as a strategic mistake and said he still hoped the kingdom, Tehran’s main rival in the Gulf, would respond. Oil prices closed on Wednesday at a 5½ year low, registering their second-biggest ever annual decline after OPEC oil exporters, led by Saudi Arabia, chose to maintain oil output despite a global glut...
  • 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...
  • Libya: Former Guantánamo detainee is training rebels

    04/03/2011 11:46:32 PM PDT · by bruinbirdman · 12 replies
    The Telegraph ^ | 4/3/2011 | Nick Allen
    Former detainee at Guantánamo Bay has taken a leading role in the military opposition to Col Muammar Gaddafi, it has emerged, alongside at least one other former Afghan Mujahideen fighter. Rebel recruits in the eastern port city of Derna are being trained by Sufyan Bin Qumu, a Libyan who was arrested following the US-led invasion of Afghanistan in 2001, and held at Guantánamo for six years. Port city of Derna, Libya Abdel Hakim al-Hasidi, a senior Libyan rebel commander in Derna, was also held following the invasion of Afghanistan and handed over to Libyan custody two months later. Both men...
  • Scarce Oil? U.S. Has 60 Times More Than Obama Claims

    03/15/2012 11:24:37 AM PDT · by SaveOurRepublicFromTyranny · 10 replies
    INVESTOR'S BUSINESS DAILY ^ | March 14, 2012 | John Merline
    When you include oil shale, the U.S. has 1.4 trillion barrels of technically recoverable oil, according to the Institute for Energy Research, enough to meet all U.S. oil needs for about the next 200 years, without any imports.
  • OPEC Going Sideways: Not a Good Time for Oil Importers

    07/17/2010 9:54:12 AM PDT · by profgoose · 2 replies
    The Oil Drum ^ | 17 JUL 2010 | Matt Mushalik
    OPEC tells us it has lots of spare capacity, but how much should we believe them? Even when prices were much higher than they are now, back in 2008, they did not make use of all of the spare capacity that they supposedly had. Figure 1 When one looks at a history of estimates of future productive capacity, we find too, that they have tended to decrease over time (up until the new 2010 report)--also raising questions about current estimates. The International Energy Agency (IEA) recently put out its Mid Term Oil and Gas Market Report 2010 (MTOMR 2010). Although...
  • A Ban On Truth

    06/10/2010 6:02:09 PM PDT · by Kaslin · 17 replies · 976+ views
    IBD Editorials ^ | June 10, 2010 | Investors Business Daily staff
    Energy Policy: The advisory board on offshore drilling says it never endorsed a moratorium, which was added later by the interior secretary. The only thing transparent about this administration is its lies. Experts brought together by the Obama administration to review offshore drilling safety were asked to review recommendations in the wake of the Deepwater Horizon disaster. They did not give their blessing to the six-month drilling moratorium announced by Interior Secretary Ken Salazar and have accused him of deliberately appending their report to make it seem like they did. According to the New Orleans Times Picayune, Salazar's May 27...
  • Canada’s Oil Sands Set to Become Biggest Source of U.S. Oil Imports, Report Says

    05/24/2010 1:28:38 PM PDT · by bananaman22 · 6 replies · 325+ views ^ | 05/24/2010 | Darrell Delamaide
    Canadian oil sands will probably become the No. 1 source of U.S. crude oil imports this year, and could make up more than a third of the nation’s oil and refined product imports by 2030, according to a new study. The Role of Canadian Oil Sands in U.S. Oil Supply, a report from Cambridge, Mass.-based IHS CERA, says that in a fast-growth scenario, oil sands could represent 36% of oil imports by 2030, or 20% in a more moderate growth scenario, compared with 8% in 2009. Production of 1.35 million barrels per day (mbd) in 2009 could rise to between...
  • Drilling Oil Execs For Answers

    05/11/2010 4:26:22 PM PDT · by Kaslin · 13 replies · 455+ views ^ | May 11, 2010 | Investors Business Daily staff
    The BP Spill: Tuesday on Capitol Hill, oil executives were subjected to the Senate's latest show trial. Senators did not say the accident in federal waters was a federal responsibility or that nature spills more oil every day. The morning hearing by the Energy and Natural Resources Committee chaired by Sen. Jeff Bingaman of New Mexico and the afternoon session before California Sen. Barbara Boxer's Environmental and Public Works Committee prove White House Chief of Staff Rahm Emanuel's dictum that a good crisis is a terrible thing to waste — especially when your goal is exploiting the Deepwater Horizon disaster...
  • Louisiana Spill: Big Oil's Chernobyl?

    04/30/2010 5:18:32 PM PDT · by Kaslin · 87 replies · 2,100+ views ^ | April 30, 2010 | INVESTORS BUSINESS DAILY Staff
    Energy: The administration has banned new offshore drilling until the Gulf oil spill is investigated. Was its heart in it anyway? It seems environmental concerns apply only to certain forms of energy. No one pays much attention to the aquatic "dead zones" that have appeared off our shores at the mouths of our rivers due to agricultural runoff created by mandates for corn-based ethanol. Ethanol is green energy, good energy — never mind that such biofuels drive up food prices, increase hunger around the world and damage the environment in their own way. The explosion that blew apart an oil...
  • Drill, Mr. President, Drill

    03/31/2010 4:23:57 PM PDT · by Kaslin · 29 replies · 1,007+ views ^ | March 31, 2010 | INVESTORS BUSINESS DAYLY Staff
    Energy: As the administration loosens restrictions on domestic energy development and offshore drilling, a reviled company develops technology to unlock America's vast shale resources. Drill, baby, drill. We have been among President Obama's harshest critics when it comes to the administration's overly restrictive energy policy, so we were pleasantly surprised to see him announce on Wednesday some light at the end of the pipeline. Some light, for many restrictions will remain in an energy policy best termed schizophrenic. Speaking at Andrews Air Force Base near Washington, D.C., Obama announced the welcome news that his administration will let lease sales go...
  • Chortling At Chu

    03/12/2010 5:07:46 PM PST · by Kaslin · 18 replies · 957+ views ^ | March 12, 2010 | INVESTORS BUSINESS DAILY Staff
    Future Fuels: Our secretary of energy pushes bio-refineries and windmills to oil executives at an energy conference as the administration announces a three-year offshore drilling ban. This is a policy for economic suicide. They don't qualify as an official group of victims, but carbon-Americans, as they have been called, did not have much to cheer about last week, when Energy Secretary Steven Chu addressed CERAWeek 2010, a premier industry conference hosted by IHS Cambridge Energy Research Associates. With an economy struggling to regain sound footing, Chu advocated a starvation diet devoid of additional fossil fuels that are to remain under...
  • Drilling Ban To Cost Trillions

    02/16/2010 4:16:12 PM PST · by Kaslin · 21 replies · 1,321+ views ^ | February 16, 2010 | INVESTORS BUSINESS DAILY Staff
    Energy: A new study shows that our reluctance to develop domestic energy will cost the beleaguered U.S. economy trillions in opportunity costs, reduce our gross domestic product and increase our trade deficit. From trying to stimulate jobs in nonexistent ZIP codes at great expense to worshiping the false gods of climate change, our biggest deficit these days may be in the area of common sense. A new study shows that many of our wounds are self-inflicted as we forgo the wealth and jobs to be found in our waters and under our feet. The study by Science Applications International Corp....
  • Drillgate: Secretary Salazar's Cover-Up

    02/08/2010 5:50:44 PM PST · by Kaslin · 14 replies · 1,136+ views ^ | February 8, 2010 | INVESTORS BUSINESS DAILY Staff
    Energy The administration asked for public comments on a plan to expand offshore drilling. When they came in 2-to-1 in favor, the Interior Department sat on the news. Time for a "Texas tea" party? When you ask for public comment on a major policy issue, at some point you should make the results public, not hide them until you can figure out a way to spin the public reaction to support a conclusion you've already drawn. On its last business day in office, the Bush administration published a proposed draft of a five-year plan to lease areas in the Atlantic...
  • Iran Arming Its Navy So It Can Threaten Strait of Hormuz

    12/04/2009 9:20:59 AM PST · by Shellybenoit · 12 replies · 627+ views
    Reuters/The Lid ^ | 12/4/09 | The Lid
    Iran's nuclear weapons program is about so much more than destroying the "Zionist Entity." Iran wants to be a super power on the scale of the United States. Iraq acts like a super power feeding little satellite countries like Venezuela, Nicaragua, and Bolivia, Senegal, Zimbabwe, and South Africa. Nothing makes Iran happier than tweaking at the United States because its leadership feels that once it develops nuclear weapons Iran will be on par with the evil Satan, the USA. In September 2008, Iranian Elite forces took charge of the Strait of Hormuz. If they close the Strait, they stop 30%...
  • 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...
  • 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...
  • Drill, Ivan, Drill

    05/08/2009 3:55:43 PM PDT · by euram · 74 replies · 2,034+ views
    IBD Editorials ^ | 05-07-09 | INVESTOR'S BUSINESS DAILY
    As Palin pointed out to Salazar, the USGS assessment "estimates that Arctic Alaska has mean technically recoverable resources of approximately 30 billion barrels of oil, 6 billion barrels of natural gas liquids and 221 trillion cubic feet of conventional natural gas."
  • 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...
  • The Next Oil Shock

    05/31/2009 7:52:56 AM PDT · by WhiteCastle · 11 replies · 1,357+ views
    Investor's Business Daily ^ | May 22, 2009 | Editorial
    A top expert tells Congress that oil will be around for a long time and high inventories and low prices are no excuse not to find more. Oil shock? How about a no-oil shock? Be careful what you wish for, goes the old proverb. Well, as we all had hoped, energy prices have fallen — but only as part of the global decline in economic activity. This has been used as an excuse to further discourage exploration for and development of domestic oil resources. But if the economy does recover, that policy could provoke another recession.
  • 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...
  • Oil companies spend more on taxes than on oil supply development

    06/13/2008 1:25:37 PM PDT · by neverdem · 52 replies · 259+ views
    American Thinker ^ | June 13, 2008 | Christopher Alleva
    If didn't know better, I would think the Democrats are really trying to lose this election. First they offered up the cap and trade global warming bill in the Senate that was quickly withdrawn when they realized what a debacle they were creating for themselves. Then this week they planned to use a windfall profits tax to vilify the oil companies and distract the public from their negligence and malfeasance for failing to enact laws and make policies to encourage the production and distribution of the life-blood of the nation- oil. Congress has repeatedly failed to produce legislation to that would lead to more meaningful energy...
  • Major Alaskan Oil Field Shutting Down

    08/06/2006 8:16:56 PM PDT · by grandpa jones · 89 replies · 2,136+ views
    Ask News ^ | 8/6/06 | mary pemberton
    ANCHORAGE, Alaska (AP) - Half the oil production on Alaska's North Slope was being shut down Sunday after BP Exploration Alaska, Inc. discovered severe corrosion in a Prudhoe Bay oil transit line. BP officials said they didn't know how long the Prudhoe Bay field would be off line. "I don't even know how long it's going to take to shut it down," said Tom Williams, BP's senior tax and royalty counsel. Once the field is shut down, in a process expected to take day, BP said oil production will be reduced by 400,000 barrels a day. That's close to 8...
  • Blanco says she'll fight to block offshore oil leases in cour

    02/09/2006 9:48:22 AM PST · by libertarianPA · 18 replies · 687+ views
    KPLC - 7 ^ | 2/9/06 | AP
    February 9, 2006 Reported by the Associated Press Governor Kathleen Blanco says she'll go to court, if necessary, to block future oil leases off Louisiana's coast until the state gets a bigger share of the billions in royalties from the oil and gas extracted there. Blanco threatened to block those leases in a letter last week to the federal agency that manages offshore drilling, the Minerals Management Service. When questioned yesterday about just how far she would take the fight, Blanco said she'd go to court. Louisiana officials want to use half the oil and gas royalties from offshore drilling...
  • Saudi Arabia cuts oil sales to U.S., ups China

    09/17/2004 2:42:24 PM PDT · by Bald Eagle777 · 30 replies · 1,081+ views
    The Washington Times ^ | 9/16/04 | Thom J. Rose
    Washington, DC, Sep. 16 (UPI) -- Saudi Arabia, long the largest supplier of oil to the United States, has cut U.S. sales dramatically and may soon no longer be among the top five largest U.S. suppliers. The Saudi kingdom's new largest customer is China. "Saudi sales to the U.S. have fallen off the table," James Placke, a senior associate at Cambridge Energy Research Associates ..... Saudi oil sales to the United States peaked in 2002 at 1.7 million barrels per day but had fallen to 1.1 million barrels per day in May....Placke said at a Washington forum. Placke, who has...
  • Minimizing Mischief in Venezuela, Stabilizing the U.S. Oil Supply

    08/15/2004 9:39:14 AM PDT · by NormsRevenge · 14 replies · 462+ views
    Heritage Foundation ^ | 8/12/04 | Steven Johnson and Ariel Cohen, PH.D
    Venezuelan President Hugo Chávez is systematically leading his country into dictatorship by provoking internal conflict and characterizing his internal opponents as traitors. Beyond Venezuela, he sees himself replacing Fidel Castro as the leader of Latin America's radical left--uniting the region against U.S.-style democracy, free markets, and American influence. Chávez derives popular support from fellow ideologues and a small but committed segment of Venezuela's largely poor population, and he is beginning to use the hemisphere's dependence on Venezuelan oil to encourage leftist movements elsewhere and to pressure other countries into acquiescing to his activities. By politicizing and mismanaging the state petroleum...
  • Crude Oil Futures Rise to Record on Concern About Supply Cuts ($43.14 a barrel)

    07/30/2004 1:07:01 AM PDT · by RWR8189 · 14 replies · 1,714+ views
    Bloomberg ^ | July 30, 2004 | Sri Jegarajah
    July 30 (Bloomberg) -- Crude oil futures in New York rose to a record on concern increased demand and disruptions to supply may sap inventories before the Northern Hemisphere's winter, when heating fuel consumption peaks. Oil rose as high as $43.14 a barrel, the highest in the 21 years since the futures began in New York, and traded at $43.13 at 2:39 p.m. Singapore time. On Wednesday, oil rose to $43.05 a barrel after OAO Yukos Oil Co., Russia's biggest oil exporter, said its shipments may be cut by a dispute with the government over tax payments. Oil futures have...
  • Hubbert's Peak goes global. Commentary: Why the coming oil crisis will be structural

    05/13/2004 11:04:00 AM PDT · by .cnI redruM · 23 replies · 452+ views ^ | Last Update: 12:01 AM ET May 13, 2004 | By Paul Erdman,
    Editor's note: This is the second in a three-part series on oil by MarketWatch columnist Paul Erdman. See Part 1 HEALDSBURG, Calif. (CBS.MW) -- Before considering the effect of surging global demand for energy on the price of crude, I would like to discuss the potential structural change in the supply of oil. This change will have deep-seated implications beyond the cyclical supply/demand crisis we are experiencing at present. In 1956, M. King Hubbert, an American geophysicist working at the Shell Oil research laboratory in Houston, came up with a startling prediction: Oil production in the United States would peak...
  • Boat Attacks Iraq's Main Oil Terminal -UK Military

    04/24/2004 11:02:39 AM PDT · by prairiebreeze · 91 replies · 625+ views
    Reuters ^ | April 24, 2004
    BASRA (Reuters) - At least one boat attacked Iraq's main oil terminal offshore in the Gulf on Saturday, a British military spokesman said. Asked about an unconfirmed report that two boats exploded at the Basra terminal in suicide attacks, Major Ian Clooey told Reuters: "We are just getting reports that there has been an incident at the Basra offshore terminal. There are no firm details yet but we know of at least one vessel involved."