Five years ago, when oil prices were climbing steadily and economists were stoking fears about peak oil and gas, it seemed that major energy producers like Russia were holding all the cards. Then-president Vladimir Putin spoke of his country as an “energy superpower” and used energy supplies as a blunt instrument of Kremlin foreign policy. Gas cutoffs to Ukraine caused panic in Europe, while Western energy companies fell over each other to get a slice of Russia’s oil and gas fields.
Posts Tagged ‘oil price’
The Peak Oil Crisis: Accusations
There would be calls for impeachment and the likelihood that any legislation could be passed that might be helpful in preparing for or mitigating the consequences of global oil depletion for the time being are zilch. The reason of course is that the evidence for peak oil must first become so overwhelming that even the simplest amongst can understand that there is no cheap and easy way out of the problem
What Oil Price can America Really Afford?
If the health of the economy matters, then the administration should take note that oil, at the time of writing, stands around $70 and that the recession threshold, by the books, is $80. Oil prices do not have to rally very much to reach unsustainable levels for the US economy.
Global oil supply: Separating fact from fiction
In the 1960s, 26 giant and super-giant fields were discovered. That number has consistently declined to only two so far in the first decade of the new millennium. The conditions necessary to create giants and super-giants occur infrequently, and where they do occur the real estate has, with few exceptions, been well explored. Trying as hard as they can to discover giant or super-giant fields, the oil companies’ results have been disappointing.
Oil Prices: Still Volatile, Still Disruptive
The point is that while crude oil volatility is down from a year ago, price movements are still more unpredictable than they have been historically. “Current volatility is still above long-term average volatility.
Supply up, demand down, but oil prices rise
Crude oil, the lifeblood of the global economy, costs $61.67, even as the world struggles through the worst recession since World War II. And prices are rising, climbing 26 percent in the last month.
IEA: No spare oil capacity at the end of 2013
The International Energy Agency (IEA) fears that an expected recovery in oil demand from 2010 and oil project cancellations due to low crude prices and the credit crisis will mean no spare oil capacity at the end of 2013.
The Coming Oil Train Wreck: First stop Mexico
Only a true contrarian can worry about high oil prices, shortages and global economic shockwaves when the price of oil has fallen from $147 to under $40 per barrel in less than six months and gasoline is now less than $2 a gallon! I should be singing “Happy (driving) days are here again,” but I’m not. The facts speak otherwise, and the time for preparation and mitigation is growing short.
Oil drops 9 pct as demand outlook overshadows OPEC
U.S. crude prices dropped more than 9 percent to $36 a barrel Thursday as slumping demand and swelling U.S. inventories offset OPEC’s record supply cut agreement.
