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.
Posts Tagged ‘Oil’
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.
The demise of the dollar
In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading
The 1.258 trillion-barrel question: How much oil lies in reserve?
Scripps’ Constable, a man of science, is not reassured by such appeals to faith in unseen trillions of barrels. He’s well aware of the recent finds in Iraq, the Gulf of Mexico and elsewhere. Moreover, he believes that his own electromagnetic experiments will uncover new undersea oil fields.
“But,” he concluded, “we’re still burning it faster than we’re discovering it.”
Oil still has us over a barrel
The spate of recent giant oilfield discoveries in the Gulf of Mexico, Iran, Uganda and Brazil is welcome. A cohesive society will depend on plentiful supplies of oil for years to come, no matter how quickly we can mobilise low-carbon electricity stored in batteries and other
Energy: China turns tables on U.S.
Our domestic markets are exactly the opposite of the Chinese. Americans are strapped with debt, paralyzed and frozen in place. We had to borrow more money in order to keep our entire economic system from collapsing.
The Sleeping Threat of Low Oil Prices
Oil prices in the high $30s to low $40s are nothing short of a ticking time bomb under the world economy, but you wouldn’t know it from watching the commodity markets. Once the global downturn slashed $100 off the price of a barrel, the issue of oil supply seemed to simply fall off the radar of market observers. Falling oil demand is all that anyone seems to care about, but we may pay dearly for taking our eye off the ball of supply.
Marvin Odum, the US President of Royal Dutch Shell worried aloud on
Days’ Supply of Oil: Calculating Global Inventories
We easily have enough peanut-butter to last the Summer.” Problem: enrollment has risen from 1000 campers to 1400 campers, over that ten year period.
OPEC Achieves Cuts in Output, Halting Price Slide
After months of gradually closing the oil spigot, members of the OPEC cartel have managed to stop the slide in oil prices — at least for now.
