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Archive for March, 2009

Production and Prices

By on 30 Mar 2009 in Peak Oil Review Extra with 0 Comments

Oil prices started the week at $52 a barrel, climbed to a recent high of nearly $55 on better economic news, and then fell to close back at $52 as the equity markets softened and natural gas prices dropped dramatically on Friday. The weekly stocks report showed an unexpectedly large 3.3 million barrel increase in […]

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Natural Gas Prices Continue to Fall

By on 30 Mar 2009 in Peak Oil Review Extra with 0 Comments

Natural gas prices fell by more than 16 percent last week, settling on Friday at $3.63 per 1000 cubic feet, the lowest close since September 2002.  As the US economy contracts, the demand for natural gas has been dropping. Nearly 60 percent of US natural gas consumption is for industrial purposes or the generation of […]

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Briefs week of March 30, 2009

By on 30 Mar 2009 in Peak Oil Review Extra with 0 Comments

Last week, the Russian government predicted 2009 oil output of 9.68 million b/d, a 1.1 percent annual drop. But a survey of 12 analysts puts the decline at more than twice that rate, with the most pessimistic predicting a slump of 7%. Moscow-based Alfa Bank reckons the annual rate of decline in production at Russian […]

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Quote of the Week

By on 30 Mar 2009 in Peak Oil Review Extra, quotes with 0 Comments

“The state of the airline industry today is grim. Demand has deteriorated much more rapidly with the economic slowdown than could have been anticipated even a few months ago. The relief of lower fuel prices is overshadowed by falling demand and plummeting revenues. The industry is in intensive care.” —  Giovanni Bisignani, Director-General, International Air […]

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Week of March 30, 2009

1. Last Week 2. Natural Gas Prices Continue to Fall 3. Quote of the Week 4. Briefs March 30, 2009 Commentary: Top Stories from 2008 Read Online Library and PDF Subscribe

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The Next Oil Price Spike

By on 30 Mar 2009 in Peak Oil Review Extra with 0 Comments

There is widespread agreement that a combination of falling investment in oil production and the ongoing OPEC production cut will eventually cause another damaging spike in oil prices. Last week Matthew Simmons told Reuters that “we are three, six, maybe nine months away from a price shock. We are not talking about three to five […]

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Commentary: After the Bird Strike

Commentary:  After the Bird Strike

Last summer the global economy suffered the financial equivalent of a devastating bird strike. Lehman Brothers went into one engine, AIG into the other. The open question now is whether there’s a prosperous way down. It’s not clear whether Obama and Geithner have the right stuff or not, but in fairness they are dealing with […]

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The Secretary of Synthetic Biology

By on 26 Mar 2009 in Other with 17 Comments
The Secretary of Synthetic Biology

In preparing for the future, it is very important to have a wide range of options and to think in advance about how we are going to react to the worst cases as well as the best. —Kenneth Boulding The road to hell is paved with good intentions —ancient proverb Last week’s column Steven Chu’s […]

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Reality of Peak Oil & Gas

By on 26 Mar 2009 in Other with 0 Comments
Reality of Peak Oil & Gas

Presentation by David Hughes Tattered Cover Bookstore Denver, Colorado March 9, 2009 Presentation in PDF

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Week of March 23, 2009

By on 23 Mar 2009 in Peak Oil Review with 0 Comments

1. Last Week 2. The Next Five Years–Peak Lite and the Current Oil Picture 3. Quote of the Week 4. Briefs March 23, 2009 Commentary: Top Stories from 2008 Read Online Library and PDF Subscribe

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Production and Prices

By on 23 Mar 2009 in Peak Oil Review Extra with 0 Comments

Last week started with oil falling to below $44 a barrel on Monday as OPEC voted to hold production steady. As the week progressed, prices climbed to a three-month high of nearly $53 after the US announced a plan to fight the recession by having the Federal Reserve purchase US government debt. Tanker tracker Oil […]

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Mexico’s Cantarell

By on 23 Mar 2009 in Other with 0 Comments

Mexico received the bad news last week that production from the giant Cantarell oil field continues to decline faster than expected. Although the state oil company PEMEX continues to talk optimistically of producing 2.75 million b/d of crude during 2009, production in February was 2.66 million b/d, down 8.6 percent from February 2008. The EIA […]

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Investment in Venezuela

By on 23 Mar 2009 in Peak Oil Review Extra with 2 Comments

As exports slide, oil prices remain stagnant, and its economy falters, Caracas is searching for new investment to replace the US and European oil companies that were largely driven out two years ago. With cash short, Venezuela is holding up payments to contractors. Oil service companies are halting drilling for non-payment of bills and last […]

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The Natural Gas Glut

By on 23 Mar 2009 in Peak Oil Review Extra with 0 Comments

With US manufacturing slumping and cars produced for sale in the US currently down to an annual rate of about 4 million vehicles, the demand for natural gas has dropped markedly in recent weeks. Natural gas in the US now goes for around $4 per thousand cubic feet as compared to $13 last July. Six […]

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Briefs week of March 23, 2009

By on 23 Mar 2009 in Peak Oil Review Extra with 0 Comments

OPEC’s decision to resist new supply cuts laid the ground not just for cheaper oil to help heal the economy, but for warmer relations with the world’s biggest energy consumer. Two days after U.S. President Barack Obama called Saudi King Abdullah, OPEC said it would stick to existing supply targets, even though fuel inventories have […]

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Quote of the Week

By on 23 Mar 2009 in Peak Oil Review Extra, quotes with 0 Comments

“We don’t have a crystal ball on oil prices, so we are planning on the basis that the downturn could last more than a year,” — Jeroen Van der Veer, CEO of Royal Dutch Shell

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The Next Five Years–Peak Lite and the Current Oil Picture

The Next Five Years–Peak Lite and the Current Oil Picture

A few years ago, after spending a lot of time thinking about peak oil, and then watching the price of oil break out of its historical trading range and head higher, the idea of Peak Lite came to me. Over time the price of oil had bounced between $10 and $30 a barrel, but about […]

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Week of March 16, 2009

By on 19 Mar 2009 in Peak Oil Review with 0 Comments

1. Last Week 2. Laying Down Tools 3. Quote of the Week 4. Briefs March 16, 2009 Commentary: Top Stories from 2008 Read Online Library and PDF Subscribe

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Steven Chu's Energy Miscalculations

By on 19 Mar 2009 in commentary with 7 Comments
Steven Chu's Energy Miscalculations

Lt. Kara ‘Starbuck’ Thrace: [reacts to a joke]  That was weak! So very, very weak! Samuel T. Anders: [playfully]  Lighten up a little bit. It’s only the end of the world. — from Battlestar Galactica Dr. Steven Chu, our new Secretary of Energy, won the Nobel Prize for physics in 1997 for his research in […]

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Production and Prices

By on 16 Mar 2009 in Peak Oil Review Extra with 0 Comments

Last week oil prices were dominated by a rebound in the equity markets and the prospects for another production cut at yesterday’s OPEC meeting. All week a stream of mixed signals emerged from various OPEC sources as members pondered the issue of another cut. Starting the week at $47 a barrel, oil fell as low […]

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OPEC’s Dilemma

By on 16 Mar 2009 in Peak Oil Review Extra with 0 Comments

The cartel could have either left production unchanged and prices relatively low, thereby contributing to helping the global economic situation from getting worse or perhaps even rebounding; or it could have continued efforts to force prices higher and risk causing an even greater and longer-lasting recession. As oil is the main source of revenue for […]

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And OPEC's Decision

By on 16 Mar 2009 in Peak Oil Review Extra with 0 Comments

The cartel will keep production quotas unchanged, will meet again on May 28th and September 29th, and will make concerted efforts to implement the remainder of the current 4.2 b/d production cut. The unmet portion of the cuts, announced during the fourth quarter of 2008, was reported last week by OPEC as being 800,000 barrels […]

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Forecasts

By on 16 Mar 2009 in Peak Oil Review Extra with 2 Comments

Last week saw a spate of new forecasts for the global economy and the demand for oil during 2009. The International Monetary Fund and the World Bank issued forecasts that were much bleaker than those issued by private forecasters. Both foresee the world economy shrinking for the first time since World War II. The three […]

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Briefs week of March 16, 2009

By on 16 Mar 2009 in Peak Oil Review Extra with 0 Comments

CERA: The direction oil prices take will depend more on a meeting of world leaders in London next month than on what OPEC decided Sunday, said Daniel Yergin, CERA chairman. There is now between 6 and 7 million barrels of spare production capacity for oil worldwide, Yergin said. He expects prices to average $45 a […]

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Quote of the Week

By on 16 Mar 2009 in Peak Oil Review Extra, quotes with 0 Comments

“Oil is not only the world’s most important commodity, it’s a barometer of the global economy.  It’s telling us the global economy is sick.” —   Daniel Yergin, Chairman of Cambridge Energy Research Associates

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