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Archive for January, 2011

IEA Executive Director Nobuo Tanaka, referring to current oil prices

By on 31 Jan 2011 in quotes with 0 Comments

“Alarming”

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Review January 31, 2011

By on 31 Jan 2011 in Peak Oil Review with 1 Comment

Download Full PDF 1. Oil and the Global Economy The week started with oil prices continuing to fall until Friday morning when NY futures reached an eight-week low of nearly $85 a barrel largely on signals that the Saudis would be increasing production to slow price increases. Weaker US economic data and a jump in […]

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Lies We Tell Ourselves, By Sharon Astyk

By on 31 Jan 2011 in commentary with 1 Comment
Lies We Tell Ourselves, By Sharon Astyk

“He may be a son of a bitch, but he’s our son of a bitch.” Although the story that Franklin Roosevelt said this about a dictator (it is variously told about Central American, Caribbean and Middle Eastern leaders) America was supporting is almost certainly apocryphal, our very eagerness to claim these words so often reveals […]

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Amrita Sen, commodity analyst at Barclays

By on 24 Jan 2011 in quotes with 1 Comment

“For Russia to maintain production at or above 10 million barrels per day, the investments required are huge. Decline rates in West Siberia are very steep and projects in East Siberia are fairly limited.”

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Review January 24, 2011

By on 24 Jan 2011 in Peak Oil Review with 1 Comment

Download Full PDF 1. Oil and the Global Economy In New York oil futures traded between $92-93 a barrel early in the week but dropped $2.50 on Thursday after Beijing announced a raft of statistics showing rapid economic growth. This revived concern that China’s economy was overheating and that the demand for oil could drop. […]

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TWIP Fails to Warn of a 1.8 mb/d Supply Shortfall by Bill James

By on 24 Jan 2011 in commentary with 1 Comment
TWIP Fails to Warn of a 1.8 mb/d Supply Shortfall by Bill James

Mission failure. The Energy Information Administration (EIA) is funded by American taxpayers to warn about energy issues. Every Wednesday the EIA publishes This Week in Petroleum (TWIP). The failure to warn is highlighted in the Jan 12, 2011, TWIP: “EIA expects a continued tightening of world oil markets over the next two years. World oil […]

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Greenland’s Prime Minister Kleist, after a meeting with the Norwegian Foreign Minister

By on 17 Jan 2011 in quotes with 0 Comments

“The recent discoveries of possible findings of oil have increased the debate on the issue of independence. It is a goal and every day we are coming closer to that.”

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On Not Jumping the Gun By Sharon Astyk

By on 17 Jan 2011 in commentary with 0 Comments
On Not Jumping the Gun By Sharon Astyk

The e-mails started coming in to my mailbox this fall, their quantity and excitement level tracking the rising oil prices. Had I heard that this analyst just predicted $110 a barrel of oil by next year? How about this analyst, who suggested we might hit $200 a barrel by the end of 2015? As oil snuck past $80 a barrel toward $90, more and more of these predictions were made by analysts seeing a trend, and more and more of them were sent to me by correspondents as evidence that oil prices are going up – way up.

I understand why my fellow peak-oil activists are excited. High oil prices make sense to the general public, and when oil prices are high, peak oil gets serious attention. Phrases like “the end of cheap oil” start making sense to people. When gas and heating oil prices make the news, the language of peak oil resonates. It is easy to explain to someone ignorant of energy issues: “Peak oil means that you won’t be able to afford to get to work and that the price of everything made with oil (which is everything) is going up.”

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Review January 17, 2011

By on 17 Jan 2011 in Peak Oil Review with 0 Comments

Download Full PDF Peak Oil Review 1. Oil and the Global Economy After climbing from $89 to $91 a barrel on Monday, NY oil prices traded in the vicinity of $91 a barrel for the remainder of the week closing at $91.54 on Friday. In London, however, Brent crude continued to move ahead, expiring at […]

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Mohamed El-Erian, chief executive of Pimco

By on 10 Jan 2011 in quotes with 0 Comments

“Today’s reports confirm that, unfortunately, post-crisis America is still not back to its good economic self.”

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Review January 10, 2011

By on 10 Jan 2011 in Peak Oil Review with 0 Comments

Download Full PDF 1. Oil and the Global Economy After reaching a 27-month high of $92.58 on Monday, oil prices slipped last week to a three-week low settling at $88.53 on Friday. In the absence of overriding news concerning supply or demand, prices moved on the US dollar which increased 3.3 percent vs. the euro […]

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The Tierney-Simmons Bet

By on 10 Jan 2011 in commentary with 1 Comment
The Tierney-Simmons Bet

Five years ago, John Tierney, a columnist with The New York Times, and Matt Simmons, peak oil guru and founder of energy investment bank Simmons & Co., made a bet. Simmons argued that oil prices would be much higher in 2010. Tierney, a believer in human ingenuity and a follower of economist Julian Simon, took the other position. Simon, a so-called Cornucopian, argued that there would always be abundant supplies of energy and other natural resources and that the real price of commodities like oil would remain stable or decline over time.

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Group shifts peak oil attention to Washington with new executive director

By on 7 Jan 2011 in news release with 1 Comment

In a bid to boost its influence on US energy policy, the Association for the Study of Peak Oil & Gas-USA has appointed a Washington policy insider and former campaign hand as the group’s full-time director, it said Thursday.

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Top 10 Developments of 2010

By on 3 Jan 2011 in commentary with 1 Comment
Top 10 Developments of 2010

Top 10 Developments of 2010

1. Unexpected Growth in Global Demand

As the global demand for oil increased during 2010 the IEA was forced to steadily increase its forecast for average annual demand. In January the agency said that the increase over 2009 would be 1.4 million b/d. By July that had increased to a 1.8 million b/d gain and in mid-December the estimate was up to a 2.5 million b/d increase in global oil consumption. The agency notes that in the 3rd quarter global demand may have been up by 3.3 million b/d over the previous year, a rate which is clearly outstripping increases in production and indicating that a drawdown in global stocks is taking place.

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Review January 3, 2011

By on 3 Jan 2011 in Peak Oil Review with 0 Comments
Review January 3, 2011

Top 10 Developments of 2010

1. Unexpected Growth in Global Demand

As the global demand for oil increased during 2010 the IEA was forced to steadily increase its forecast for average annual demand. In January the agency said that the increase over 2009 would be 1.4 million b/d. By July that had increased to a 1.8 million b/d gain and in mid-December the estimate was up to a 2.5 million b/d increase in global oil consumption. The agency notes that in the 3rd quarter global demand may have been up by 3.3 million b/d over the previous year, a rate which is clearly outstripping increases in production and indicating that a drawdown in global stocks is taking place.

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