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Archive for April, 2011

Oil Analysts at Barclays Capital

By on 25 Apr 2011 in quotes with 0 Comments

“We continue to believe that the top for crude oil prices this year is not yet in.”

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Review April 25, 2011

By on 25 Apr 2011 in Peak Oil Review with 0 Comments

Download Full PDF 1. Oil and the Global Economy After a dip which sent NY oil down from $110 a barrel to as low as $106 on Tuesday, prices bounced back to close at $112.29 on Thursday, the last trading day of the week. The dip was precipitated by the Saudi oil minister‘s announcement that […]

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Pick One: SPR or Recession

By on 25 Apr 2011 in commentary with 9 Comments
Pick One: SPR or Recession

In a Brookings Institution presentation in early 2009, UCSD economist James Hamilton suggested that the government think of using the US Strategic Petroleum Reserve (SPR) to counter high oil prices. Although the suggestion failed to gain traction at the time, recent upheaval in the Middle East is once again putting the future of the SPR back on the agenda. Should the reserve be drawn to cool oil prices which have surged on the back of lost Libyan crude output? I must admit I was somewhat cool to the idea when Hamilton published his Brookings paper, but his suggestions often prove prescient and therefore deserve closer examination. Indeed I became much more convinced when I saw a Federal Reserve presentation on short term oil prices, which largely concluded that the institution has little insight into short term oil price movements. Given the potential impact of oil prices on the economy, the Fed does not have the luxury of such ignorance.

The SPR was established in 1975, after the first oil crisis, with the purpose of providing a critical petroleum reserve to the US which could be drawn in the event of war or embargo. This seems sensible enough. A large and militarily critical power like the US should avoid being held hostage to energy exporters like the Gulf states and Russia. But the oil-price spikes of 2008 show that oil prices can substantially damage the US economy even without hostile acts by other countries.

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IEA’s Oil Market Report

By on 18 Apr 2011 in quotes with 0 Comments

“The surest remedy for high prices may ultimately prove to be high prices themselves.”

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Review April 18, 2011

By on 18 Apr 2011 in Peak Oil Review with 1 Comment

Download Full PDF 1. Oil and the Global Economy NY crude continued the fall last Monday which took prices down from the vicinity of $113 a barrel to below $106. For the remainder of the week prices slowly rebounded to close on Friday at $109.39. In London Brent crude traded some $14 a barrel higher […]

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A Look Back at North Sea Oil Production Projections

By on 18 Apr 2011 in commentary with 3 Comments
A Look Back at North Sea Oil Production Projections

In 1999, I wrote a paper concerning the production decline of North Sea oil fields and made projections for the future of Norwegian and United Kingdom (U.K.) oil production (crude + condensate). For comparison purposes, I compared my projections with those by the U.S. Department of Energy/Energy Information Administration (US DOE/EIA). Table I is from that paper.

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The International Energy Agency's Clean Energy Progress Report

By on 11 Apr 2011 in quotes with 0 Comments

“More aggressive clean energy policies are required, including the removal of fossil fuel subsidies and implementation of transparent, predictable and adaptive incentives for cleaner, more efficient energy options.”

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Review April 11, 2011

By on 11 Apr 2011 in Peak Oil Review with 0 Comments

Download Full PDF 1. Oil and the Global Economy NY oil hovered around $108 a barrel from Monday through Wednesday last week and then surged on Thursday and Friday to close the week at $112.79. In London Brent crude moved even higher closing out the week at $126.65, the highest close since July 2008 and […]

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Dhiaa Jaafar, director-general of Iraq’s South Oil Co.

By on 4 Apr 2011 in quotes with 0 Comments

“If things go as planned we will be reaching around 2.5 million barrels a day from southern oil field alone by the end of this year.”

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Review April 4, 2011

By on 4 Apr 2011 in Peak Oil Review with 0 Comments

Download Full PDF 1. Oil and the Global Economy Oil prices moved up sharply last Thursday and Friday with NY crude closing just below $108 a barrel and London crude at $118.70 – the highest settlement since August 2008. There were several reasons for the move. In Libya, the fighting seems to have reached at […]

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NEW EXECUTIVE DIRECTOR TAKES HELM

By on 1 Apr 2011 in Other with 0 Comments
NEW EXECUTIVE DIRECTOR TAKES HELM

A Message from Executive Director Jan Lars Mueller On March 1, I officially started my tenure as ASPO-USA’s executive director. I am both energized and humbled by the challenges that face the organization, the nation, and the world at this point in history. With oil prices ramping upward in spite of a sluggish global economy, […]

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