Alltop, all the top stories
November 27, 2009

Dubai, Dubai

 

It sure looks like the rich and famous are not so rich anymore. Dubai asked lenders for extra time on payments, and the oil market tanked to the tune of 7%. Prices recovered, but…

How should we play this one? It was only a half-day for the market. Good for consumers in the short term, and good for the dollar.

Stay tuned for Monday’s take.

Filed under:Fuel cost,Fuel Price Trends,Gas price | by Pump Girl @ 6:38 pm | 

November 17, 2009

No Peak Oil Before 2030

 

Hard to know what to think! A NYT blog called ‘Green Inc.’ writes that a study by IHS Cambridge Energy Research
Associates
released this week says oil supplies will continue growing for the next 20 years, and plateau for another 20 years after that.

The report, called “The Future of Global Oil Supplies: Understanding the Building Blocks,” shows how oil supplies will reach 115 million barrels a day around 2030, up from 92 million barrels today. They will remain at that level through 2050. (The report sets a lower peak level than in recent years, IHS said, because the recession had led companies to reduce their investments and demand is not expected to rise as high as previously thought.)

We don’t know. It the world flat after all?

Filed under:Energy,Fuel Price Trends,Gas price | by Pump Girl @ 5:53 pm | 

November 12, 2009

Oil Supply Vs. Reality

 

Some whistleblower at the IEA says it has been underplaying the oil shortage to avoid worldwide panic. Existing oilfields have been declining more than admitted, and new reserves have been exaggerated, and the US is totally in bed with this. Could be, but who’s afraid of annoying Uncle Sam?

The mystery source says:

“The IEA in 2005 was predicting oil supplies could rise as high as 120m barrels a day by 2030 although it was forced to reduce this gradually to 116m and then 105m last year,” said the IEA source, who was unwilling to be identified for fear of reprisals inside the industry. “The 120m figure always was nonsense but even today’s number is much higher than can be justified and the IEA knows this.

“Many inside the organisation believe that maintaining oil supplies at even 90m to 95m barrels a day would be impossible but there are fears that panic could spread on the financial markets if the figures were brought down further. And the Americans fear the end of oil supremacy because it would threaten their power over access to oil resources,”

The IEA stands by its figures.

Matt Simmons has always said that peak oil may be closer than we think. And he hasn’t been the only one.

Grassy knoll here, people? Or not?

Filed under:Fuel Price Trends,Gas price,Price Shocks | by Pump Girl @ 5:08 pm | 

November 6, 2009

A New Take On Finding Petroleum

 

Nice article by Rachel Cernansky on ‘Planet Green’ about 10 places to find petroleum, and why it’s going to take more than driving hybrids to conserve on gas.

#1. Chewing gum – uses petroleum-based polymers (we never knew this one).

#2. Hair dye – you don’t want to know.

#3. Asphalt

#4. Crayons – uses paraffin. Also see candles.

#5. Ink

#6. Pantyhose Also see any other nylon product.

7, 8, 9, 10…Ok, there’s going to be more than 10 items on this list

Heart Valves. Pillows. Aspirin. Ammonia. Toothpaste. Toothbrushes. Guitar strings. Shoe polish. Tape. Rubbing Alcohol. Vitamin capsules. Solvents. Caulking. Insecticides. Deodorant. Glue.

The wax layer of the packaging your frozen food comes in. (And, of course, the fertilizers that farmers used to grow much of that food.)

Riding a bike isn’t going to take care of all our dependence on oil. Not by a long shot!

Filed under:Alternative Energy,Fumes | by Pump Girl @ 6:06 pm | 

November 5, 2009

You’ve Heard It Before

 

Gas prices hit a new 2009 high last week. An average of $2.58/gal.

Most conclude the weak $$ is to blame. Last we read, inventories were robust, but now the EIA says that oil & gas supplies have dropped.

Even OPEC says that $80/barrel oil is a little too high given the fragile economy. It blames the oil speculators.

OPEC isn’t “telling you that oil is a good buy at these prices,” analyst Stephen Schork said. “The only people who are telling you that oil is worth $85 (a barrel) is Wall Street.”

Filed under:Fuel cost,Fuel Price Hedging,Fuel Price Trends,Gas price,Price Shocks | by Pump Girl @ 7:53 pm |