While all the indications are that we are heading for an oil crunch soon, in the short term the high oil prices have finally had an effect on demand.
There is an old saying in the world’s financial institutions that “nothing cures high prices like high prices,” and it certainly seems as true today as in […]

The US is starting to break its “addiction” to foreign oil as high prices, more efficient cars, and the use of ethanol significantly cut the share of its oil imports for the first time since the late seventies.
According to a report in today’s Financial Times, the country’s foreign oil dependency is expected to fall from […]

In the late winter of 2006, the citizens of Burlington, Vermont prepared to elect one of five candidates to a three-year term for an open mayor’s seat.  At one forum, a citizen stood up and asked, “Within the next mayoral term, it’s likely the price of oil will hit $90 a barrel and gas will […]

The oil and gas industry will need as much as $21.4 trillion in capital expenditures between now and 2030 to meet sharply growing global demand for hydrocarbons forecast by experts, according to analysts.
Larry G. Chorn, the chief economist for Platts, which provides energy and commodities information, argues capital spending is likely to exceed $1 trillion […]

The International Energy Agency’s has forecast lower-than-expected demand for oil next year by about 160,000 barrels, citing slower economic growth in the US and Europe.
It predicted demand of 88.02m barrels a day next year, down from the 88.16m it forecast last month, and also forecast falling demand in the final quarter of this year, to […]