Posts in Oil Price
- Last week, President Obama lauded the fact that America was poised to become the number one energy producer in the world this year.
- One of the political mantras of those old boys at the American Petroleum is that if the gas price is too high it means we have to drill for more oil. Plain and simple. Its good old fashioned economics: supply and demand. If the price is too high, we must be faced with a physical...
Continue reading 'Regulator Acts Against Oil Speculators'.
- The subsidy battle raging in Washington at the moment is all about what are known as “production” subsidies. These are subsidies that are paid to the oil majors to keep the oil and gas flowing. But there is also another type of subsidy: this is where governments, often in countries producing oil or developing countries,...
Continue reading 'The High Cost of Keeping Gas Prices Low'.
- Until Sunday night one of the main talks of the town in Washington was gas prices. Now the talk of the town is Bin Laden’s death. Oh and gas prices. Because the issue of high gas prices is not going away any time soon. A 36 per cent rise in the last year put pays...
Continue reading 'As Gas Prices Remain High, US Becomes Net Exporter of Fuel'.
- Many people are now getting jittery about Saudi Arabia. Protesters in the Kingdom have called for a “day of rage” his Friday to show their dissatisfaction with King Abdullah’s regime. Meanwhile the King has tried to head off serious unrest in the country by pledging to boost spending on housing, social welfare and education. And...
Continue reading 'OPEC’s “Fictional” Comfort Blanket'.
- The press reports this morning that members of Opec have joined Saudi Arabia in boosting oil output to make up the fall in output from Libya. The countries concerned – Kuwait, UAE and Nigeria – have all promised to boost production. In many ways you could argue that OPEC’s gamble is trying to delay the...
Continue reading '“An oilquake that shakes our world to its core”'.
- Three years ago during the last oil price hike when oil reached $150 a barrel, there were repeated calls for a concerted effort for the international community to finally wean itself off its chronic oil addiction. There were repeated calls that the combined financial crisis and energy crunch was a prefect reason to kick-start the...
Continue reading 'UK Gov: its “crazy” not to prepare a low-carbon future'.
- Only a couple of weeks ago Iran’s OPEC governor Mohammad Ali Khatibi was saying the crude oil market is oversupplied and prices of $70 and $80 are more nominal than real. “If we compare the current prices with the real prices of a few years ago, [today's real] prices will stand at USD 50 per...
Continue reading 'If We Reach $100 a Barrel: Blame the Bankers'.
- It’s interesting how peak oil continues to grab the headlines. If you log on to the Independent newspaper this morning the “Exclusive” headline is “Warning: Oil supplies are running out fast.” The paper’s story was based on an interview with Fatih Birol, the lead economist with the International Energy Agency (IEA) who talked how depletion...
Continue reading 'What About the Demand-Side Warning?'.
- First it was the credit crunch, now it looks like an oil crunch. The International Energy Agency is warning that, due to the economic downturn and reduced investment in oil, when demand picks up next year there may not be enough oil to go round. Nobuo Tanaka, the IEA’s executive director, said that he expected...
Continue reading 'Economic Collapse Leads to Supply Crunch and Less Renewables'.
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