If you believe the press reports, you’d think that the oil industry was hurting of late, what with the headlines coming out of the most recent quarterly earnings reports saying things like, “Exxon and Shell Earnings Disappoint,” and “Occidental quarterly profit lower”, and “Chevron 2nd-Quarter Profit Off 6.8%; Upstream Earnings Fall”. These headlines paint a … Read More
Oil Reserves
Bye, Bye Peak Oil
Contrary to what most people believe, oil supply capacity is growing at such an unprecedented level that it might soon outpace consumption. This could lead to overproduction and a steep dip in oil prices. That is the startling conclusion from Leonardo Maugeri, a former senior executive with Italian oil giant ENI, who is currently a … Read More
“The last man will switch off the button”
At one point yesterday, Brent crude, the European benchmark grade of oil was topping $108 a barrel—its highest level in 2½ years. Such is the surge in oil prices caused by the Libyan crisis that it could derail the global economic recovery according to Fatih Birol, the International Energy Agency’s chief economist. Analysts argue that … Read More
Exxon is Running Out of Oil
When the history of the hydrocarbon age is written, the one company that will personify Big Oil more than any other will be Exxon. Yes, there are other oil majors like Shell and BP, but they are like young pretenders to the Oil King. Exxon is the company that has bet its future on oil, … Read More