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What Will A $586 Billion Dollar Infrastructure Project In China Do To Oil Prices?

Even before the massive stimulus package, that includes road and dam construction in Sichuan province, the Paris based International Energy Agency announced that demand for oil in China would increase at least 5.2% compared to 6% this year. Now that the massive stimulus and infrastructure package has been approved we could very well see oil demand in China at, or above the pre crisis level. Read More. Rigzone.com

 

New Era Of Cheap Crude Just Wishful Thinking

Here we have another peak oil news story rebutting the belief that cheap oil is here to stay, this one from the UK's  Daily Telegraph expressing concern that oil prices will rise again once the world economy picks up steam. Oil production was just cut 2% by OPEC and developing nations like China and India are still growing at 7% to 8%. No doubt Americans will begin to drive more as gas dips below two dollars per gallon in some areas. Read More Telegraph

 

Oil Investment Falloff Will Result In Even Higher Prices In The Future

Here we have yet another voice added to the growing consensus that the huge falloff in oil exploration investment and OPEC cuts will lead to a rebound to price levels at or above what we have seen this past year. Oil companies need oil to be over $80 per barrel to fund many speculative projects and the tar sands need that level to remain profitable. We will see a big shortfall when the economy rebounds later in 2009. Read More  Wall Street Journal Blog

 

Oil Set To Rise Again As Economy Recovers

It's not just the peak oil doomers that that believe that the current drop in oil prices is temporary. As the financial gurus over at Motley Fool tell us in this article the consensus is, in  much of the financial world, is that oil stocks are undervalued. The Tupi field offshore of Brazil only hold 100 days of world oil consumption and ANWR only one years worth of U.S. oil consumption. The Motley Fool

 

Russia Oil Production Off For Ninth Straight Month In A Row.

Bloomberg news reports that Russian fields are seeing the first declines since 1998. Older, mature fields are falling off. Production fell 0.4 percent to 9.83 million barrels of crude a day (40.2 million metric tons a month) compared with a year earlier, according to figures released by the Energy Ministry. This comes at a time when Russia's growth has become increasingly dependent on higher oil export volumes.  Read More:  Bloomberg News

 

Ex - Saudi Oil Executive Say's Reserves Figures are "Bunk"

An ex- Saudi oil executive, Sadad Al-Husseini claims that Saudi oil reserve numbers are inflated and do not reflect reality. He claims that oil producing countries are inflating claims of their reserves by adding in unproven assets, tar sands and overstating production from marginal fields. This fits in with what energy analyst Matthew Simmons has written about in "Twilight In The Desert" regarding the decline of Saudi Fields. Read More: Moneynews

 

Supplies Drop As Oil Giants Loose Their Clout

In this peak oil news article we see how the large, multinational oil companies are loosing their influence due to national interests in countries such as Venezuela. As a result they are not able to keep up production and despite large reserves of capital due to record profits are unable to find new fields to exploit.  Read More: New York Times

 

Decline In Oil Prices Holds Promise Of Some Short Term Relief

Due to the financial storm caused by the mortgage crisis worldwide growth has slowed. Oil prices have fallen as a result but peak oil has not left us. Prices remain relatively high due to lack of supply. Read More: International Herald Tribune

 

T Boone Pickens Forecasts $200 to $300 Per Barrel Oil Prices In Coming Years

Oil man T. Boone Pickens has rarely been wrong when it comes to forecasting energy prices. When he speaks those who want to make big profits listen.  He predicts oil prices in the $200 to $300 per barrel range in coming years as the economy rebounds. Are we being lulled into a false sense of security as oil prices decline due to the economic slowdown? Read More: CBS News

 

Matt Simmons Calls The Decline In Oil Prices "An Illusion". Crude Really Headed For $500.

Oil industry analyst Matthew Simmons, author of "Twilight In The Desert" is no crackpot theorist. As a frequent guest of CNBC, advisor to presidents and manager of a successful investment fund he has some thoughts on the recent decline of world oil prices. He believes peak oil is here and we will see $500 per barrel oil in coming years. Read More: CNN Money

 

Chinese Clone Western Cars As Demand Soars

Here's why peak oil isn't going away folks. Increased demand from India and China for fuel will skyrocket as working class Indians and Chinese buy cheap clones of western gas guzzlers.  There's even a clone of the Hummer! China won't just keep these cars at home, they are building them for export to the third world as well as for domestic sale. Read More:  Monsterauto.ca

 

Oil Company Profits Dropping As Expenses Rise

Oil is getting harder and harder to recover. As the easy to produce reserves are tapped out the difficult ones, offshore and in very deep water are eroding oil company profits. Not many people are sympathetic but the implications of this are clear. The easy oil has been sold and to replace that supply will mean more expensive technology and procedures as the hunt for deep offshore oil is stepped up. Read More: Financial Times

 

This list of peak oil news stories is updated bi-weekly. Bookmark it to your favorites for the latest news stories about peak oil and the global financial crisis.

 

 

 


 

 

 

 

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