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A recent Lloyd’s of London reported that the world is heading for a global oil supply crunch (better known as peak oil) and that lack of oil by 2013 could force oil prices of crude above $200 a barrel.
The Lloyd’s of London/Chatham House report, one of the London City’s most respected institutions has warned of [...]
Shortly after being sworn in, the current US President commented on what many would believe to be a peak oil warning alarm bell for the US and the world.
“Oil is a finite resource… We consume more than 20 percent of the world’s oil, but have less than 2 percent of the world’s oil reserves. And [...]
Saudi Arabia’s King Abdullah has ordered a halt to all new oil exploration to save Saudi Arabia’s oil wealth for future generations, the official Saudi Press Agency reported last weekend.
“I was heading a cabinet meeting and told them to pray to God the Almighty to give it a long life. I told them that [...]
The real Gulf of Mexico and BP oil crsis could be peak oil production which maybe starting to rear it’s head at BP’s Thunder Horse oil platform that was supposed to extract a billion barrels of oil at a rate of 250,000 barrels a day.
Oil production at the Gulf’s Thunder Horse began in May 2008 [...]
The recent oil spill off the Gulf of Mexico may cost BP more in the long term as major companies could join the lobby against the oil industry for its harmful effect on the environment, according to the UK Industry Task Force on Peak Oil and Energy Security.
Spokesman John Miles said: “There is likely [...]
Peak oil tax? The UK government’s tax take from oil and gas production in the North Sea fell to its lowest ever level, under the current fiscal regime, in the year ended March 31, 2010, according to government data published on Wednesday 24th March 2010.
The UK treasury expects to take £6.4 billion (GBP) in corporation [...]
Peak oil now? The world’s oil reserves have been exaggerated by up to a third, which would be a massive amount, according to Sir David King, the UK Government’s former chief scientist, who has warned of shortages and price spikes within years.
The scientist and researchers from Oxford University argue that official figures are inflated because [...]
Royal Dutch Shell’s CEO Peter Voser sought to manage expectations for new, alternative energy sources on Thursday and predicts that crude oil will remain the dominant energy source for decades, not to mention one that will become more difficult to obtain, and hence more expensive.
Voser also addressed whether so called “peak oil” the theory, around [...]
The US refused to back British claims to sovereignty over the Falkland Islands yesterday as the diplomatic row over oil drilling in the South Atlantic intensified in London, Buenos Aires and at the UN.
Despite Britain’s close alliance with the US, the Obama Administration is determined not to be drawn into the issue. It has also [...]
UK North Sea oil companies cannot afford to increase oil and gas extraction from the North Sea area, despite an increase in known oil reserves, according to a new report by industry body Oil & Gas UK shows that there are more projects under consideration than in 2009.
However, difficulties raising finance and the fact that [...]
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Brent oil trading higher, over $73 amid rising US oil stocksBrent oil futures are trading firm over $73 a barrel on Thursday amid the latest report from the US confirms that oil stocks in the United States rose, which was a surprise for many analysts.
In London, Brent crude oil futures for October 2010 delivery was trading at $73.44 a barrel, 08.00 GMT on the ICE [...]
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