Today’s EIA petroleum report shows that storage of all major petroleum products are now above average. Even the prospect of lower oil supplies from Mexico don’t threaten our situation through the summer. Higher oil prices the last few years drove a domestic drilling boom that is finally paying off through a substantial increase in US oil production. The question is, how long will (more…)
Posts Tagged ‘Mexico’
High US Oil Supply can Handle 2009 Mexico Oil Decline
Wednesday, April 1st, 2009January Mexico Oil Production Continues Quick Decline
Saturday, February 21st, 2009
Once the biggest oil field in the hemisphere, production from Mexico’s Cantarell continues to decline at an astounding rate. This past January, output was down 38% (!) from January 2008. This collapse sent total Mexican crude oil production down by (more…)
Oil in Mexico: Where is it headed?
Monday, January 26th, 2009
As I have reported many times these past few months, Mexican oil production has been declining rapidly. Last year’s full numbers were just released, and the country produced ~9% less oil in 2008 than the year before, even though prices hit their highest ever. But there was an interesting trend at the end of last year that could determine whether their exports will fall to zero by the end of Obama’s first term. (more…)
Russian oil decline accelerates & other supply concerns
Thursday, January 8th, 2009With the price of oil pretty low below $45 per barrel and global demand falling, it seems to be a silly time to bring up supply worries. But recent numbers on Russian oil production and some other major non-OPEC producers show we need to keep our eye on this biggest source of world energy. (more…)
Happy Holidays & a few energy tidbits…
Monday, December 29th, 2008
I’m back from another amazing trip down to North Carolina to be with family! I ate enough to bicycle back to New York City, but of course we took the rental car and train with our Christmas presents and luggage 
There have been some major energy developments that I’d like to begin discussing today… For instance, China is reported to have much slower coal consumption growth in 2008 than years past. (more…)
A Climate Partner to the South: Mexico Takes a Stand
Thursday, December 11th, 2008
Mexico’s Environmental Secretary Juan Rafael Elvira became an environmental hero today. He announced Mexico’s commitment to cut greenhouse gas emissions in half by 2050 through a sustainable energy transition to include massive integration of solar, wind and other clean technologies. This crucial development shows policymakers in the US that we have a strong partner for climate change mitigation to the South. (more…)
Oil decline could devastate Mexico
Monday, November 24th, 2008
For many past posts, I emphasized difficult times ahead for the US and other oil importing countries as oil production declines. But falling production will also hurt many producers who depend on oil exports for government revenue. The situation is extremely severe in our southern neighbor, Mexico.
Mexico’s oil production [including crude oil and natural gas liquids] peaked in 2004 at (more…)
Thanksgiving travel affordable as gas price falls
Friday, November 21st, 2008
One more thing to be thankful for — affordable transportation. While I bicycle and take mass transit for daily trips related to work and basketball, my wife and I are renting a car to get down to family in North Carolina for Thanksgiving. It’s always a trip we’re excited about — to be with sisters, brothers, parents, and the rest of our wonderful family and friends — and to enjoy their delicious contributions to the annual feast. This year will include another treat, one that helps us weather the recession: lower gas prices. Today, gasoline has fallen to $1.99 per gallon nationwide — less than (more…)
Mexico oil production in freefall, next President better prepare for peak oil
Tuesday, October 21st, 2008Mexico just reported that their production continued to rapidly decline in September. Cantarell production was 36% below a year ago at only 940,000 barrels per day, and total crude production was down 14% from last year at only 2.722 million barrels per day (Mbd). This was the lowest level since 2.55 Mbd in November 1995. Exports were down 37% from last year. The slide in production could finally be felt by PeMex and its home country since oil prices were back down toward year-ago levels. This lower production will seriously rock the federal budget of Mexico in the months to come — especially due to exports declining faster than production declines as domestic demand rises. Some Mexico production was shut-in over the (more…)
Debate This: Solar, Wind & Efficiency to replace oil imports from Mexico & Venezuela
Friday, September 26th, 2008Over the next seven years, two of our top sources of oil imports may cut us off. Just last year, Mexico and Venezuela sold us 2.9 million barrels per day to fuel our cars and heat our homes, over 20% of our import demand. But Mexico’s oil production is falling more than 5% per year while their domestic consumption rises. Thus, most analysts predict Mexican oil exports to be nonexistent by ~2015. And Venezuela is signing deals with China to send more of its exports there over the next few years even though their production is currently stagnating.
As the Southeast experiences the crippling effects of fuel shortages, planning to replace this oil over the next seven years is critical if we are to (more…)