With 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…)
Posts Tagged ‘Russia’
Russian oil decline accelerates & other supply concerns
Thursday, January 8th, 2009Renewables Tax Credits injected into Senate bailout bill; Natural Gas & Oil updates
Thursday, October 2nd, 2008As hope for the renewal of crucial tax credits for solar and wind was fading, the Senate made a last-ditch effort to keep them alive. They added it as a sweetener to encourage passage of the financial bailout after the previous bailout attempt failed the House on Monday. Now all eyes are on the House to see if they approve, even though this version still doesn’t address a key House concern regarding the tremendous amount of national debt it adds to our struggling federal coffers. With Senate passage in a bipartisan vote and the market reaction on Monday, it seems the House will let this bill through. But we will see.
The weekly natural gas report showed (more…)
Hurricane Gustav & Mexico production declines
Tuesday, August 26th, 2008The first major hurricane of the 2008 season is churning its way toward oil and gas rigs in the Gulf of Mexico — sending prices up even though the dollar is strong today. Gustav turned from a new Tropical Depression yesterday to a Category 1 Hurricane today as it passes over southern Haiti. NOAA forecasters predict it will remain over water south of Cuba and then hit the Gulf as a Category 3 or 4 storm gathering strength from the warm water. This would threaten to shut down Gulf of Mexico fields that equal (more…)
Energy Wars Beginning?
Monday, August 18th, 2008Many believe a key reason the US invaded Iraq was to control more Middle Eastern oil, as neither weapons of mass destruction nor serious links to Al-Qaeda were found. While Iraq increases its oil production, will US firms like Exxon Mobil benefit from the trillion+ dollars of tax money and the lives lost during the war and occupation? We’ll see.
A more recent conflict raises the specter of energy wars (more…)
Obama calls for an SPR release, Russia produces less oil
Monday, August 4th, 2008As McCain was winning over voters by pretending that opening offshore oil to drilling would reduce oil prices significantly within the next few years, Obama had to do something louder than encouraging people to drive more efficient vehicles. Unfortunately, due to Bush’s catastrophic lack of fiscal responsibility, the Presidential candidates can only do things that cost nothing or completely pay for themselves. So, Obama’s new support for a release from the Strategic Petroleum Reserve (SPR) comes as little surprise. But now is a good time to debate the merits of such a plan… (more…)