Posted January 9, 2007
Over 1.5 TRILLION barrels of oil equivalent have been produced since Edwin Drake drilled the world's first oil well in 1859. The world will need that same amount to meet demand in the next 25 years alone. And if you're thinking that it's all for your gas tank, you're only half right.
Posted December 29, 2006
As companies rush to find the new fields that will satiate our world's increasing demand for oil, their mad dash has pushed them to the ends of the earth, literally.
Posted December 21, 2006
Business Weeks claim that exotic offshore production from fields like Jack will tip the balance of supply and demand in the long term is a reprehensible speculation, just another verse in the swan song about cheap oil and endless economic expansion.
Posted December 15, 2006
For the first time in over two decades, the Organization of Petroleum Exporting Countries (OPEC), which already produces over a third of the world's oil supply, extended its influence by admitting a new member, Angola, into the oil cartel.
Posted December 12, 2006
According to the latest quarterly review from the Bank for International Settlements (BIS), oil-producing countries have reduced their U.S. dollar exposure to the lowest level in two years. Crude exporters are reportedly shifting oil income into euros, yen, and sterling as a hedge against a continuing tumble in the USD. This shift from petrodollar to petroeuro will have a catastrophic effect on the American economy.
Posted November 17, 2006
One of the world's most expansive ethnic groups sits on vast quantities of fossil fuel reserves, spread out across national and even continental boundaries. Turkey, the nominal head and economically most mature of these, should turn its far-flung cousins to a renewable energy horizon.
Posted October 31, 2006
Unless youre talking to one of the worlds few oceanic geologists, methane hydrates would most likely be an unfamiliar term. Yet these massive deposits of methane gas could turn into the next major energy source. And with the right push, they could be worth an inestimable amount of money one day soon.
Posted September 21, 2006
Forget the recent drop in gas prices. Smoke and mirrors don't hide the real picture for that long. Countries and companies worldwide know that a long-term strategy for energy security involves not just the soot of the earth but the fat of the land also.
Posted August 29, 2006
Like most entrepreneurs Roger Davey is a man that sees something that very few other people do. Because of it he takes risks, he works hard, and he pushes his dream down a road with no sure answers. And like most monomaniacs his dream will either end in the Promised Land or at the bottom of a cliff.
Posted August 21, 2006
A few days ago the International Energy Agency (IEA) -- a Paris-based institute that acts as an energy policy advisor to 26 countries worldwide -- leveled out their outlook for global oil demand growth for this year. The organization estimated that when everything is all said and done, global demand will have only averaged 84.78 million barrels a day (MMbbls/d) in 2006.
Posted August 9, 2006
Believe it or not... One oil field accounts for 6.25% of the world's daily global production -- about 5 million barrels a day...
Posted August 8, 2006
Maybe somebody ought to give the fellas over at British Petroleum (BP) Neil Young's phone number. Had they only known that rust never sleeps, we might have avoided the market shock that sent oil prices to record levels on Monday.
Posted August 1, 2006
OPEC is the true 800-pound gorilla of the oil game. The cartel is officially estimated to control over 887 billion barrels of proved oil reserves -- supposedly two-thirds of the world's remaining proven supplies. But while these reserves seem massive, you have to realize one very important fact...
Posted June 15, 2006
My oil world expanded about five years ago. I sat in a solarium just off the food court at the University of Kansas student union, talking with two men who said they were from Turkey and Azerbaijan, respectively. They wore suits, unlike most of the foreign students I conversed with. When I asked why, they told me, "We are petrochemical engineers, and we're here because we need help building a pipeline."
Posted April 28, 2006
Though I wasn't in Scotland anymore, the man next to me on the train was Scottish.