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CNSNews.com) – The Green River Formation, a largely vacant area of mostly federal land that covers the territory where Colorado, Utah and Wyoming come together, contains about as much recoverable oil as all the rest the world’s proven reserves combined, an auditor from the Government Accountability Office told Congress on Thursday. The GAO testimony said that the federal government was in “a unique position to influence the development of oil shale” because the [...] Reuters Iran has significantly stepped up its output of low-enriched uranium and total production in the last five years would be enough for at least five nuclear weapons if refined much further, a U.S. security institute said. The Institute for Science and International Security (ISIS), a think-tank which tracks Iran’s nuclear program closely, based the analysis on data in the latest report by the U.N. International Atomic Energy Agency (IAEA) which was issued [...] by Gail E. Tverberg The US Energy Information Administration (EIA) recently released full-year 2011 world oil production data. In this post, I would like show some graphs of recent data, and provide some views as to where this leads with respect to future production. World oil supply is not growing very much The fitted line in Figure 1 suggests a “normal” growth in oil supplies (including substitutes) of 1.6% a year, based on the 1983 [...] Press TV A leading US-based energy consulting firm says oil price may hit $240 a barrel and economic growth may fall by over 25 percent if Iran closes the Strait of Hormuz in reaction to the Western sanctions. Analysts at IHS Global Insight also told reporters that Iran can easily close the strategic strait and disrupt global oil supplies for up to three months by laying mines that the US [...]
AFP - IMF chief Christine Lagarde warned Tuesday that crude oil prices may spike by up to 30 percent if Iranian supplies were disrupted, causing “serious consequences” for the global economy. The standoff between Iran, the world’s second-largest supplier of oil, and the West over the Islamic Republic’s nuclear program is seen as a flashpoint that could sharply increase world crude prices. “Clearly it would be a shock to economies if there was [...] The national average price for a gallon of gasoline rose above the $3.80 mark Monday, resuming the advance that has plagued drivers throughout the winter.
The average price rose nine-tenths of a cent, according to the survey of gas stations conducted for the motorist group AAA. It was the third straight advance, with prices gaining 3.4 cents a gallon over Saturday and Sunday.
A 27-day run of price increases ended last Tuesday with a [...] From Washington’s Blog. Preface: Roubini says that attacking Iran would lead to global recession. The IMF says that Iran cutting off oil supplies could raise crude prices 30%. War with Iran would kill the American economy. and see this and this). So yes, this is a newsworthy economic and financial story. THE AMERICAN AND ISRAELI BEAT THE WAR DRUMS … BUT THE PEOPLE WANT PEACE The American and Israeli Beat the War Drums … But the People Want Peace While the same [...] Goldman Sachs: 5 Questions For 2012. Today’s focus article discusses what we see as the 5 most important questions facing the US economy in the coming year. First, will US growth pick up to an abovetrend pace? We think not. Underlying growth is probably considerably weaker than implied by our 3.3% tracking estimate for Q4 GDP growth; tight oil supplies act as a “speed limit” for global growth; fiscal policy remains a drag on [...] Iran claimed to have successfully taken surveillance footage of a US aircraft carrier near the Strait of Hormuz today as both countries raised the stakes in their standoff over the critical oil route. The US aircraft carrier which Iran claims went ‘inside the manoeuvre zone’ where Iranian ships are conducting 10 days of wargames in the Gulf Photo: REUTERS The commander of Iran‘s navy said the reconnaissance mission was proof that his fleet had [...] China draws up contingency plans for if there is a war with Iran for the resulting oil supply crisis“Oil consuming nations, hedge funds and big oil refineries are quietly preparing for a Doomsday scenario: An attack on Iran that would halt oil supplies from OPEC’s second-largest producer. Most political analysts and oil traders say the probability of military action is low, but they caution the risks of such an event have risen as the West and Israel grow increasingly alarmed by signs that Tehran is building nuclear weapons. That has [...] From Washington Times: Iran is contemplating violently shutting down shipping in the Persian Gulf as one of several counterattack options if Israel strikes its nuclear facilities, regional and intelligence analysts say. Such attacks would present the Obama administration with the option of undertaking a limited war against Iran by striking its warships and shore-based anti-ship missiles to keep the Gulf open for business. Former CIA analyst Larry C. Johnson said Iran has enough firepower to effectively close the Gulf [...] From FT: As recently as six months ago, mainstream economic forecasters were expecting real GDP growth to be comfortably above trend in 2011, and surveys of business activity were hitting new peaks. Of course, everyone knew that the underlying condition of the western economies was still very weak, but that did not seem to be sufficient to prevent a continuing normalisation of economic activity, with [...] http://energybulletin.net/stories/2011-08-15/peak-oil-review-aug-15 Peak Oil review 15th August ……..The week also saw new forecasts by IEA, EIA and OPEC suggesting that, unless there is a major economic downturn in the offing, current trends indicate that oil supplies will be inadequate to meet demand in the near future. Global stockpiles fell by 11.8 million b/d in June while the average for the month is a 1.8 million barrel increase. Preliminary data shows [...] That didn’t take long…. United States of America Long-Term debt rating lowered to “AA+” on political risks and rising debt burden; outlook negative. And so it begins. With the outlook, it is clear that S&P believes this is not a one-step “and done” move either. Why? Oh, they were rather expansive on that point: · The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls [...] I recently the following quote from a newsletter I receive.
The world’s most revered investment bank was out with even more damaging news. According to Thursday’s Wall Street Journal: Goldman Sachs Group Inc. said oil supplies will become “critically tight” in 2012, largely because production leader Saudi Arabia won’t be able to pump as much extra oil as many people believe. Robust global economic growth will continue to drive oil [...] by pinecarr Per zerohedge, at http://www.zerohedge.com/article/iraq-slashes-projected-crude-output-half-over-next-5-years And another huge hit to future oil supply. After Goldman released a report on Friday, backtracking on its April recommendation that clients sell crude, instead warning that “critically tight supply-demand fundamentals” will likely cause oil prices to “return to or surpass the recent highs by next year”, “should Libyan oil supplies remain off the market”, which it now appears they will [...] by elfish Why aren’t the laws of supply and demand working? Connecting the Dots: 1. Oil Supplies Increase. Crude Oil supplies increased by 5.4 million barrels or 1.5% over one year ago. 2. Demand For Gasoline Falls. Demand for gasoline fell by 1.6 percent over a year ago. 3. Gas Prices Increase. Falling demand and increasing supply should LOWER gas prices. But in the last 7 months gas prices have risen from $2.68 to $3.88 [...]
Goldman Sachs, which in April predicted this week’s major correction in oil prices, said on Friday oil could surpass recent highs by 2012 due to supply tightness. The Wall Street bank, seen as one of the most influential in commodities business, said it did not rule out a further limited decline in oil prices in the short term. News of Goldman‘s mid-term outlook on Friday helped oil [...] by ZH Goldman’s David Greely, who for a long time was predicting and hoping for a crash in oil, only to see a margin-hike driven one in silver leading to a massive collapse in the commodity complex, is out commenting once again on his outlook on oil. Not surprisingly, the Goldman analyst’s chief fear now is that a contracting economy (which Goldman’s economists have largely failed [...] Gasoline prices continue to rise all over the country and Houston is no exception. Today’s price for a gallon of regular gasoline here — $3.88 a gallon — reflects an increase of 7 cents since last week. Plus, it’s nearly 30 cents higher than last month and more than $1 higher than last year, according to AAA’s FuelGaugeReport.com. Houston is 8 cents away from its all-time high [...] by elfish Why aren’t the laws of supply and demand working? Connecting the Dots: 1. Oil Supplies Increase. Crude Oil supplies increased by 5.4 million barrels or 1.5% over one year ago. 2. Demand For Gasoline Falls. Demand for gasoline fell by 1.6 percent over a year ago. 3. Gas Prices Increase. Falling demand and increasing supply should LOWER gas prices. But in the last 7 months gas prices have risen from $2.68 to $3.88 [...] A dollar plumbing three-year lows is hitting Americans squarely in the gas tank, and one economist thinks it could drive prices as high as $6 a gallon or more by summertime under the right conditions. CNBC With the greenback coming under increased pressure from Federal Reserve policies and investor appetite for more risk, there seems little direction but up for commodity prices, in particular energy [...] LONDON (AP) — Oil prices jumped above $112 a barrel Thursday to near the highest level since 2008 amid signs U.S. demand remains robust despite rising fuel costs. Benchmark crude for June delivery was up 62 cents at $112.07 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange. In London, Brent crude for June delivery was up 67 cents to $124.53 a [...] A dollar plumbing three-year lows is hitting Americans squarely in the gas tank, and one economist thinks it could drive prices as high as $6 a gallon or more by summertime under the right conditions. CNBC With the greenback coming under increased pressure from Federal Reserve policies and investor appetite for more risk, there seems little direction but up for commodity prices, in particular energy [...] From HuffPost: WASHINGTON — With gas prices rising above $3.50 a gallon in all but one state, Americans are getting hit hard at the pump. But billionaire and presidential aspirant Donald Trump thinks he has the solution: Simply tell OPEC to cut prices. Trump blamed gas costs on the Organization of Petroleum Exporting Countries (OPEC), a conglomerate of developing nations responsible for40 percent of global oil supplies. He said on CNN’s “State of [...] http://downloads.bbc.co.uk/podcasts/radi…? Per Reuters: Oil rose to settle at its highest level since August 2008 on Wednesday after an airstrike near Libya‘s oil infrastructure raised more fears the OPEC nation’s oil sector could become a target in embattled leader Muammar Gaddafi’s efforts to hold power. News of the strike in Brega, about kilometers (1.2 miles) from a Libyan oil terminal, added to two weeks of fears the unrest could [...] Oil Will Be Gone in 50 Years: HSBC There could be less than 49 years of oil supplies left, even if demand were to remain flat according to HSBC’s senior global economist Karen Ward. “Energy resources are scarce,” Ward said in a research note. “Even if demand doesn’t increase, there could be as little as 49 years [...] NEW YORK (AP) — Oil prices pushed above $105 per barrel Tuesday, as traders focused on a series of international crises that could tighten global supplies at a time when consumption is expected to increase. Benchmark West Texas Intermediate for May delivery rose $1.88 to settle at $104.97 per barrel on the New York Mercantile Exchange. At one point it was as high as $105.18. In [...] by ZH While the protests and threat to oil supplies in the Middle East and North Africa drove COMEX gold prices to a new record high of $1437/toz on March 2, the events in Japan have paradoxically sent gold prices back below $1400/toz despite the ongoing decline in US 10-year TIPS yields. Given the decline in US real interest rates, we see the recent retracement in [...]
(Reuters) – Arab uprisings that have spread to the conservative Gulf region face a crucial test this week in Saudi Arabia where activists have made unprecedented calls for mass protests against the kingdom’s absolute monarchy. Gulf leaders are struggling to hold back an Internet-era generation of Arabs who appear less inclined to accept arguments appealing to religion and tradition to explain why ordinary citizens should be shut out [...] |
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