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Peak Oil News Monday September 18th 2006
Instability drops, oil follows suit
(ABC Online) This week oil prices continued to slide, with OPEC ministers announcing they would not be throttling back on production just yet, and the Paris-based International Energy Agency lowering its forecasts for world oil demand. Check out just how much the price has fallen since early last month, when the price was just short of $US80 a barrel. It has dropped almost 20 per cent since then to be back where it was 12 months ago.
Gas Prices And Politics
(The Ledger) Wow, this is great! Gasoline prices are plummeting, and just in time for the elections. You can almost see incumbents in Congress wiping their furrowed brows and sighing "Whew!" Happy drivers are happy voters. And the good news keeps on coming. Forget all that "peak oil" nonsense. The president of Saudi Arabian Oil Co. says the world has 4.5 trillion barrels of oil left in the ground - enough to sustain current levels of consumption for 140 years.
Oil Companies Are Now Debunking 'Peak Oil' Alarmists
(Huffington Post) "That argument known as peak-oil theory has provided intellectual backing for the boom in crude prices. . ." This quote comes a September 14 Wall Street Journal article that was entitled "Producers Move to Debunk Gloomy 'Peak Oil' Forecasts" and detailed efforts by Exxon Mobil and Aramco to counter peak oil advocates. The piece appeared more than a year after the publication of my book, "Over a Barrel," the first chapter of which challenged the notion of oil as a scarce resource.
Pragmatists And Heretics
(Peak Oil And Runaway Global Warming) There is no more wicked a heresy today than to suggest that the organic growth of our present economy should be interfered with, should be replaced by a much more planned and regulated economy. Is there a fool who would endanger millions of people's lives arguing for the impossible? In his observations of the recent ASPO conference in Italy Rob Hopkins describes a division between pragmatists and heretics: "I was struck deeply by the two distinct paradigms visible within the attendees, which I have to say, in my naivity, I was rather shocked by. "The paradigm we might call the Business-as-Usual-at-all-costs' paradigm.
US controls price of crude oil
(People's Daily Online) Who is controlling the price of crude oil? The British Petroleum Company (BP), OPEC and Russia are all under suspicion, but there is really only one entity controlling the market. Within one month, the futures contracts of both West Texas Intermediate and Brent dropped by more than US$10 and the October contract for WTI decreased 17.5 percent between August 8 and September 11. In fact, the news did not impact the market much. Besides a couple of news items from BP, there was a 'new discovery' at an oil field in the Gulf of Mexico in the US. The Iranian issue remains unresolved and the hurricane season has not yet passed. However, the price of crude oil has fallen substantially.
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