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World NewsPeak Oil News Thursday September 28th 2006
Falling oil price a real boon but can Opec live with it?
(Times Online) The September surprise has been the fall in the oil price. Since mid-July, a barrel of light sweet crude has dropped by more than 20 per cent from just over $78 to nearly $60. This is the most important business development so far this year, holding out the possibility of an altogether more benign environment for British trade and industry in 2007.
ONGC to develop three offshore marginal fields
(Financial Express) Oil and Natural Gas Corporation Ltd has entered into a service contract for development of three offshore marginal fields with the consortium of Prize Petroleum Company Ltd (Prize), Hindustan Petroleum Corporation Ltd (HPCL) and Trenergy (Malaysia).
The Peak Oil Crisis: The Perfect Storm
(Falls Church News Press) Two months ago oil was north of $78 a barrel and, nationwide, gasoline was above to well above $3. The Middle East was threatening a conflagration and another exciting hurricane season was in the offing. Even the concept of peak oil was starting to get some scattered but serious attention in the media. Now here we are at the end of September. The price of crude is down nearly 25 percent. Gasoline is down 75 cents a gallon. The press is full of stories of a great new oil find in the Gulf that could show the way to a cornucopia of oil.
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