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Peak Oil and Falling Prices (Raise the Hammer) The popular consensus on why oil prices are falling right now boil down to some combination of the following factors: Fear of another Katrina gave away when hurricane season turned out to be quite mild; Investors doubt the US will invade Iran before the mid-term Congressional election in November; The discovery of the "Jack" offshore reserve has buoyed traders; and The jitters and high summer prices encouraged stockpiling, which is now driving prices down. The Peak Oil Crisis: Election 2008 (Falls Church News Press) Last week they took a poll here in Virginia on how the race for US Senate was shaping up. The poll showed the candidates in a dead heat, but the issues section of the story caught my eye. Twenty-three percent said the most important issue was Iraq, followed by terrorism at 19 percent; the economy, 16 percent; health care, 10 percent; immigration, 9 percent; taxes, 9 percent; moral and family values, 8 percent; and dead last was gasoline prices and energy, 1 percent. So much for voter concern about gasoline prices. BP faces declining profitability (Business Report) You've heard of "peak oil", the idea that world oil production is already close to or even at its peak. Now comes the idea of "peak profits", the possibility that oil profits too may have reached their zenith. 'Abundance' of crude oil globally (Trade Arabia) There is an abundance of global crude oil supplies and Opec will weigh swelling global inventories when it meets in December, Saudi Arabia's ambassador to the US said.

Ottawa takes a darker view of Canada's energy future (Globe and Mail) Canada's natural gas exports to the United States will fall by nearly two-thirds by 2020 as new unconventional sources fail to offset declining production in Alberta and rising domestic demand, a new study from Natural Resources Canada suggests. UAE to focus on alternative and renewable sources of energy (Middle East North Africa Financial Network) Despite being rated as the world's tenth largest oil producer, the UAE would focus on exploiting alternative and renewable energy sources, including the nuclear energy, said Dr Saleh Al Hashimi, Assistant Professor of Petroleum Institute. "We need reliable sources of alternative and cheap energy to run our expanding economy," said Dr Hashimi. OPEC to Make First Oil Output Cut Since 2004 (Epoch Times) OPEC will take one million barrels of oil a day off over supplied world markets as soon as possible with its first output cut in more than two years, OPEC officials said on Thursday, sending oil prices back above $60. Gasoline prices could fall more (Pittsburgh Post Gazette) Gasoline prices have dropped more than 20 percent in the past two months, providing relief to consumers and potentially propping up an economy that is showing signs of slowing. Industry experts say further price declines are likely. Click here for yesterday's news Click for this page's permanent location

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