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All items tagged oil reservesGlobal Must Read ArticlesSeptember 19, 2008 | Volatile Oil Prices Signal Looming Market MeltdownOil prices spiked to US$147 per barrel and then dropped to $90, demonstrating their dangerous volatility. ++ The US approach to oil price regulation is ineffective. ++ Global oil price benchmarks are now largely based on Black Sea crude oil (Brent), a relatively small reserve. ++ With increasing amounts of money invested in the oil market, speculation bubbles are more likely. ++ Oil price risks ... MoreJuly 10, 2008 | China's Growing Economy Might Bust the Oil BubbleEconomists are baffled why higher oil prices and higher demand has not lead to higher production. ++ The answer is: the “China bubble.” ++ Oil producing countries are leaving oil in the ground, in hopes that China’s consumptions and readiness to pay higher prices will increase over time. ++ Low US interests rates deter further drilling, as invested US Dollars are less lucrative. ... MoreJuly 9, 2008 | America Must Not Drain its Wealth on OilAt current consumption rates, the US will spend over $10 trillion on oil imports over the next 10 years. ++ This will constitute the largest transfer of wealth in human history. ++ The only alternative is homegrown energy. ++ Between western Texas and Canada, wind turbines could generate up to 20% of the US’ domestic electricity needs. ++ This would free up our natural gas reserves for ... MoreJune 23, 2008 | Saudi Arabia's Oily SecretsSatisfying a UN request, Saudi Arabia has agreed to pump more oil. ++ Not so long ago, the Sheik would not open up the faucet for Bush. ++ The fact that if oil becomes unaffordable, markets will erode and customers will turn to alternatives, is the cause for the change in Saudi strategy. ++ “After blaming the spike in oil prices on speculators, Saudis have finally admitted the root cause is ... MoreMay 28, 2008 | Oil Prices Have Reached Their Break PointThere are three factors underlying the current rise in oil prices: rising global demand, increased costs for oil producers, and the relatively short time span in which supply has yet to adapt to these increased pressures. ++ Timely and efficient investment needs to be encouraged in resource-holding countries to improve supply. ++ However, oil has already reached its break point and is starting to ... MoreMay 16, 2008 | The Future Should be Energy EfficientGrowing oil prices and diminishing supplies of natural resources increasingly give rise to doubts regarding the long-term stability of an economy that relies on fossil fuels. The underlying assumption of pessimistic analyses based on the “peak oil” theory is that oil production reached its highest level long ago and will decline continuously from now on - while demand keeps growing. This means we ... MoreApril 30, 2008 | Drilling Could Solve the US Oil ShortageSurprisingly, the US is the world’s third-largest oil producer, with potential to more than double its current output. ++ In addition, all three presidential candidates preach for “energy independence.” ++ So why does the US import up to 60% of its oil? ++ Exaggerated environmental fears, strong prejudices against oil companies and sheer stupidity. ++ Environmentally, ... MoreJune 20, 2007 | Where Our Interests Lie: Vying for West Africa's OilInternational disputes over West African oil — which represents about 10% of the world’s reserves — have been intensified by its easy accessibility, reports Stephanie Hanson of the Council of Foreign Relations. Growing oil wealth in the region has furthermore not necessarily brought good governance. Angola, for instance, is now the 2nd largest oil producer in West Africa, but remains near ... More |
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