oil production

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Even with the current boom in oil production, we should not get our hopes up for a significant drop in prices. Although the world is producing more oil than ever, demand continues to soar.[read more]

In the first installment of this series, I took a look at U.S. and global oil reserves according to the 2012 BP Statistical Review of World Energy. Today, I want to examine oil production statistics since 1965. Highlights of this article and topics that will be explored include:New global oil production record set in 2011, but the...[read more]

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Over the next two to three weeks, I am going to post a series of short articles utilizing graphics I created from the recently released 2012 BP Statistical Review of World Energy. Because I am working on the roll-out of a new product which will be geared specifically toward those with a financial interest in the world of energy (...[read more]

Question: What do President Barack Obama and ex-President Jimmy Carter have in common? Answer: Both presided over strong increases in domestic oil production that were a result of decisions made before they took office, as I explain in this post.[read more]

 No, I am not talking about George W. Bush. I just finished the chapter on politics for my book, and I created a number of graphics to show the behavior of oil prices, production, imports, and consumption through the last eight presidential administrations. Here is one of the more counter-intuitive graphics that you will ever come...[read more]

Muammar Gadhaffi’s 42 year-old regime is in its death rattle – maybe today, maybe tomorrow, his administration that has ruled Libya with a quixotic and brutal hand is about to pass, in Trotsky’s piquant phrase, “into the dustbin of history,” prompting the question “what next?”The glittering prize is Libya’s 1.6 million barrels per day...[read more]

Yesterday's meeting of OPEC in Vienna attracted extra attention because of disagreements between Saudi Arabia and Iran that extend well beyond the oil fields. The resulting impasse over increasing production to stem high oil prices and support a weakening global economy produced a much-quoted assessment from the Saudi Oil minister, Ali...[read more]

  Oil Production Peak Much Sooner Than Expected  May 14, 2010 by Craig Severance A storm is quickly approaching, and the world is not ready for it. The permanent end of the era of cheap oil is coming as soon as next year, according to a raft of official reports that have made their way into energy...[read more]

The SMH has a report on Australia's increasing dependence on imported oil, following the release of a report into Australia's energy resources by Geoscience Australia and ABARE (the Australian Energy Resource Assessment) - Australia's oil reserves 'dwindling'. Australia's oil reserves are dwindling and the nation is becoming...[read more]

You can all rest easy now the world has an "endless" supply of oil. I know that resource exists because I read it in this week's issue of BusinessWeek, which is written for hard-working, Type A people who believe that markets can solve anything. I have been working around that kind of person for much of my career; their optimism and...[read more]

So this droll item, apparently unveiled by Jay Leno, is making the rounds, which makes it a perfect opportunity for an exercise with large numbers.Let's start with what we can glean about Enco's production in 1962. We can then compare it with modern production of its more or less descendant corporation Exxon/Mobil.Presumably the...[read more]

Buried inside The New Yorker’s profile of Peter Orszag, Obama’s budget director, is this stunning paragraph: Obama’s White House is filled with former members of Congress and congressional staffers. They are legislative strategists and dealmakers, and these days they often use the phrase “grand bargain” when asked how they expect to...[read more]

A few years ago, after spending a lot of time thinking about peak oil, and then watching the price of oil break out of its historical trading range and head higher, the idea of Peak Lite came to me. Over time the price of oil had bounced between $10 and $30 a barrel, but about 5 years ago it broke from that pattern and started the...[read more]

Two-dollar a gallon gasoline is one of the few brights spots for consumers during this economic slump. Evidently, people expect cheap gas to be with us for a while. The Wall Street Journal reports today that small cars like the Honda Fit, Toyota Yaris and Chevrolet Aveo have all but stopped selling. Says one dealer: “We’re big people...[read more]