Skip to: Content
Skip to: Site Navigation
Skip to: Search

September 5, 2008 6:01:27 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Sharp Decline Seen in Future Oil Supplies

Posted May 22, 08 11:50 AM CDT in Business,  US 

(Newser) – The international agency that monitors oil supplies is preparing a very pessimistic forecast of future capacity, the Wall Street Journal reports, one that heightens worries over whether producers will be able to keep pace with exploding demand for oil. The International Energy Agency, whose previous models showed steady—and predictable—growth, is revising that sharply downward, the Journal says, though the report won't be out until November.

The IEA is, for the first time, studying the condition of the world’s 400 known oil fields and its outlook has become increasingly grim. "The oil investments required may be much, much higher than what people assume," said the IEA's chief economist. "This is a dangerous situation." That could drive oil prices—which have already doubled in the past year—significantly higher.

Source Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • $6 Gas Possible by Year's End

    Jul 7, 08 7:38 AM CDT
    $6 Gas Possible by Year's End As oil flirts with $150 a barrel, nearly double its price from last year, the specter of $6 a gallon gas at US pumps has become more real. A plethora of factors—from the threat of conflict with Iran to tight supplies and a weak dollar—continue to exert upward pressure on crude prices, the Wall Street Journal reports. More »

  • Oil Gushes Past $145

    Jul 3, 08 7:07 AM CDT
    Oil Gushes Past $145 The specter of conflict in Iran and a surprisingly large decline in US stockpiles pushed European oil prices above $145 today for the first time, reports the AP. A further weakening of the dollar, if the European Central Bank raises interest rates as expected later today, could push prices even higher. Crude has risen more than 50% since the end of 2007. More »

  • Dow Enters Bear Market

    Jul 2, 08 3:33 PM CDT
    Dow Enters Bear Market Skidding stocks sent the Dow and Nasdaq into bear territory as oil hit a record near $144 a barrel, the Wall Street Journal reports. Besides oil, bad news from GM and weak jobs data darkened the street’s mood. The Dow fell 166.75 points to 11,215.51, down 20.8% from its record high in October. A drop of 20% is the traditional threshold for a bear market. The Nasdaq fell 53.51 points to 2,251.46, and the S&P 500 fell 23.38 points to 1,261.53. More »

  • $142 Oil Drives Stocks Down

    Jun 27, 08 3:29 PM CDT
    $142 Oil Drives Stocks Down The markets fell today, continuing the slide that marked yesterday’s session. Investors continued to mull the tidal wave of bad news that hit the financial, tech and consumer discretionary sectors Thursday, MarketWatch reports. The Dow fell 104.46 to 11,348.96, the Nasdaq lost 5.74 to close at 2,315.63, and the S&P 500 dropped 4.68, closing at 1,278.47. More »

  • Oil Breaks Record, Climbs Above $141

    Jun 27, 08 7:27 AM CDT
    Oil Breaks Record, Climbs Above $141 Oil prices climbed above $141 a barrel in Asian trading today—another record—as the dollar's protracted slump prompted investors to flock to oil as a hedge against inflation. Prices also were lifted yesterday after OPEC's president said crude prices could go higher than $150 a barrel this year and Libya said it may cut oil production. More »

ConocoPhillips Los Angeles Refinery.   (AP Photo/Ric Francis, File)
An oil worker walks on a new well Tuesday, May 6, 2008, which is being drilled in the Sakhir, Bahrain, oil fields in the Persian Gulf.   (AP Photo)
A pumping unit sucks crude oil from the ground near Manhattan, Kan.   (AP Photo/Charlie Riedel)
Oil worker stands on a new well Tuesday, May 6, 2008, which is being drilled in the Sakhir, Bahrain, oil fields in the Persian Gulf.   (AP Photo)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 5)

Tags

oil price  • crude oil  • oil production  • oil supply  • solar energy


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular


Other US Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »