oil supply

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65 Oil Protesters Arrested at White House

Demonstrators oppose 1,700-mile pipeline going from Canada to Texas

(Newser) - Two weeks of anti-oil protests at the White House kicked off with 65 arrests yesterday, reports the AP . Top on the protesters' agenda is getting President Barack Obama to kill the permit for a 1,700-mile pipeline through Montana, South Dakota, Nebraska, Kansas, Oklahoma, and Texas to refineries on the... More »

For Sale: BP's Siphoned Oil

Crude will enter supply chain, BP to donate profits

(Newser) - Oil from the worst spill in US history could soon end up at gas stations as BP sells the crude taken from its ruptured Gulf well. The energy giant announced this week it will donate its share of the proceeds to fund efforts to protect and restore wildlife habitat along... More »

With Oil Supplies Dropping, Look for Prices to Soar Again

Firms are delaying projects; millions of barrels a day face 'risk'

(Newser) - A tough economy and falling prices have hit oil firms hard, forcing them to cut back capital spending and delay projects. So when demand again increases, supply could be short, the Wall Street Journal reports, driving prices back up. Slowing investment could hamper future supply growth by some 8 million... More »

Talk of Oil-Supply Cut Sends Prices Higher

(Newser) - Oil approached $41 a barrel today after OPEC said it would cut its output if necessary to stabilize prices, Reuters reports. “I think we still need more action,” OPEC’s secretary-general said, promising the cuts would be more thorough than many expected, with 80% compliance among the 12-member... More »

Russia Stops Supplying Gas to Ukraine

Europe worried about supply disruptions if dispute continues

(Newser) - Russia's gas export monopoly has cut off Ukraine's supply over a contract dispute, and has boosted European supply to head off worries about reliability, Reuters reports. The EU gets 20% of its gas from Ukrainian pipelines. Kiev has already tapped the country's reserves, and maintaining the pressure in the supply... More »

$100 Oil Will Return Soon Enough: Study

Price will rebound with economy, likely to hit $200 a barrel in 2030

(Newser) - If today’s price of $60 per barrel of oil seems too good to be true, that’s because it is. Oil prices will rebound to $100 a barrel once the economy recovers, and climb toward $200 by 2030, the market’s most comprehensive review predicts. Output is declining at... More »

Why You Should Stop Worrying About Oil Shortages

We're well-stocked for any realistic calamities

(Newser) - Energy security has become a matter of major public hand-wringing, but everyone ought to calm down, write Eugene Gholz and Daryl G. Press in the New York Times. Our oil supplies are perfectly safe—the US, its businesses, and its allies have more than enough oil to weather any short-term... More »

Supplies Drop as Big Oil's Power Shrivels

State-owned firms don't churn it out like Shell

(Newser) - A rapidly changing world order has left the giant oil companies all monied up with nowhere to drill, the New York Times reports. The Western oil giants' share of production has plummeted from over half in the 1970s to just 13% today. Production is falling as oil supplies remain in... More »

Stocks Post Modest Gains

(Newser) - Stocks managed to hold on to small gains today from a big early rally, as oil prices fell despite the fighting in Georgia, MarketWatch reports. The Dow closed up 48.03 points at 11,782.35. The Nasdaq gained 25.85 points to 2,439.95, and the S&P... More »

Oil Gushes Past $145

Experts say a further weakening of the dollar will push prices higher still

(Newser) - 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... More »

Sharp Decline Seen in Future Oil Supplies

Industry may require massive cash infusion to keep up with demand: analyst

(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—... More »

'Super-Spike' Could Drive Oil to $200

Experts say $150 or more isn't out of the question as world demand grows.

(Newser) - A “super-spike” could push oil beyond $150 a barrel by October, the highest it been in more than 135 years, experts say. That would drive the price at the pump past $4.50 a gallon and trim US economic output 3.3% in the 2 years following, reports the... More »

$7 Gas? Analyst Sees It by 2012

Limited supply, ever-increasing demand will nearly double current prices

(Newser) - Oil and gas prices could double in the next four years, analysts say—with $7 per gallon possible by 2012. "It is increasingly clear that the outlook for oil supply signals a period of unprecedented scarcity," an analyst at investment bank CBIC tells MarketWatch. More »

Oil Hovers Near $102 a Barrel

Iraq fighting, low gas supplies and weak dollar boost price

(Newser) - Concern about potential supply disruptions in Iraq and American gasoline reserves pushed oil prices up for the second day in a row, despite expected news from the Energy Department that crude supplies in the US had rebounded, reports the Associated Press. The US dollar’s continued depreciation against a slew... More »

$4 Gas Expected This Spring

Energy Department predicts gas prices to peak soon

(Newser) - Skyrocketing gas prices could hit $4 a gallon as early as this spring, predict government analysts. A new Energy Department report estimates prices will peak at close to $3.50 in most of the nation in May and June, but the $4 barrier could be broken in some regions, and... More »

Oil Hits $104; OPEC Won't Budge

Cartel president blames 'mismanagement' of US economy for rising prices

(Newser) - Crude oil rose to a record $104.52 a barrel today after OPEC decided to hold production steady. “The oil market is currently stable,” said Saudi Arabia’s oil minister. “There is no need to increase even one barrel of oil.” The cartel blamed sky-high prices... More »

Oil Flirts With Record-High $104

Passes inflation-adjusted all-time peak

(Newser) - As oil soared to nearly $104 a barrel today, it set an all-time, inflation-adjusted record, surpassing even the height of the oil crises of the '70s and '80s, the New York Times reports. Futures touched $103.95 on the New York Mercantile Exchange, beating out the April 1980 record of... More »

Clock's Ticking on World Oil Supply: Shell CEO

Energy demand will top supply by 2015

(Newser) - World oil demand will outpace supply in 7 years, Shell's CEO warned in an email sent to employees in advance of the World Economic Forum in Davos, Switzerland. Jeroen van der Veer sees nuclear power, oil sands, and other unconventional energy sources replacing oil and gas out of necessity, whether... More »

An Oil Giant, Alaska Faces Gas Crisis

Poor infrastructure, focus on oil exploration behind costly supply issues

(Newser) - Alaska—home of America's largest energy reserves—is facing a major energy crunch. The problem is a lack of infrastructure to get natural gas where it needs to be, the Christian Science Monitor reports. "It's the goofiest thing in the world, to be sitting on top of some of... More »

There's Plenty of Oil Left: Study

Researchers say new discoveries more than offset worked-out fields

(Newser) - New oilfields being brought online more than offset losses from depleted fields, says an optimistic report released today. Though it cited an Iran-sized 4.5% annual loss, key oil industry adviser CERA contends “there is no impending short-term peak in global oil production," reports the Wall Street Journal.... More »

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