Will the Wells Run Dry?

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November 2008
- $100 Oil Will Return Soon Enough: Study
  
  Financial Times (UK) | Nov 6, 08 10:53 AM CST
  
  (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 a steep natural rate of 9% while demand grows nearly unabated, the Financial Times explains. More »
October 2008
- OPEC Panics as Oil Plunges
  
  New York Times | Oct 22, 08 8:33 AM CDT
  
  (Newser) - Earlier this year the nations of OPEC were riding high as booming economic growth and tight supplies buoyed crude above $100. But now a barrel of oil is $70 and dropping fast, and frightened petroleum producers are holding an emergency meeting this week to discuss a production cut. As the New York Times reports, a global fall in demand could have major repercussions for nations that have profited from the black gold. More »
September 2008
- Southeastern Gas Shortage Wreaks Havoc
  
  Washington Post | Sep 26, 08 9:22 AM CDT
  
  (Newser) - Gas is in short supply throughout the Southeast this week after oil production was hit hard by hurricanes Gustav and Ike, the Washington Post reports. Some didn’t make it to work as gas station lines grew to 60 cars long; half the stations in Atlanta were closed. “I drove past 9 or 10 gasoline stations that were out of gas,” said a Charlotte worker. Two major petroleum pipeline continue to operate well under capacity. More »
- Americans Resent Wall St. Bailout
  
  Los Angeles Times | Sep 24, 08 4:06 AM CDT
  
  (Newser) - Most Americans, struggling unaided with their own financial problems, resent the Wall Street bailout, reports the Los Angeles Times. Taxpayers don't believe it should be government's responsibility to foot the bill for the collapse of America's financial goliaths, according to a Times/Bloomberg poll. But 57% in a separate poll believe Congress has no other option. Reluctance to use public money to rescue private firms cuts across party lines and income levels. More »
- Why McCain Longs for 19th Century Fuels
  
  New York Times | Sep 14, 08 3:00 PM CDT
  
  (Newser) - Why are Republicans chanting "drill, baby, drill," a call for an outdated, 19th-century technology like fossil fuels? Because they are turning every political debate into a cultural "wedge Issue," Thomas Friedman writes in the New York Times —"including even energy policy, no matter how stupid it makes the voters and no matter how much it might weaken America." More »
- Oil Dips Below $100 for First Time in 5 Months
  
  Reuters | Sep 12, 08 1:23 PM CDT
  
  (Newser) - The price of crude oil slid briefly under $100 a barrel today for the first time in 5 months, Reuters reports. The development came even as Hurricane Ike bore down on the Texas coast and its many refineries; investors apparently think the slowing world economy will continue to drive down demand. After trading at $99.99, the price ticked back up to $100.27. More »
- OPEC Cuts Oil Production
  
  Financial Times (UK) | Sep 10, 08 2:23 AM CDT
  
  (Newser) - The international oil cartel OPEC announced today it's reducing production by more than half a million barrels a day, the Financial Times reports. The decision by the cartel, which controls 40% of world oil production, stunned most analysts. The move comes as oil prices, after spiking to an all-time high in July, have dropped 30%, bringing relief to many world economies. More »
- Palin Perfect on Energy: 'Drill, Drill, Drill'
  
  National Review | Sep 3, 08 12:20 PM CDT
  
  (Newser) - Sarah Palin’s Alaska experience gives her just the right expertise for a year when the price of gasoline is going to be the hot-button issue, writes Larry Kudlow in National Review . Her energy policy? “I call it drill, drill, drill,” says Kudlow approvingly. "Our abundant country can produce more energy at lower cost if government gets out of the way." More »
August 2008
- Palin All for Drilling— and Has Been Tough on Big Oil
  
  Salon | Aug 29, 08 4:50 PM CDT
  
  (Newser) - Gov. Sarah Palin wants the US to drill for oil, offshore or in the Arctic National Wildlife Refuge in her home state. Not only does recent drilling convert John McCain get backup, Andrew Leonard writes in Salon, but Dems will have a hard time branding Palin a pawn of Big Oil: She’s had a history of taxing oil companies and badmouthing lobbyists. More »
- Why You Should Stop Worrying About Oil Shortages
  
  New York Times | Aug 21, 08 1:18 PM CDT
  
  (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 disruption in supplies. No matter the trouble in Iran, Venezuela or Nigeria, America will be fine. More »
- Supplies Drop as Big Oil's Power Shrivels
  
  New York Times | Aug 19, 08 2:55 AM CDT
  
  (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 the hands of foreign state-owned firms which lack expertise. More »
- US Ship Joins Race for Arctic Resources
  
  Reuters | Aug 12, 08 1:50 PM CDT
  
  (Newser) - A Coast Guard cutter will this week begin mapping Alaska’s continental shelf, Reuters reports, in a first step toward mining data that could be used to establish rights to oil exploration in the Arctic. Melting ice caps, which one scientist calls "bad for the Arctic, but very very good for mapping," are believed to hold the next big energy bonanza. More »
July 2008
- Pickens Drills Into McCain Campaign
  
  New York Times | Jul 24, 08 8:40 AM CDT
  
  (Newser) - The reinvention of oil billionaire T. Boone Pickens as an environmentalist represents a huge political about-face, writes Timothy Egan in the New York Times . Four years ago, Pickens bankrolled the Swift Boat campaign that derailed John Kerry's presidential bid. Now Pickens, "looking a bit like the John Huston character from Chinatown ," is attacking the efficacy of new drilling just when John McCain is pressing for it. More »
- Arctic Holds 3 Years of Oil
  
  Reuters | Jul 24, 08 7:24 AM CDT
  
  (Newser) - Enough oil is believed to lie under the rapidly thawing Arctic to last the world 3 years, Reuters reports. The USGS released a forecast yesterday estimating the region has 90 billion recoverable barrels of oil and vast natural gas reserves. The agency's director said the information was vital in order to weigh the potential destruction caused by drilling versus the benefits. More »
- Corn-Hungry Texas Calls for Cuts in Biofuel Mandates
  
  New York Times | Jul 23, 08 2:32 AM CDT
  
  (Newser) - The EPA is considering a proposal from the governor of Texas to slash the amount of ethanol that oil companies are required to blend into gasoline to meet quotas, the New York Times reports. Gov. Rick Perry is calling for the EPA to cut the ethanol mandate in half, from 9 billion to 4.5 billion gallons, arguing that billions of bushels of corn should be used to feed livestock instead. More »

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Stories

$100 Oil Will Return Soon Enough: Study

OPEC Panics as Oil Plunges

Southeastern Gas Shortage Wreaks Havoc

Americans Resent Wall St. Bailout

Why McCain Longs for 19th Century Fuels

Oil Dips Below $100 for First Time in 5 Months

OPEC Cuts Oil Production

Palin Perfect on Energy: 'Drill, Drill, Drill'

Palin All for Drilling— and Has Been Tough on Big Oil

Why You Should Stop Worrying About Oil Shortages

Supplies Drop as Big Oil's Power Shrivels

US Ship Joins Race for Arctic Resources

Pickens Drills Into McCain Campaign

Arctic Holds 3 Years of Oil

Corn-Hungry Texas Calls for Cuts in Biofuel Mandates