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The US oil and gas industry began to shut down production
in the Gulf of Mexico on Thursday after forecasters predicted
that tropical storm Gustav would be a hurricane when it
hit the region.
Does not affect any Platina Production!
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the Full Story Here
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T. Boone Pickens says U.S. must rely less on foreign oil
By DAVE MICHAELS / The Dallas Morning News
Wednesday, July 23, 2008
His plan turns on
reducing demand by boosting wind power for electricity and
using natural gas to power automobiles. Mr. Pickens, who is
heavily invested in West Texas wind farms, is running a $58
million advertising campaign to promote his ideas and earning
a lot of free attention from the media.
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the Full Story Here |
Natural gas is clean, high effective and easy to transmit
and store. The reserves of natural gas in the world are
very rich. Presently, coal is the major energy used in
China, taking 72% of the total, while natural gas covers
only 2.5%, far less than the world's average level of 25%
and 8.8% in Asia. The natural gas consumption per capita
in the world is 403 cubic meters annually, while the consumption
in China is 25 cubic meters only.
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the Full Story Here
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Diesel
Demand May Be Driving Oil Price
Commentary by John M. Berry
July 7 (Bloomberg) -- Soaring fuel prices are damaging the U.S.
economy, and the government should be doing whatever it can to
slow or stop their astonishing ascent.
Demand for diesel, according to energy economist Philip
K. Verleger, may be driving much of the run-up in crude
oil, which reached $145 per barrel on July 3. Truckers and
other users of ultra-low-sulfur diesel fuel -- the newly improved,
cleaner version of the gasoline alternative -- are being hit
particularly hard by rising prices at the pump.
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Oil prices refresh record highs
NEW YORK,
June 27 (Xinhua) --
Crude futures set a new record high of near
143 U.S. dollars a barrel Friday as the weakening dollar and
tumbling stock market sent more investors into commodity market.
Light, sweet crude for August delivery
touched 142.99 dollars a barrel before retreating and settling
up 57 cents at 140.21 dollars a barrel on the New York Mercantile
Exchange.
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the Full Story Here |
Natural Gas 78% Gain Speeds Drilling
at Devon, Range
June 27 (Bloomberg) --
U.S. natural-gas producers are drilling
wells previously deemed too costly and resurrecting abandoned fields
from Appalachia to the Rockies, spurred by the biggest rally in
fuel prices in eight years.
Devon
Energy Corp. and Range Resources Corp. are drilling horizontal
wells that cost three times as much as traditional vertical shafts
to unlock gas from rock formations that were unprofitable to
exploit before this year's 78 percent gain by gas futures. The
number of active U.S. gas rigs rose to a record high this week,
according to a survey by Baker Hughes Inc
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the Full Story Here
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Oil at record near $140 a barrel
June 15, 2008 BBC News
The price of crude oil has hit a new high of close to $140 a
barrel in New York trade, despite Saudi Arabia agreeing to increase
output in July. US light crude rose to a record high of $139.89
a barrel, surpassing the previous high of $139.12 set on 6 June.
The price later fell back in afternoon trade to $134.57 a barrel.
On Sunday, Saudi Arabia had said it would increase its oil production
by 200,000 barrels a day next month in a move to meet growing
world demand.
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Oil's
Impossible Moon Shoot: How High Can We Go?
from OTC Journal Newsletter, June 14, 2008
www.otcjournal.com
Here in the good old USA, the price of oil is
making it rough on all of us. Not only are prices north of $4
per gallon at the pump, but the ripple effect throughout
the entire economy is causing skyrocketing prices in other consumables
as well. The one-two punch of much higher prices for everything
oil related, coupled with very depressed residential real estate,
has Americans keeping a tight hold on their wallets. Money is not
moving around, which results in lower incomes and less economic
activity. In some sectors of the economy it's not a recession-
it's a full blown 30's like depression.
I don't know anyone who was predicting $135 per barrel oil one
year ago. Considering the following eye opening stats:
- Oil was about $85 at the beginning of the year
- On average since January, oil has risen $.50 per trading
day
- With about 21 trading days a month, the rise equates to $10.50
per month in price appreciation.
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the Full Story Here
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