A new forecast that the US will surpass Saudi Arabia in oil production is unrealistically optimistic. Oil prices would have to rise far too much for unconventional oil to meet forecast levels.
In an interview with Consumer Energy Report, John Hofmeister, former President of Shell Oil, attributes a rise in oil prices to 'constant growing global demand' and 'flat production for the most part' over the past decade.
The fact that the International Monetary Fund has produced two papers on peak oil this year gives some indication of how seriously it is taking the issue, Cobb writes.
After three weeks of losses, cheap crude attracted buyers, raising oil prices for the second straight day. The elections, hurricane Sandy, and China's 18th Party Congress also helped push oil prices up.
Hurricane Sandy, dropping pump prices in California and lower crude prices have combined to continue to push gas prices down, according to Consumer Energy Report.
Compared to Hurricane Katrina, Hurricane Sandy’s impact on oil and gas markets will be much more localized and temporary, Rapier writes.
President Chávez's administration announced its budget last week, allocating nearly 40 percent of funds for 'supreme happiness.' The budget's ambiguous nature, however, has made some distinctly unhappy.