Peak Oil News: 05/01/2004 - 06/01/2004

Monday, May 31, 2004

Relationship of oil, stocks leads to ugly truths

Houston Chronicle

The question is whether $40 a barrel oil is or isn't a transitory peak. My view is that it's the new reality. The era of cheap oil is over. As outlined in The Coming Generational Storm (MIT Press, $28), my money is where my mouth is: I've invested in energy stocks as a substitute for dollar-based investments. Here's why:

Ugly Reality No. 1. We love unlimited energy, but we don't want to do anything to get it. Our capacity to deliver and refine oil is inadequate. We either have not invested enough or have not been allowed to invest enough. The most visible current example is Massachusetts. They don't want wind farms off Cape Cod. They don't want increased liquefied natural gas capacity, either. But they still expect heat and light.

Ugly Reality No. 2. The Middle East remains the largest pool of oil reserves in the world. That's bad news. There are promising areas for exploration elsewhere, but it is unlikely that any new find will rival the fields in Saudi Arabia. Meanwhile, global demand continues to increase. The supply-demand balance is likely to be a source of instability for the foreseeable future.

Ugly Reality No. 3. There are disturbing signs that Hubbert's Peak is arriving as predicted. Using the techniques of geologist M. King Hubbert, who predicted in the 1950s that domestic oil production would peak in 1970, others have predicted global production would peak in this decade. Today, with production declines in some important oil fields, the idea is attracting more attention.

Friday, May 28, 2004

Are We Running On Empty?

Are We Running On Empty?


The first reaction to gas prices over $2 a gallon is probably a four-letter word. The next reaction is likely a three-letter word: Why? Followed by: How long?

Q: Are we running out of oil?

A: Yes. But when?

Everyone agrees that crude oil - a fossil fuel - is a finite resource that will be exhausted some day. Estimates of the total amount of recoverable crude oil that was available vary from 1,800 billion to 2,200 billion barrels. But we've used up close to half of that, and global demand continues to surge.

Only a handful of major new oil fields has been found since 1970, when U.S. production peaked.

Some say the formula that predicted when American production would decline - known as Hubbert's Peak - shows that the global oil peak is taking place this decade, and may have happened already. The most negative theorists believe that a worldwide crisis of war and famine will be triggered not when we run out of oil, but when demand outstrips supply in a few years.

The more optimistic oil-watchers believe petroleum won't see its peak until closer to 2050. They argue that the naysayers are underestimating both the size of underground oil reserves as well as the rise of technology to better extract that.

Q: Will I ever pay less than $2 a gallon for gas again?

A: Quite possibly, although don't bet the ranch on prices falling below $1.50.

Relief could come with a decision by the oil-producing states of OPEC to boost production when oil ministers meet next week in Beirut. Saudi Arabia, America's key ally in the Middle East, wants OPEC to boost production by 2.5 million barrels a day, which would ease prices.

A lot of the 2004 price spike has been caused by the economic boom in China. Demand for energy in the world's most populous nation surged by 13 percent in just the past six months, but no one expects that to continue.

Saudi experts are optimistic that oil prices will settle about 20 percent lower, which in turn might bring gasoline closer to $1.75 a gallon. But not everyone is so sure. "I think you'll see $50 [a barrel] before you see $30 again," oil legend T. Boone Pickens said recently. Currently, a barrel is about $40.

Q: Didn't we really invade Iraq for its oil?

A: That's a simple question - without a simple answer.

Anyone who expected the American invasion of Iraq to lower prices at the gas pump is sorely disappointed.

Iraq is now producing less oil than it did before the recent war, when it churned out 2.5 million barrels a day and - despite harsh economic sanctions - was America's seventh-biggest oil importer. Blame the drop largely on sabotage and terror attacks.

But Iraq is also home to the world's second-largest known pool of oil reserves, so it's clear why the United States would want a Middle Eastern oasis of influence in Iraq.

Given the unstable situation in Saudi Arabia, an American role in Iraq provides a kind of back-up plan. Experts in geopolitics say that while the United States didn't necessarily invade Iraq to grab its oil, some American policy-makers clearly did want the political hegemony that comes with control of such a vital resource.

Q: Doesn't the U.S. have a huge pool of oil for emergencies down in Texas and Louisiana? Why not use it now, because $2 a gallon is a national emergency, right?

A: The Strategic Petroleum Reserve, stored in salt domes near the Gulf of Mexico, currently holds some 660 million gallons - close to its capacity.

The reserve was created after the 1973-74 oil crisis, and its been tapped a number of times, including right before the 2000 presidential election by President Clinton. President Bush says it should be saved for a real emergency, but Democratic foe John Kerry disagrees.

Q: Is there anything I can do to reduce how much gasoline I use?

A: Yes. You could drive less, or you could buy a hybrid - with both a gasoline engine and an electric motor. The Honda Civic and Toyota Prius hybrids get 40 miles to the gallon or more.

Later this year will bring the first hybrid SUV, a version of the Ford Escape. So far, some 30,000 people have signed up on the Internet to buy one.

Thursday, May 27, 2004

The View from Hubbert's Peak

The View from Hubbert's Peak

Although real (inflation-adjusted) fuel prices are still well below their 1981 maximum, an ever-growing chorus of voices, ranging from former UK environment minister Michael Meacher to National Geographic magazine, echo Ramirez. We will soon arrive, they claim, at the summit of "Hubbert's peak."
M. King Hubbert was a celebrated oil geologist who in 1956 correctly prophesized that U.S. petroleum production would peak in the early 1970s, then irreversibly decline. In 1974 he likewise predicted that world oil fields would achieve their maximum output in 2000; a figure later revised by his acolytes to somewhere between 2006 and 2010.
If the curve of global oil production is indeed near the point of descent, as these experts believe, it has epochal implications for the world economy. More expensive oil will undercut China's energy-intensive boom, return OECD countries to the bad old days of stagflation, and accelerate the environmentally destructive exploitation of low-grade oil tars and shales.

U.S. Must Tighten Car Fuel Efficiency Standards

US News Article |

U.S. drivers would save millions of dollars in gasoline costs this Memorial Day weekend if the federal government had required stricter fuel efficiency for minivans, sport utility vehicles (SUV) and regular cars, the U.S. Public Interest Research Group (PIRG) said.
With U.S. oil production steadily declining and OPEC hard-pressed to supply enough crude to calm markets, some energy experts say the Bush administration should turn to reducing America's gasoline consumption over the long term as way to cut into oil imports and lower petroleum prices.
Increasing the fuel economy of new vehicles is critical to reach that goal, according to the consumer group.
"This is the biggest single step we can take to cut America's oil dependence, save consumers money at the gas pump and curb global warming tailpipe emissions," PIRG said in a new report on fuel use. - We are finally running out of cheap gas — good - We are finally running out of cheap gas -€” good

Our long-standing addiction to cheap oil has cost us dearly in terms of health, global security, human rights and a changing climate. It has also long stifled investment and innovation in alternative energy sources and technologies. Maybe we should look at expensive gas as an opportunity rather than a crisis.

Wednesday, May 26, 2004

Welcome to Talk Energy

This looks like an interesting new site,

"Concerned with the future of energy? Interested in wind turbines? Got a unique idea for a new solar pump? Want to know the best insulation for your home? Could you live off the grid? Interested in the latest sustainable energy developments? Talk Energy is a new international web-site community geared towards sustainable energy solutions, sharing ideas and showcasing innovative alternative energy products.

Talk Energy offers free web community discussion boards for non-profit, university and energy related associations in our Partners section, to allow these groups to share information, build projects and promote their cause."

Tuesday, May 25, 2004

This is a site worth exploring.

The Institute for the Analysis of Global Security
If we don't change our course we'll end up where we're headed. Chinese proverb

Since September 11, it has become evident that there is a close connection between America's national security problems and global dependence on oil. Throughout the world, oil money has fueled terrorism and armed conflict and has sustained oppressive regimes. As consumer of a quarter of the world's oil and holder of only three percent of its reserves, the U.S. is heavily dependent on foreign oil. Since half of America's oil is imported, terror organizations like al-Qaeda and its affiliates can disrupt the free flow of crude oil into the U.S. by cutting oil transportation routes and by attacking tankers and pipelines. The U.S. is forced to pay a growing price in blood and treasury to maintain the uninterrupted oil supply upon which our economy depends. Without expeditious action our dependency is only going to grow in the next decade.

Conservation and exploration of new oil fields can at best buy us a few more years of status quo. The only way to ensure long-term energy security is to reduce overall demand for oil. This can be done through a shift to a global economy based on next-generation fuels. We are fortunate to live in an age in which technology provides us with a wealth of other energy sources that can be easily, cleanly, safely, and more cheaply used as fuel for automotive transportation, among them 25% of the world's coal reserves, built and unutilized nuclear energy infrastructure, and renewables. There is therefore no reason for us to continue to be dependent on hostile countries for our energy needs. There is also no reason for us to compromise our lifestyles, to settle for small cars or give up the joy of driving the open road that is so deep a part of the free spirit of America. Through technology we can develop cars just as comfortable as the ones we have, powered by fuel cells and run on American made next-generation fuel.

Moving beyond oil and the internal combustion engine could be our best economic stimulus. Every industrial and technological revolution in history brought with it an economic boom. The energy revolution will likely do the same. Building an infrastructure for mass production of next-generation cars and fuels would generate millions of jobs around the world, and revitalize the automobile industry as well as other related industries.

The shift from oil will bring about significant geopolitical changes and could reshape America's strategic landscape in a way more conducive to prosperity and global security. Shifting to next-generation fuels will allow more countries to generate growing portions of their energy needs domestically. The U.S. and its allies will no longer be forced to fight oil wars in the Middle East or be subjected to supply disruptions and price manipulations as during the 1970s-1980s. Above all, a shift from oil is the best weapon against America's enemies, who derive their power from oil and use it to fuel terror and spread hatred toward our nation.

There is no better legacy we can leave our children than a secure, energy independent nation. Though the transition to an era of energy security and independence is a monumental task, nothing we do will have more lasting benefit for more people.

Monday, May 24, 2004

'Only nuclear power can now halt global warming'
Leading environmentalist urges radical rethink on climate change

Yikes! What next?

Sunday, May 23, 2004 - Something to think about at the gas pump
May 23, 2004. 01:00 AM


Here's something to think about the next time you're standing at the gas pump watching the numbers whiz by: Is this the beginning of the end? Is the world running out of oil?

While it's true that the price of gasoline today is only remotely related to the future of oil, that price does make people pay attention.

Lots of attention in fact, but little consensus.

On the one hand, it's obviously true that one day we will run out of oil — it's a non-renewable resource, laid down hundreds of millions of years ago.

It's also a fact that much of the oil that remains in the ground is, at this point, uneconomic to recover. It's either too deep, too remote or too tricky to extract.

So where does that leave us?

It depends who you believe. In the June issue of National Geographic, you can read an article called, "The End Of Cheap Oil." For the opposite perspective, read "Never Cry Wolf — Why The Petroleum Age Is Far From Over" in the current issue of Science.

If the amount of oil still in the ground is finite, and our consumption is rising steadily, where does the disagreement come from?

The National Geographic article presents the gloomy side of the picture.

The United States consumes 25 per cent of the world's oil, even though it represents only 5 per cent of the population.

The trend isn't good, either: U.S. consumption has climbed 25 per cent since the mid-1980s.

As well, China is rapidly becoming a major oil consumer — we couldn't actually expect the Chinese to keep riding bicycles when they could afford cars, could we? India has become a major consumer of automobiles as well.

There are no signs that the appetite for oil will decline or even level out.

Predicting the point at which oil supplies will decline to the point of crisis is a dicey business.

The late geophysicist M. King Hubbert gained fame for his accurate prediction in 1956 that oil production in the continental United States would peak in 1970.

He based this on something called the Hubbert curve, a graph that shows the production of oil growing from the beginning until half the recoverable amounts have been extracted, then slowing at about the same rate until there's no oil left to be had.

It's based on a number of factors, including an understanding of the geology of the planet and the inevitable vagaries of exploration and production.

The Hubbert curve has been tweaked over and over and applied to new estimates of oil reserves to refine the date at which world oil production is expected to peak.

In National Geographic, those predictions range from 2016 to 2040, a reflection of the inherent — and inevitable — uncertainty.

And while reaching the peak doesn't mean the end of oil, some experts have said it will mark the point where "the growth of the past gives way to the decline of the future."

The other side of the picture is presented in the Science article, written by Leonardo Maugeri of the energy company Eni Spa in Rome.

Maugeri dismisses Hubbert and his followers as "oil doomsters" and argues that the end of the oil age is far, far in the future. He contends that the major barrier to bringing more oil online is the reluctance of companies and governments to invest.

The potential of the reserves in the Kashagan field in Kazakhstan is a good example of where Maugeri and the doomsters part company.

The doomsters point to the fact that original, back-of-the-envelope estimates of the amount of oil there have declined from hundreds of billions of barrels to, at most, 33 billion barrels of difficult-to-extract oil.

Maugeri, on the other hand, sees a different trend at Kashagan: Estimates of recoverable reserves have escalated with each new exploration well, with only six such wells having been drilled to date.

The optimists like to say the Stone Age didn't end because we ran out of stone, and in one sense they're right.

Although we are a long way away from creating technologies that will replace oil, there will come a time when cost will dictate that it take its place alongside wood and coal as an energy source that no longer fits the bill.

Saturday, May 22, 2004

From the Running On Empty 2 dialog of May 22:

Gotta love the comment to the effect of "pay some smart people enough money and they'll find all the oil you need". I'm sure there are flaws in the peak oil theories, but one of the supply & demand/market forces flaws is that technology and money cannot and have not solved every problem we would like to solve. The medical field is a perfect example --- we've been searching for a cancer cure for decades and haven't found it. Have we made improvements, yes, but it's still one of the top killers despite all the money and smart people thrown at it year in and year out. AIDS is another example --- we don't have a vaccine yet, but the market forces are there to find one. I'm sure moderate economists see that, but most of these authors don't. That's
how I see the next 50 or so years --- improvements will be made in alternate technologies, but we will not find the "perfect" replacement for oil which will allow us to continue on in the exact same manner, i.e. car crazy, as we do with oil. Sure the market forces will be there to find the replacement and additional oil fields, but just as in the medical field, we may not find exaclty what the market wants.


Yahoo! Groups : RunningOnEmpty2

(Running On Empty 2 is an ongoing newsgroup type dialog about peak oil and related topics. You need to sign in with your easy to get Yahoo! user ID.)


The original Running on Empty and Energy Resources yahoo groups have archived tens of thousands of messages about the upcoming shortages of energy.This forum continues this discussion, with an emphasis on what, if anything, can be done about the situation.

Authoritative data from the oil industry indicates that from about 2009 on(perhaps as early as 2005), there will be a permanent 3% (or more) per year decline of output from the world's now-emptying global oil fields.

Oil is vital to our transportation and industrial energy needs.

North American natural gas is in serious trouble too: much of it is used in power generation plants. They provide the electricity we use for computers, traffic lights, street lights and industrial machinery, home heating, and businesses. Natural gas is the crucial raw material for producing fertilizers for crops (our food supply.)

Calculations show that alternative sources of energy are severely inadequate and diffuse. There is no way that the present high energy American lifestyle can be sustained by wind or solar energies.

The days of cheap oil are numbered. Energy scarcity will bring major global recession, food shortages, fighting over resources, and (literally) billions of human deaths.

Friday, May 21, 2004

High oil prices don't mean we're running out of crude
Despite record-high crude oil prices and sticker-shock gasoline bills, the world faces no immediate shortage of oil, according to experts and an article published yesterday in the journal Science.

The Science report, "Never Cry Wolf: Why the Petroleum Age is Far From Over," portrays the world as awash in oil, with all major estimates putting proven reserves above the 1-trillion barrel mark. It was prepared by Leonardo Magugeri, a senior vice president at Italian energy company Eni.

"It is true that the world will not run out of oil for a long time," said Hatfield, who published a major 1997 study on the topic. It predicted world oil production would peak around 2010 and then begin a permanent decline.

Hatfield and some other geologists warn that the peak of oil production is the key date to keep in mind, not the date when oil runs out. When production begins to decline -- whether in 2010 or sometime later -- oil prices will skyrocket, causing economic upheaval, Hatfield contended, especially if the demand for oil continues to grow.

Thursday, May 20, 2004

The Seattle Times: Opinion: Nation's thirst for gas reaching the limit
For some reason, America's politicians and special-interest groups never mention the limits of oil companies' capacity for making gasoline. The domestic refining industry has not grown significantly for years, and it will probably shrink in years to come. Plant emissions rules, community hostility and a series of money-wasting betrayals by regulators discourage expansion. So does the burden of paying for equipment to make fuels that comply with clean-air rules for a marketplace so competitive that investments do not earn any money. Worse yet, these conditions encourage closure of marginal facilities. Many consumers say they won't cry for the big, rich oil companies. If so, they'll cry for themselves in the gasoline line — or leave the keys in their SUVs, hoping they'll be stolen.

The Gas Planet
That we are currently at war for fuel is obvious to all but the most blinkered Republican Party hack and the average flag-draped oaf on the street. But this violent scrambling for resources is born more from desperation than from corporate greed, as America has painted itself into a tight corner by basing its entire infrastructure on a finite energy source: oil.

Two new books consider the myopic governmental planning that has brought us to the lip of the proverbial gas hose. Paul Roberts' The End of Oil is an exhaustive study of modern energy production and politics, taking the reader from the dwindling wells of Saudi Arabia to the successful solar-powered German city of Freiberg, stopping en route to gasp at the idiocy that has dragged us into Iraq. David Goodstein's Out of Gas also shudders at the spectacle that is--in the writer's phrase--Oil War II, and warns that this is only the start of chaos unless we wean ourselves off petrochemicals.

BBC NEWS | Science/Nature | When the last oil well runs dry
Just as certain as death and taxes is the knowledge that we shall one day be forced to learn to live without oil.

Exactly when that day will dawn nobody knows, but people in middle age today can probably expect to be here for it.

Long before it arrives we shall have had to commit ourselves to one or more of several possible energy futures.

And the momentous decisions we take in the next few years will determine whether our heirs thank or curse us for the energy choices we bequeath to them.

12:30 - 20 May 2004
Soaring oil prices has sent the world into a spin - but a bigger shock is on the way. Pundits are warning we shall soon have to get used to life without oil altogether, with devastating consequences.

Will We Run Out of Energy?
According to Goodstein's worst case scenario, an oil crisis in the near future may lead to "Runaway inflation and worldwide depression [leaving] many billions of people with no alternative but to burn coal in vast quantities for warmth, cooking, and primitive industry. The change in the greenhouse effect that results eventually tips Earth's climate into a new state hostile to life.[1] End of story"
Goodstein has a solution, though. Science and the "laws of nature" cannot be changed. We can, however, change the "laws of people." Goodstein prescribes energy conservation and weaning ourselves off of fossil fuels. We also need higher gasoline prices and we must use hybrid cars, insulate our homes better, redesign our cities, improve public transportation, and move towards other energy sources such as nuclear power and solar power.

Wednesday, May 19, 2004

Peak Oil and the End of the World.

Chicken-littlism may well be humanity's oldest avocation. Since the beginning of what some of us like to call "civilization," doomsayers from the Muggletonians to the Heaven's Gate cult have frantically and confidently spoken of the world's imminent demise – and each time, they've been all wet. The latest pessimistic vision of the future regards "peak oil": the idea that as rising demand for oil outstrips the capacity of producers to supply it, formerly stable economic systems will be thrown into disarray, leading eventually to the kind of anarchy foretold in movies like Mad Max.

One would hope peak oil is a hand-wringing fantasy on a par with the survivalist craze that accompanied Y2K. But there are some facts in favor of the peak oil agitators: a recent, stubborn rise in gas prices, with little relief in sight; the ominous fact that the world's total oil production declined in 2001 and 2002, and rose in 2003 by only .5 percent, while demand rose by nearly 2 percent; and the otherwise inexplicable war in Iraq – which, though a political liability in the short run, is likely in the long haul to yield the U.S. virtually unending supplies of oil just when the peak oil theorists claim it's going to start getting quite scarce.

If the peak oil theory is right, the Iraq war, terrible though it is, will be remembered – like the assassination of Archduke Ferdinand or the Nazi invasion of Poland – as a mere prelude to a much bloodier affair. According to proponents like Kenneth Deffeyes and Colin Campbell, the coming decline in oil supplies will trigger privations in seemingly unconnected economic sectors. Industrial agriculture, for instance, depends heavily on oil and so much of the world's population will face starvation in a future of dwindling fossil fuels. Many oil-peakers speak of a coming "die-off," as the world population adjusts to the resources available to it – by perishing in the billions from war, famine, exposure, and civil unrest.
AlterNet: Top 10 Conspiracy Theories of 2003-2004

Tuesday, May 18, 2004

So why wouldn't oil prices rocket? - Alan Kohler -
The last "super giant" oilfield (more than 10 billion barrels) was discovered 40 years ago; the last American refinery was built 25 years ago; each successive American "driving season" guzzles more gas than the last.

The average oil discovery these days is small - 50 million barrels - and the average net present value of each reservoir is below the cost of exploration. Drilling for oil has not paid off for a long time.

Meanwhile, in America, rapacious consolidation and a clamp on new capacity has led to a shortage of gasoline, separate to the demand/supply picture for oil.

Monday, May 17, 2004

Vice President Dick Cheney on Peak Oil and a rationale for the Iraq war
In the April 2004 issue of the magazine The Middle East there is a statement that Vice- President Dick Cheney made in a speech at the London Institute of Petroleum Autumn lunch in 1999 when he was Chairman of Halliburton.
A key passage from his speech was: “That means by 2010 we will need on the order of an additional fifty million barrels a day.” It suggested that he was fully aware of the issue of peak oil. A full text of the talk had been available on the website of the Institute of Petroleum, but has now been removed ( A printed version dated August 24, 2000 was located and included included in this document: Dick Cheney, Peak Oil and the Final Count Down
Excerpt - Dick Cheney: “From the standpoint of the oil industry obviously - and I'll talk a little later on about gas - for over a hundred years we as an industry have had to deal with the pesky problem that once you find oil and pump it out of the ground you've got to turn around and find more or go out of business. Producing oil is obviously a self-depleting activity. Every year you've got to find and develop reserves equal to your output just to stand still, just to stay even. This is as true for companies as well in the broader economic sense it is for the world. A new merged company like Exxon-Mobil will have to secure over a billion and a half barrels of new oil equivalent reserves every year just to replace existing production. It's like making one hundred per cent interest; discovering another major field of some five hundred million barrels equivalent every four months or finding two Hibernias a year. For the world as a whole, oil companies are expected to keep finding and developing enough oil to offset our seventy one million plus barrel a day of oil depletion, but also to meet new demand. By some estimates there will be an average of two per cent annual growth in global oil demand over the years ahead along with conservatively a three per cent natural decline in production from existing reserves. That means by 2010 we will need on the order of an additional fifty million barrels a day. So where is the oil going to come from? Governments and the national oil companies are obviously in control of about ninety per cent of the assets. Oil remains fundamentally a government business. While many regions of the world offer greet oil opportunities, the Middle East with two thirds of the world's oil and the lowest cost, is still where the prize ultimately lies, even though companies are anxious for greeter access there, progress continues to be slow.”

Sunday, May 16, 2004

Oils ain't just oils, they're to die for
Most Europeans have never been in doubt that Iraq is an oil war. As the latest ludicrous excuse for the war lies in ruins - that it is a selfless American crusade to civilise the Middle East - perhaps we can finally start to think about the real issues and what our "leaders" are doing about them in our name.

The mainstream media has hardly touched the looming oil supply crisis, but if you look hard enough, the mastermind of the war, Bush's Vice-President Dick Cheney did in 1999, as chairman of giant oil services company Halliburton, now ensconced in Iraq. Cheney warned that by 2010 the world would need another 50 million barrels a day, way above our known reserves.

"The Middle East, with two-thirds of the world's oil, is still where the prize ultimately lies," he said.

Friday, May 14, 2004

The Oil Crunch - NY Times
Before the start of the Iraq war his media empire did so much to promote, Rupert Murdoch explained the payoff: "The greatest thing to come out of this for the world economy, if you could put it that way, would be $20 a barrel for oil." Crude oil prices in New York rose to almost $40 a barrel yesterday, a 13-year high.

Thursday, May 13, 2004

Drive Gently
Using less fuel is one way you can make a difference. A no-cost way to immediately save on your fuel usage and expense is to drive gently.
A light foot saves not only gas, but your temper, your brakes, and wear & tear on your vehicle.
Remind yourself, and others on the road, by applying the Drive Gently bumper sticker. It is available, at cost, at

Monday, May 10, 2004

The New York Times > Opinion > Op-Ed Columnist: The Oil Crunch: "So what should we be doing? Here's a hint: We can neither drill nor conquer our way out of the problem. Whatever we do, oil prices are going up. What we have to do is adapt."

Monday, May 03, 2004

AlterNet: Is Saudi Arabia Still the King of the Oil?
Several speakers, including energy analyst and White House advisor Daniel Yergin, explicitly denied what has come to be termed the 'oil peak.'