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Oil Supply

Fossil Fuel Euphoria

Michael T. Klare | Posted 01.23.2014 | Green
Michael T. Klare

What we're seeing is a sea change in elite thinking on the future availability and attractiveness of fossil fuels. There are good reasons to be deeply skeptical of such claims, but that hardly matters when they are gaining traction in Washington and on Wall Street.

When It Comes to the World's Oil Supply, There Is No Free Market

T. Boone Pickens | Posted 06.11.2013 | Business
T. Boone Pickens

Whenever I bring up the importance of getting America the energy plan it deserves, someone always says, "Boone, let's not pick winners and losers. Let's let the market decide." There's only problem with that statement.

Gas Prices Are Going Up Early This Year

Reuters | Posted 04.12.2013 | Business

* U.S. retail gasoline averages $3.5918/gallon * Rise comes in response to increases from wholesalers * Brent crude oil ...

How Much Americans Spend On Gas Every Year [GRAPHIC]

The Huffington Post | Posted 03.04.2012 | Business

It's springtime, and you know that means: The return of your gas price nightmares. Hey, with the average American spending over $2,000 per year just t...

Oil Prices Surge Amid Rising Tensions In Iran

AP | CHRIS KAHN | Posted 03.04.2012 | Business

NEW YORK — Oil prices soared Tuesday as tensions grew over key Persian Gulf oil shipments. Benchmark crude jumped by $4.13, or 4.2 percent, to ...

OPEC: Worldwide Oil Demand Will Continue To Grow

AP | Posted 10.09.2011 | Business

VIENNA -- World demand for oil will grow this year and next despite signs that the tepid international economic recovery is running out steam, OPEC sa...

Emergency Oil Stocks Tapped To Offset Disruptions From Libya War

AP | Posted 08.23.2011 | Green

PARIS — Twenty-eight countries have agreed to release 60 million barrels of crude oil to the market to offset disruptions prompted by Libya's wa...

Obama Ready To Release Oil From Petroleum Reserve

AP | MATTHEW DALY | Posted 08.23.2011 | Politics

WASHINGTON — Wary of a new surge in gas prices, the Obama administration said Thursday it is selling off 30 million barrels of oil from the coun...

Oil Demand Outweighing Supply, OPEC Says

Posted 08.10.2011 | Business

(AP) VIENNA — An OPEC report suggests that world demand for its oil is outstripping the present supply. The monthly demand forecast from the Orga...

OPEC: Talks Broke Down Because Of Economics, Not Politics

Posted 08.09.2011 | Business

VIENNA (Alex Lawler and Barbara Lewis) - Economics, rather than politics was behind the collapse of this week's OPEC talks and the group as a whol...

OPEC May Raise Oil Output

AP | ADAM SCHRECK | Posted 05.25.2011 | Business

DUBAI, United Arab Emirates — Saudi Arabia's oil minister on Tuesday denied the surge in oil prices reflects a shortage of crude on the market b...

Saudi Stocks Plunge On Middle East Unrest

Bloomberg | Posted 05.25.2011 | Business

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No End In Sight For Libyan Oil Supply Fears

AP | ALAN CLENDENNING | Posted 05.25.2011 | Business

MADRID — Libya's oil industry is in chaos – and there's no telling when that will end. Armed men loot equipment from oil field installati...

When the Market Fails

Craig K. Comstock | Posted 05.25.2011 | Green
Craig K. Comstock

The market fails at giving a timely signal to prepare for "peak oil." Given that we can't invest trillions on the basis of mere speculation, where are we going to get the data on the basis of which to prepare in time?

What Does King Abdullah Know?

Jeffrey Rubin | Posted 05.25.2011 | Business
Jeffrey Rubin

No matter where you look, it is becoming increasingly clear that tomorrow's oil supply is going to come from very different places than today's.

Without Higher Prices, Tar Sands Not Even Economically Sustainable

Jeffrey Rubin | Posted 05.25.2011 | Business
Jeffrey Rubin

The Alberta tar sands are not a new discovery. The only thing new about the tar sands is that they are now considered a commercially viable source of oil supply.

What's Plan B?

Jeffrey Rubin | Posted 05.25.2011 | Business
Jeffrey Rubin

America's Plan A for the future of its oil supply was shaky to start with. Hurricanes, and the devastation they've brought to offshore oil platforms i...

Gulf Oil Disaster Doesn't Make the Tar Sands Green

Jeffrey Rubin | Posted 05.25.2011 | Green
Jeffrey Rubin

Tar sands producers and others are promoting tar sands oil as an ecologically-friendly alternative to the environmental risks of another deep-water oil spill. How low the bar has fallen.

A Moratorium on Supply Growth

Jeffrey Rubin | Posted 05.25.2011 | Business
Jeffrey Rubin

President Obama's recently announced moratorium on deep-water drilling in the Gulf of Mexico is effectively a freeze on growth in US oil production. A...

Wall Street Speculators Driving Up Oil Prices

Posted 05.25.2011 | Business

WASHINGTON -- Oil consumption has fallen, demand from U.S. motorists for gasoline is flat at best and refiners that turn crude into fuel are operatin...

Brazilian Oil: Government Seeks Greater Control Of Coastal Reserves

New York Times | ALEXEI BARRIONUEVO | Posted 05.25.2011 | World

RIO DE JANEIRO -- Faced with the world's most important oil discovery in years, the Brazilian government is seeking to step back from more than a deca...

Bush says Saudi oil boost doesn't solve US problem

AP | TERENCE HUNT | Posted 05.25.2011 | Business

SHARM EL-SHEIK, Egypt — President Bush said Saudi Arabia's small increase in oil production will not solve soaring U.S. fuel prices, but he defe...

Gas jumps nearly 3 cents to record; oil crosses $124

AP | JOHN WILEN | Posted 05.25.2011 | Business

NEW YORK — Gasoline and crude oil jumped to new records Thursday, with gas rising 3 cents to an average national price of nearly $3.65 a gallon ...

Bush: US Must 'Get Off Oil'

AP | JENNIFER LOVEN | Posted 05.25.2011 | Business

WASHINGTON — President Bush said Wednesday that the United States has to "get off oil" to reduce dependence on foreign suppliers and declared "i...

Oil Prices Jump On Supply Concerns

AP | John Wilen | Posted 05.25.2011 | Business

Oil prices jumped Wednesday on supply concerns, stoked by a new round of Turkish airstrikes in northern Iraq and a growing belief that domestic oil in...