Executives, especially Exxon executives, have thought for some time that they could keep oil prices under control by pretending that Peak Oil is a left-wing myth. Or that it wont happen until were all dead. Most executives (other than Exxons) have stopped that foolishness by now.
Peak Oil
Why Exxon Still Denies Peak Oil
This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website,
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are owned by John Donovan. There is also a Wikipedia segment.
Time for big oil to explore places it would rather avoid
Rising costs and taxes, and limited access to new supplies help explain why BP and Shell have performed so badly and underperformed US peers ExxonMobil and Chevron. But other factors have been at work, such as the fatal accident at BP's Texas City oil refinery and the reserve misreporting scandal at Shell.
On Oil Supply, Opinions Aren’t Scarce
THE NEW YORK TIMES: On Oil Supply, Opinions Aren’t Scarce
“He pointed to those Canadian oil sands – where, he said, Shell Canada recently announced it was going to raise its investment to $7.3 billion from $4 billion to produce an additional 100,000 barrels a day. “Just think about that; $3.3 billion for just 100,000 barrels,” he said. “Doesn’t that tell you something?”
Saturday 10 Sept 2005
By Joseph Nocera
Published: September 10, 2005
We’re halfway through the hydrocarbon era,” my old friend T. Boone Pickens has been saying for the last couple of years. You may remember Mr. Pickens as the most famous corporate raider of the 1980’s, but he has spent his life in the oil patch. A geologist by training, Mr. Pickens founded Mesa Petroleum at the age of 26 and ran it for the next 40 years. Now, at 77, he works the oil patch in a different way, running a pair of energy-oriented hedge funds in Dallas.
AP Worldstream: Are we there yet? Some see the beginning of the end of the road for oil
AP Worldstream: Are we there yet? Some see the beginning of the end of the road for oil
MATT CRENSON
May 29, 2005
Could the petroleum joyride _ cheap, abundant oil that has sent the global economy whizzing along with the pedal to the metal and the air conditioning blasting for decades _ be coming to an end?
Some observers of the oil industry think so. They predict that this year, maybe next _ almost certainly by the end of the decade _ the world’s oil production, having grown exuberantly for more than a century, will peak and begin to decline.
And then it really will be all downhill. The price of oil will increase drastically. Major oil-consuming countries will experience crippling inflation, unemployment and economic instability. Princeton University geologist Kenneth S. Deffeyes predicts “a permanent state of oil shortage.”
The Sunday Times: The only way is up for oil prices
The Sunday Times: The only way is up for oil prices
By Dominic Rushe
May 23, 2004
ACROSS America the average price of regular petrol passed $2 (€1.66) a gallon last Monday. To outsiders, American fuel still looks laughably cheap. Aquafina, a popular bottled water, costs about $2.50 a gallon. But this is a big country with a bad train system where people and goods are transported long distances in big cars and trucks.
Pump prices have risen by 28% since January, and odds are they will keep rising. The consequences are far from funny. Expensive petrol is a national disaster. America’s motor industry is already feeling the pinch.
Street Sleuth: Oil-Price Forecasts Seem to Miss Upward Trend
The Wall Street Journal: Street Sleuth: Oil-Price Forecasts Seem to Miss Upward Trend
Wall Street Tends to Make Wrong Calls in Rallies; History Is No Assurance
By JUSTIN LAHART
Staff Reporter of THE WALL STREET JOURNAL
May 19, 2004; Page C3
Most energy watchers agree: The price of oil won’t remain above $40. But if the recent history of oil prices is any sort of guide, the slippery slope may lead upward.
Wall Street’s consistently wrong call on the price of a barrel of oil at any given time is perhaps most notable when the commodity is rallying. Recent lowball oil forecasts, in turn, help explain why Wall Street has produced low earnings forecasts for energy companies. The problem: Energy analysts by profession appear to assume a reversion to means when analyzing oil — that is, they assume any big move in price soon will be followed by a move back to the historical norm.
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