Did Saudi oil production peak in 2005?
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Anadarko Spends $21B to Grow Gas Ops. Anadarko is buying Kerr-McGee Corp. and Western Gas Resources Inc., which should more than double its annual sales.
Waste Oil Dumps Threaten Towns in Northern Iraq. Because of problems transporting oil out of Iraq, there was no place to ship partially refined fuel oil. So the Iraqi government dumped it. On the ground. And set it on fire.
Pumped Up. James Surowiecki on the economics of oil refining.
Brit comedian Robert Newman presents his History of Oil [google video]. Funny and fascinating.
When workers on an oil rig in Lake Peigneur drilled into the top of a salt mine, they created a swirling vortex of doom.
Predictions on Future Oil Reserves are Mixed. According to the Boston Globe, some oil experts predict a dire near-future of oil shortages and economic collapse, while others suggest that improvements in exploration technology will stave off the end of oil. There’s not a lot of new information in this article, but it provides some decent background on the peak oil controversy.
Tom Kirkendall has an informative post on the potential impact of Katrina on oil and gas production in the Gulf of Mexico. Also, he notes that Ernie the Attorney had to ride out the hurricane in New Orleans. Ernie hasn’t posted since about midnight, so I hope everything is okay. *Update:* Tom has more on the “energy situation”:http://blog.kir.com/archives/002345.asp. *Update 2:* Looks like Ernie “made it out”:http://www.ernietheattorney.net/ernie_the_attorney/2005/08/made_it_out_to_.html of New Orleans.
Oil prices are already “over seventy dollars a barrel”:http://quote.bloomberg.com/apps/news?pid=10000103&sid=agZKpVfB2rz0&refer=news_index this morning, and we still don’t know the extent of damage to the platforms, oil terminals, and refining facilities. ConocoPhillips, the biggest U.S. refining company, shut its Alliance refinery south of New Orleans, and Chevron Corp. and Valero Energy Corp. also closed refineries and evacuated staff.
The AP “reports”:http://www.forbes.com/work/feeds/ap/2005/08/29/ap2194889.html that wholesale gasoline prices increased by 25-35 cents a gallon today based on reports that about 8 percent of U.S. refining capacity had been shut down ahead of the storm. One analyst said pump prices nationwide would likely average more than $2.75 a gallon by week’s end.