Peak Oil Panic! » Peak oil news

Good news for oil! Its only $76 per barrel

peakadmin — Wed, 11 Jul 2007 03:37:37 +0000

How do I figure this is good news? Simply because I recall about a year ago all sorts of analysts were calling for $100 barrel by the end of the year. Thats why.

right here,

WORLD oil prices breached $US76 again in
London and hit 73 dollars in New York overnight, approaching record
highs as more kidnappings in Nigeria added to global supply concerns.

Brent North Sea crude for August delivery touched
$US76.34 per barrel, a level last reached on August 10, 2006. The
contract is about $US2 from the record $US78.65 hit the same month.

Oh Shit! Mexican Guerillas attacking oil pipelines!

peakadmin — Wed, 11 Jul 2007 03:26:43 +0000

Fuck me, as if the Mexicans didn’t have enough problems with the declining production of the Cantarell, now they have to deal with militants.

An obscure guerrilla group that has been barely active for a decade
took responsibility today for a recent series of pipeline explosions in
central Mexico.

The People’s Revolutionary Army, which until now has been active
mostly in Guerrero, Oaxaca and other southern Mexican states, said in a
communique that “several platoons” of its militants blew up the
pipelines in the past week as part of a new campaign.

At this point I’m going to file this under bad news.

It is probably safe to say that our only hope is for Leonardo Dicaprio to make a movie about it! (at which point it gets filed under bad-movie)

Read the full story here.

U.S. Looks to Canada for More Oil - no kidding.

peakadmin — Tue, 10 Jul 2007 03:12:43 +0000

This hardly comes as a surprise. I’m guessing that this has something to do with the recent declines in Cantarell production.

True to the lackluster journalistic nature of this blog, we can’t be bothered to sign up for a WSJ account. If anyone ever reads this blog post, could you take a peek at what they have in their article and maybe post a summary in the comments. Thanks!