A Quote by James Buchan
There are signs that the age of petroleum has passed its zenith. Adjusted for inflation, a barrel of crude oil now sells for three times its long-run average. The large western oil companies, which cartellised the industry for much of the 20th century, are now selling more oil than they find, and are thus in the throes of liquidation.
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This morning, prompted by increasing concerns about terrorism, oil prices reached a record high as the cost of a barrel of crude is a whopping $44.34. Wow, it seems shocking that a product of finite supply gets more expensive the more we use it. Now the terror alert means higher oil prices, which oddly enough means higher profits for oil companies giving them more money to give to politicians whose policies may favor the oil companies such as raising the terror alert level. As Simba once told us: "It's the circle of life."
I've been saying for a long time, and I think you'll agree, because I said it to you once, had we taken the oil - and we should have taken the oil - ISIS would not have been able to form either, because the oil was their primary source of income. And now they have the oil all over the place, including the oil - a lot of the oil in Libya, which was another one of her disasters.
I can at once refute the statement that the people of the West object to conservation of oil resources. They know that there is a limit to oil supplies and that the time will come when they and the Nation will need this oil much more than it is needed now. There are no half measures in conservation of oil.
Brazil does not want to become an exporter of crude oil. No. We want to be a country that exports oil byproducts - more gasoline, high-quality oil - and to strengthen the petrochemical industry.
There is so much oil now in the Gulf of Mexico, and you can thank the folks of British Petroleum for this, so much oil in the Gulf, you can now park on it.
So long as oil is used as a source of energy, when
the energy cost of recovering a barrel of oil becomes
greater than the energy content of the oil, production
will cease no matter what the monetary price may
be.
Goldman Sachs now has the biggest oil position in America and probably one of the biggest oil positions in the world. They're long oil. So the banks have aggressively been buying oil on their balance sheets. I think they might see this as a way to bail themselves out of this mortgage crisis.
Oil wells never really run dry. A big company will drain maybe 40% of a field. Pulling out the rest of the oil, which requires an outlay of incrementally more cash per barrel, often proves uneconomical for big companies with big overheads.
You folks been following the big British Petroleum oil spill in the Gulf of Mexico? I'm telling you, British Petroleum has put more birds in oil than Colonel Sanders.
Here in the United States we're now consuming about three gallons of petroleum per person per day. That's twenty pounds of oil per person per day. We only consume about four pounds of oxygen per person per day. We're consuming five times more oil each day, here in the United States than we are oxygen. We've become the oil tribe.
There's a huge misconception that it's all about the oil, and the truth is there's actually not much oil left in Abyei. The misperception arose because when the peace agreement was signed in 2005, Abyei accounted for a quarter of Sudan's oil production. Since then, the Permanent Court of Arbitration in The Hague defined major oil fields to lie outside Abyei. They're in the north now, not even up for grabs, and they account for one percent of the oil in Sudan. The idea that it's "oil-rich Abyei" is out of date.
Tar sands oil is the dirtiest fuel on Earth. Because producing it consumes so much energy, a gallon of tar sands crude generates 17 percent more carbon pollution than conventional crude oil.
The oil areas have a big problem digesting the oil. There's too much money, and the people don't know what to do with it. I'm finding all the time that we have more industries and more success stories which are not involved with oil.
A key impact of recent events was a very persistent, if not permanent shock in the oil supply. This was caused as the oil industry hit geological boundaries, which meant that it could no longer maintain the historic growth rates in petroleum extraction.
Rockefeller made his money in oil, which he discovered at the bottom of wells. Oil was considered crude in those days, but so was Rockefeller. Now both are considered quite refined.
Energy companies, such as Chevron and Shell, and oil producing countries, such as Kuwait and Venezuela, pump crude oil from their vast land holdings and sell it on the world market
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