Archive for peak oil

U.S. highway fund crushed by cutback in driving

Posted in Uncategorized with tags , , , , , , , , , on September 5, 2008 by highboldtage

U.S. highway fund crushed by cutback in driving

As drivers cut back on gas, The Department of Transportation says its Highway Trust Fund will be depleted and needs an $8 billion emergency infusion.

NEW YORK ( — An unprecedented decline in driving will deplete the federal Highway Trust Fund by the end of September prompting the government to ask Congress for an $8 billion emergency infusion Friday.

Gasoline sales are crucial to maintaining the nation’s highway infrastructure. About 90% of the fund’s total revenues comes from taxes on motor fuels, according to a July report from the Congressional Budget Office.

Without the additional money, the Department of Transportation will not be able to fully reimburse states for their highway investments. Already in September, department officials are projecting getting $4.4 billion in state requests but collecting only $2.7 billion in revenues.


How Will Drilling Help If Refineries Are Cutting Back?

Posted in Uncategorized with tags , , , , , , , , , on August 13, 2008 by highboldtage

Oil Rises $2.99 on Bigger-Than-Expected Gasoline Supply Decline

By Mark Shenk

Aug. 13 (Bloomberg) — Crude oil futures rose more than $2 a barrel after a U.S. Energy Department report showed a bigger- than-forecast decline in inventories of gasoline as refiners shut units and imports fell.

Gasoline supplies dropped 6.39 million barrels to 202.8 million barrels last week, the biggest decline since October 2002 when Hurricane Lili and Tropical Storm Isidore disrupted output along the Gulf of Mexico. Stockpiles were forecast to decrease 2.15 million barrels, according to a Bloomberg News survey.

“Refiners are cutting runs and imports plunged because demand is so weak,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “Refiners weren’t making money so it made sense to shut units.”

UPDATE: Behind the Drill Shills: Exxon ’07 Reserves Below 100%

Posted in Uncategorized with tags , , , , , , , , , , , , , , on August 7, 2008 by highboldtage



Exxon ’07 Reserves Below 100%

HOUSTON -(Dow Jones)- Citing the loss of Venezuelan oil reserves, Exxon Mobil Corp. (XOM) Friday became the latest oil major to fall short of 100% reserve replacement in 2007, posting a 76% reserve replacement for the year.

The Irving, Texas oil giant said it replaced 1.2 billion oil-equivalent barrels in 2007, compared with production of about 1.6 billion barrels, a ratio of 76%. The result is the latest sign of the growing challenge the private oil majors face in replacing production.

Chevron Halts Nigeria Onshore Oil Output After Attack

Posted in Uncategorized with tags , , , , on June 21, 2008 by highboldtage

Chevron Halts Nigeria Onshore Oil Output After Attack

By Paul Richardson

June 21 (Bloomberg) — Chevron Corp. said its Nigerian unit halted onshore oil production after one of its pipelines in Delta state was “breached” by a suspected act of sabotage.

About 120,000 barrels a day of crude have been halted by the blowing up of the pipeline, Agence France-Presse reported today. Chevron is assessing the situation, and the incident has been reported to relevant government agencies, the San Ramon, California-based company said in an e-mailed statement today.

Flooded ethanol industry threatens US mandates

Posted in Uncategorized with tags , , , , , , , , , , on June 14, 2008 by highboldtage

Flooded ethanol industry threatens US mandates


13 Jun 2008

Source: Reuters
By Timothy Gardner

NEW YORK, June 13 (Reuters) – Floods in the Midwest that have pushed corn prices to record levels have wiped out profits for making U.S. ethanol and threaten to sink production of the fuel below government mandates.


lifting food prices at a time of mounting hunger problems.


average U.S. producers now lose 8 cents for every gallon of ethanol distilled, compared with a profit margin of 20 cents a gallon two weeks ago.

2 billion to 5 billion gallons of ethanol “could go offline in the next few months due to high corn prices

if corn prices don’t fall, outages in the ethanol industry could match dismal production in the biodiesel industry where plants run at about half of their capacity because of high prices for soy bean oil, the main feedstock.


Major China cities hit by diesel fuel rationing

Posted in Uncategorized with tags , , , , , , , , , , , , , , , on May 29, 2008 by highboldtage

Major China cities hit by diesel fuel rationing

Thu May 29, 2008 4:47pm IST

By Chen Aizhu and Jim Bai

BEIJING, May 29 (Reuters) – Petrol stations in at least three major Chinese coastal cities were rationing diesel on Thursday, drivers said, causing long queues of trucks and reviving the spectre of bigger fuel shortages that could stir discontent.

The shortages have worsened since last week, when stations in at least five provinces ran out of stock before the day ended, but have not yet reached the fever pitch of last October.


OIL SHOCK! Interactive Oil Depletion Map

Posted in Uncategorized with tags , , , , , , , , , , , , , on May 29, 2008 by highboldtage

OIL SHOCK! Interactive Oil Depletion Map