Oil Peak or Peak Oil? [Part 1]


	Oil Peak or Peak Oil? [Part 1]

zizzy

10-17-2007 5:03 PM

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tags:

oil markets, energy wars, bush administration, iraq, china, venezuela, united states

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/46f45cb3-e6ae-446c-b2db-df5090e67b4e/C0FA52B6-D2B2-4150-934C-74565B98ED97/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.juancole.com/2007/10/oil-peak-or-peak-oil.html" href="http://www.juancole.com/2007/10/oil-peak-or-peak-oil.html" style="font-size: 11px;">www.juancole.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.juancole.com/2007/10/oil-peak-or-peak-oil.html"><A href="http://www.voanews.com/english/2007-10-16-voa20.cfm">The tensions between Turkey and Iraqi Kurdistan</A> contributed to jitteriness in the oil markets that drove the prices to as high as $88.20 at one point on Tuesday before falling back to over $87. The oil price spike in turn <A href="http://www.insidefutures.com/article/46057/Market%20Moves:%20A%20Slippery%20Slope%20or%20a%20Sliding%20Scale?%20Oil%20is%20Moving%20Markets!.html">frightened investors and hit stock markets</A> around the world.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.juancole.com/2007/10/oil-peak-or-peak-oil.html">The United States consumes about 21 million barrels of petroleum every day.  About 85 million barrels a day is produced <I>in the entire world</I>.  The US thus consumes about a fourth of the supply, even though it has only 5 percent of the world's population.  The US only produces about 7.5 million barrels a day, so it has to import some 13 million.   the geniuses in the White House have so alienated some US suppliers, like Venezuela, that <A href="http://www.businessweek.com/globalbiz/content/oct2007/gb2007102_536757.htm?chan=top+news_top+news+index_best+of+bw">Caracas is planning to sell nearly half of its over 2 mn. b/d to China</A> rather than selling it all to the US.  Since petroleum is now increasingly scarce and is a seller's market, Chavez's plan would cut down on the amount of petroleum available to the US.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/C0FA52B6-D2B2-4150-934C-74565B98ED97/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>