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Index / Conventional Oil & Gas Resources / Economics

Legislation to impose a new severance tax on oil and natural gas extraction to help bolster higher education funding passed the Assembly's Revenue and Taxation Committee by a party-line vote Monday.
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Find Out More »  |  Open Resource  |  2010/01/23  |  458 Report Broken   Tell A Friend

Index / Conventional Oil & Gas Resources / Economics

Kern oilman Arthur McAdams says new rules are being crafted in Sacramento that he fears could ruin the industry for small operations like his.
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Find Out More »  |  Open Resource  |  2010/01/23  |  432 Report Broken   Tell A Friend

Index / Conventional Oil & Gas Resources / Economics

This paper explores similarities and differences between the run-up of oil prices in 2007-08 and earlier oil price shocks, looking at what caused the price increase and what effects it had on the economy. Whereas historical oil price shocks were primarily caused by physical disruptions of supply, the price run-up of 2007-08 was caused by strong demand confronting stagnating world production. Although the causes were different, the consequences for the economy appear to have been very similar to those observed in earlier episodes, with significant effects on overall consumption spending and pur... More →
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Find Out More »  |  Open Resource  |  2009/09/05  |  382 Report Broken   Tell A Friend

Index / Conventional Oil & Gas Resources / Economics

Dr. Conca reports that when he filled up my hybrid gasoline tank last week, the pump price had jumped 30 cents from my last fill-up. He said to himself that something is going on. Gasoline prices do not just move up and down on a whim. So when I found out about the refinery woes going on across the country, I was not surprised.

A devastating explosion destroyed much of Exxon Mobil Torrance refinery in California two weeks ago and severely cut into the American ability to make gasoline. Residents for miles around had to cope with ash, gaseous fumes and really unhealthy air quality. ... More →
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Find Out More »  |  Open Resource  |  2015/03/02  |  200 Report Broken   Tell A Friend

Index / Conventional Oil & Gas Resources / Economics

Leanne Miller reports that closely followed market watcher Dennis Gartman says billionaire Boone Pickens prediction that the bottom is in for oil is off base.

It is a supply circumstance. You can see it in the term structure of the futures market on Friday, when you had a strong rally, the back months led the way up, Gartman told CNBC Fast Money traders on Monday. That is not how bull markets function, that is how bear markets function, and I think Mr. Pickens, a hero of mine, is wrong.

Pickens, who built Mesa Petroleum into a powerhouse and founded BP Capital Management,... More →
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Find Out More »  |  Open Resource  |  2016/02/07  |  129 Report Broken   Tell A Friend

Index / Conventional Oil & Gas Resources / Economics

Fuel prices in 2006 continued at record levels, with uranium continuing upward unabated and coal, SO2 emission allowances, and natural gas all softening. This softening did not continue for natural gas, however, whose prices rose, fell and rose again, first following weather influences and, by the second quarter of 2007, continuing at high levels without any support from fundamentals. This article reviews these trends and describes the remarkable increases in fuel expenses for power generation.The most significant illustration of these forces was the early 2007 suspension of development plans ... More →
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Find Out More »  |  Open Resource  |  2009/12/02  |  395 Report Broken   Tell A Friend

Index / Conventional Oil & Gas Resources / Economics

Chris Cook opines that the former Saudi oil minister Zaki Yamani famously said that the Stone Age did not end because of a shortage of stones, and the Oil Age will not end because of a shortage of oil. Global markets are now at the second of two major inflection points. The first of these ...the point of Peak Debt, was the collapse of Lehman Brothers in October 2008 at which point the burden of debt on the U.S. economy outstripped the capacity of the U.S. people to repay it. Since then, the U.S. economy has been, and will remain, after the approaching global recession hits home, a Japanese-sty... More →
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Index / Conventional Oil & Gas Resources / Economics

Chapter 32 - Appendix I - The Energy Market
Electricity customers in Texas are served by three distinct electric networks defined by specific geographic boundaries, each of which have unique rules that govern the operation of electricity markets within their footprint. Texas’ westernmost counties (El Paso and portions of Hudspeth and Culberson) are part of the Western electric grid of the United States and southwestern Canada. Substantial land areas in the Texas Panhandle as well as contiguous areas in East Texas from Texarkana to Beaumont are part of the Eastern electric grid of th... More →
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Find Out More »  |  Open Resource  |  2010/03/16  |  470 Report Broken   Tell A Friend

Index / Conventional Oil & Gas Resources / Economics

Richard Martin reports that environmental groups won a major victory in California in late June when the group proposing a 600-megawatt natural-gas-fired power plant near Avenal said it would abandon the project. Slated to cost nearly $2 billion, the Avenal plant was the subject of a dozen years of controversy and legal wrangling, and last year a federal appeals court vacated environmental approvals for the project.

For the Sierra Club and other groups attempting to block all new fossil-fuel plants in the United States, the decision to abandon Avenal came as a signal - the tactics t... More →
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Find Out More »  |  Open Resource  |  2015/07/26  |  260 Report Broken   Tell A Friend

Index / Conventional Oil & Gas Resources / Economics

Arthur Berman opines that 2 years into the global oil-price collapse, it seems unlikely that prices will return to sustained levels above $70 per barrel any time soon or perhaps, never. That is because the global economy is exhausted. The current oil-price rally is over as Berman predicted several months ago and prices are heading down toward $40 per barrel.

Oil has been re-valued to affordable levels based on the real value of money. The market now accepts the erroneous producer claims of profitability below the cost of production and has adjusted expectations accordingly. Meanwhil... More →
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Find Out More »  |  Open Resource  |  2016/07/21  |  123 Report Broken   Tell A Friend

Index / Conventional Oil & Gas Resources / Economics

The Hubbert peak theory is based on the observation that the amount of oil under the ground in any region is finite, therefore the rate of discovery which initially increases quickly must reach a maximum and decline. In the US, oil extraction followed the discovery curve after a time lag of 32 to 35 years.[1][2] The theory is named after American geophysicist M. King Hubbert, who created a method of modeling the production curve given an assumed ultimate recovery volume.
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Index / Conventional Oil & Gas Resources / Economics

Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. The concept is based on the observed production rates of individual oil wells, and the combined production rate of a field of related oil wells. The aggregate production rate from an oil field over time usually grows exponentially until the rate peaks and then declines—sometimes rapidly—until the field is depleted. This concept is derived from the Hubbert curve, and has been shown to be applicable to the sum of a nation’s d... More →
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Find Out More »  |  Open Resource  |  2009/09/05  |  410 Report Broken   Tell A Friend
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