peak oil

Global: Jeremy Leggett - Another crunch is coming – but will the world act?

The first report concluded that peak oil is a grave risk for the global economy. Specifically, what concerns us is the threat in the premature peak in global oil production caused by either or both of a collective overestimation of reserves by the global oil industry, and an inability to deliver enough flow capacity because of underinvestment. The second report will examine, among other things, the impact of the recession on the global prices.

My own view of the state of play is that the recession might have bought us a little time, but has deepened the crisis beyond. The central problem is that the underinvestment in the oil industry today will play out as a tighter crunch in the middle of the next decade. It takes an average of six and a half years from finding an oil field to bringing it onstream and, in the rare case of giant fields, often more than 10 years. Why haven't more people in government, and the oil industry itself, seen this particular crisis coming? Why aren't they acting proactively to soften the blow?

Canada (Alberta): Pumps run dry across Calgary

Oil, oil everywhere, but not a drop of fuel for your tank.

As the long weekend stretched out to Sunday, more and more Calgarians were left running on fumes as a fuel shortage across southern Alberta has shut down dozens of gas stations on one of the busiest driving weekends of the year.

Dan Ruiter, a manager at Highland Moving and Storage, had driven up to his seventh Petro-Canada location of the day by midday Sunday, and again faced the familiar sight of pumps wrapped tautly in yellow caution tape.

"Our moving company relies on gas cards from Petro-Canada, and it seems that nowhere that we're looking for gas has any," he said at the Petro-Canada on 32nd Avenue N. E.

India: `Industries will suffer due to load shedding '

KRRS working president Kodinahalli Chandrashekhar urged the government to provide sufficient power to the rural mass without any
discrimination between urban and rural masses, in Davanagere on Monday.

Chandrashekhar blamed the BJP-led government for its utter failure in providing sufficient power, especially to the farmers, referring to its recent decision of load shedding for 14 hours. Chandrashekhar said that it is a great injustice and inequality meted to the rural mass.

Argentina: Service station owners report shortages

The association grouping petrol station owners reported an "unjustified" shortage of diesel fuel and blamed the government for the irregularities in the suppliers of fuels.

The organization also said sales have dropped at about 25 percent in 2009 from the previous year.

The remarks were made by Luis Malchidi, chairman of the Argentina Association of Fuel Suppliers in Buenos Aires.

"Diesel is not arriving at the petrol stations, especially during weekends. This is something that happens on regular basis, and the authorities should be blamed for the inconveniences," Malchidi told an interview on a local radio station.

Argentina: Falta gasoil según las estaciones de servicio lanacioncom

Low profitability, lack of investment in production and cut quotas. These explanations were given yesterday that the owners of service stations to denounce the disruption of oil throughout the country. YPF oil soon denied the shortfall, stating that the provision "is normal."

Cuba: Cuba's frightening energy crisis

Air conditioners are shut off in the dead heat. Factories close at peak hours, and workers go without their government-subsidized lunches.

Cuba has ordered austere energy savings this summer, and the secretive Council of Ministers and Communist Party Central Committee met this week to consider more cuts to cope with budget deficits and plummeting export profits.

The communist government imposed conservation measures even as it continues to get free oil for services from Venezuela, fueling rumors that Cuba is selling President Hugo Chavez’s crude on the side to raise cash.

India: Dark year for State

Prepare for a year-long regime of scheduled power cuts. Beginning Saturday and for the next one year, urban Karnataka, including Bangalore, will have to suffer two hours of daily load-shedding.

The situation is going to be grim across rural Karnataka. People in the rural areas will get electricity just for 10 hours, of which the three phase supply will be available for only five hours. It will be 14 hours of darkness in rural parts over the next 12 months. That is only if the authorities do not take recourse to unscheduled load-shedding as they have often has done in the past.

Energy Minister K S Eshwarappa on Thursday announced that Bangalore would have to bear with two hours of regulated load-shedding –– an hour in the morning (anytime between 6 am and 10 am) and another hour in the evening (anytime between 6 and 10 pm).

Mexico: Pemex Cuts 2009 Production Target on Faster Decline at Its Cantarell Field

Petroleos Mexicanos, the state-owned oil company, cut its 2009 production forecast as its Cantarell field declines at a faster-than-expected pace.

Pemex will pump an average 2.65 million barrels a day this year, Carlos Morales, exploration and production director for the Mexico City-based company, said today on an earnings conference call with analysts and investors.

Earlier this year, the company said output would average 2.7 million to 2.8 million barrels a day. Pemex has pumped 2.628 million barrels a day in the first six months this year.

Zimbabwe: Load Shedding — More Dark Hours Ahead

ZIMBABWE will experience increased load shedding in the short-term due to under ground capable faults and reduced imports of electricity as suppliers give priority to their local consumers in winter.
In an interview with businessdigest yesterday, Zesa chief executive officer Ben Rafemoyo said the country will experience increased load shedding in the next two weeks due to a combination of increased demand in winter, reduced imports, faulty underground cables and sub-stations.

“What is worrying is that the meteorological department is predicting that low temperature would persist until mid August. This means the present electricity supply situation would persist,” said Rafemoyo.

Rafemoyo said while the country was at the peak of winter — when demand for power is high — electricity imports had declined as suppliers gave priority to their local consumers before exporting.
“Whoever gives us power is doing so after meeting their local demand. Supply has been declining while the gap between supply and demand is widening,” he said.