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Do Saudis have spare capacity? And why your standard of living hinges on it.

Submitted by Denis Tegg on 10 March 2011 - 2:21pm | Blog entry

The conventional response to a supply disruption like from Libya is -- no worries, the Saudis have heaps of oil and can immediately pump more to take up the slack. But do they? And what happens to oil prices if they can't?

Many astute oil experts have grave doubts about the Saudis much vaunted spare capacity. This is vital because Saudi Arabia is the world's largest producer, and up till now has been able to influence the world price by opening the oil taps. » Read more

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oil prices rising rapidly before the unrest in Middle east

Submitted by Denis Tegg on 2 March 2011 - 12:17pm | updated 02 Mar 2011 | Blog entry

Here is the best analysis I have found about what’s been happening on the global oil scene. It also confirms that peak oil pundits like Canadian economist Jeff Rubin, and Richard Heinberg and dozens of others, have been uncannily accurate. This is a précis of Jeff Rubin’s recent article. » Read more

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Ostrich-like Denial Continues

Submitted by Denis Tegg on 16 February 2011 - 10:25am | updated 16 Feb 2011 | Blog entry

In August 2009 I wrote an opinion piece published in the New Zealand Herald - "Country Oblivious to Next Oil Shock". I opined that “the spike in oil prices to US$147 a barrel in 2008 helped trigger the global recession. And soon after a global economic recovery, the inevitable return to triple-digit oil prices will lead the world right back into recession.” Back then the oil price was around US$70 a barrel – today Brent Crude is indeed over US $100 – in triple digit territory. » Read more

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