X-Message-Number: 24227
From: "Mark Plus" <>
Subject: Official "Hubbert denial" is breaking down
Date: Fri, 11 Jun 2004 20:00:16 -0700

Attention overseas cryonicists: Manage your risk, not your terror. Julian 
Simon, Bjorn Lomborg et al. can't save you when you really, really need that 
flight to your cryonics services provider in the U.S., but the fuel isn't 
available. The empirical oil crisis threatens your survival. Regards, Mark 
Plus.

http://www.time.com/time/magazine/printout/0,8816,1101040614-646348,00.html

Monday, Jun. 14, 2004

10 Questions For T. Boone Pickens

By T. BOONE PICKENS; JULIE RAWE; JYOTI THOTTAM

His name sounds as if it belonged to a blues singer, and this Texas oilman 
has made plenty of executives cry. The hostile-takeover artist, 76, was 
targeting CEOs 20 years ago for caring more about their salaries than about 
their shareholders. (Sound familiar?) TIME's Julie Rawe and Jyoti Thottam 
talked to the hugely successful hydrocarbon investor about our latest oil 
troubles.

DO YOU THINK GAS PRICES WILL HIT $3 A GALLON IN THE U.S.?

They could go beyond $3. We're pretty close to peaking on what the oil 
industry can produce worldwide. It's hard to add production, and we're also 
dealing with decline curves on some of the big fields. All the refineries 
around the world are running at full capacity. You have demand going up, and 
you don't have the refinery capacity to take care of it.

WILL OPEC'S DECISION TO RAISE ITS OIL PRODUCTION MAKE ANY DIFFERENCE?

I think that there's not much more production to come from OPEC. They're 
basically maxed out. They keep saying they're going to produce more oil, and 
it doesn't make that much difference.



http://www.nytimes.com/2004/06/12/business/12RESE.html?ei=5062&en=df963e56ee92961c&ex=1087617600&partner=GOOGLE&pagewanted=print&position=

or,

http://tinyurl.com/38sos

June 12, 2004
An Oil Enigma: Production Falls Even as Reserves Rise
By ALEX BERENSON

For six consecutive years, ChevronTexaco has had good news for anyone 
worried that the world is running out of oil: the company has found more oil 
and natural gas than it has produced. Over that time, ChevronTexaco's proven 
oil and gas reserves have risen 14 percent, more than one billion barrels.

But near the bottom of ChevronTexaco's financial filings is a much less 
promising statistic. For each of those years, ChevronTexaco's wells have 
produced less oil and gas than the year before. Even as reserves have risen, 
the company's annual output has fallen by almost 15 percent, and the 
declines have continued recently despite a company promise to increase 
production in 2002.

ChevronTexaco is not the only big oil company whose production is falling 
despite rising reserves, though it has the largest gap. As consumers, 
economists and governments around the world wonder if oil supplies can keep 
pace with rising demand, production trends at the industry's publicly traded 
companies are not promising.

Collectively, they paint a picture of an industry that has depleted nearly 
all of the world's easily exploited reserves outside the Middle East and 
that is now struggling to sustain production, much less increase it. Fears 
about supply shortfalls and rising demand have already caused prices to 
climb about 20 percent this year, hovering around $40 a barrel. The four 
biggest companies own only about 4 percent of the world's reserves, which 
are mostly government-held, but they offer a unique glimpse of supply trends 
because they must disclose their reserves and production each year.

http://quote.bloomberg.com/apps/news?pid=10000103&sid=aSLtjTkjif7I&refer=us

American, United Airlines Cut Fuel Use as Prices Rise (Update1)

June 11 (Bloomberg) -- U.S. airlines including American, United and 
Southwest are cutting flight speeds, shortening routes and modifying planes 
to squeeze savings from fuel budgets that have climbed $3 billion and may 
lead to a fourth year of losses.

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