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. _________________________________________________________________ Looking to buy a house? Get informed with the Home Buying Guide from MSN House & Home. http://coldwellbanker.msn.com/ Rate This Message: http://www.cryonet.org/cgi-bin/rate.cgi?msg=24227