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Credit Crunch to Lead to Oil Crunch
Says Matt Simmons
CNBC.com
The global financial crisis and collapse in the oil market have stalled vital investment in oil exploration and production and are likely soon to lead to a sharp spike in prices, an energy consultant and financier says.
Matt Simmons, founder of Houston-based investment bank Simmons & Co, argues the underlying rate of decline of the world’s ageing oilfields is as much as 20 percent a year and only high levels of investment can reduce that to single digits.
(snip)
"We are three, six, maybe nine months away from a price shock. We are not talking about three to five years…
Bad Luck Or Just Plain BAD? A Friday 13th Tale Of Eurozone Economic Despair
If you believe in that kind of stuff, Friday 13th turned out to be unlucky for the Eurozone economies.
In truth, the rot had set in long before today.
The region’s official economic reporting agency, Eurostat, said this morning that the 15 Eurozone nations (although it’s now 16 countries, with Slovakia officially joining on January 1 this year) combined to post a 1.5% fourth quarter decline – the worst performance since Eurozone GDP reporting began in 1995.
Compared with the fourth quarter of 2007, the Eurozone GDP fell by 1.2% – the first contraction over a 12-month period in the region’s history.
I don’t…
16Feb2009 | Smart Profits Report | 0 comments | ContinuedBLUE WATER ENERGY – THE OFFSHORE OIL BOOM
The Adventures of Tintin is a comic book series started back in 1929. My 9-year-old son loves it. I enjoy reading it along with him because the hero of the series, a young Belgian reporter named Tintin, often finds himself in interesting historical settings and exotic places. (My favorite story is “The Blue Lotus”, which takes place during Japan’s occupation of China in the 1930s.)
In one of these adventures, Tintin discovers oil on old American Indian lands. In a series of panels, a little construction boom transforms a wilderness into a busy city in a matter of hours. It’s funny,…
14Aug2008 | Daily Reckoning | Comments Off | Continued
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