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By: RevElvis , 6:51 PM GMT on August 08, 2013
Trouble in fracking paradise (SmartPlanet.com) 8/7/2013
Rising costs across the industry, and declining profitability for the supermajors in an era of triple-digit global prices, suggest that oil prices need to be higher to maintain output. Since domestic gasoline and diesel prices, which are strongly linked to global prices, have remained stubbornly high even while U.S. oil prices were falling this year, that suggests we will likely see gasoline prices pushing toward $4.50 a gallon next year in higher-priced U.S. markets like San Francisco and New York City.
Oil majors are whistling past the graveyard (SmartPlanet.com) 3/20/2013
Peak oil was never about "running out." That's a strawman argument. The word "peak" in peak oil simply refers to the maximum production rate of oil, as I have explained ad nauseam. While oil producers constantly trumpet new discoveries and rising reserves, they tend to avoid talking about production rates.
But reserves are meaningless if they don't amount to an increasing rate of production. If you had a billion dollars to your name, but could only withdraw $1,000 a year, would you be worried about running out of money or paying your bills?
America's oil choice: Pay up, or get off (SmartPlanet.com) 2/20/2013
It may seem strange to suggest that the United States should become a crude exporter, when it remains the world's top oil importer. In 2012, the country imported an average of 7.7 million barrels per day, or about 41 percent of its oil demand, according to EIA data. The second-largest importer is China, which currently imports 5.6 million barrels per day, according to Platts.
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