Regarding the 1967 oil embargo, Yergin then goes on to say By July 1967, a mere month after the Six-Day War, it was clear that the “Arab oil weapon” and the “selective embargo” were a failure; supplies were being redistributed to where they were needed. … the formal emergency machinery for joint operations and antitrust …
Gas prices to rise by summer, government says. Gas prices always rise by summer, it’s called seasonal demand variation. But this AP article is more substantive than that (I realize that they are hard-pressed to come up with pithy headlines), discussing how the current supply problems from Venezuela are likely to lead to a higher-than-average …
Now the Venezuelan opposition is encouraging citizens to stop paying taxes. Again I raise the question: has Chavez abrogated his constitutional responsibilities to his constituents? If so, then you could argue either the Locke argument that citizens have the right to rebel, or the Sidney argument that citizens have the responsibility to rebel. The extent …
Not to beat a dead horse, but oil price volatility will continue to exist for the forseeable future. Today’s markets in London experienced opened 2.2 percent higher today, after the American Petroleum Institute announced a 9 milliion barrel drawdown in inventories last week. That’s a big inventory decline, so it’s no surprise that prices are …
Okay, I’m breaking my self-imposed moratorium on Venezuela strike commentary to disabuse folks of some of the misconceptions that have been swirling around in the media commentary over the past few days, typified by Paul Krugman’s superficial assessment of US oil policy in his 27 December column. Krugman focuses only on a sideswipe comment about …
In case you missed it a few weeks ago, Toyota and Honda have released pilot hydrogen fuel cell vehicles for the US market. As reported in this LA Times article from 3 December (registration required), both companies will participate in leasing and research programs with universities and local governments: The automaker is leasing each vehicle …
Just to illustrate how complex oil markets are, especially when you consider the strategic interaction of the OPEC members, look at what’s going on right now, as summarized in Bloomberg Energy News article. There’s so much cheating on quotas, to the tune of about 10% of OPEC’s entire supply, that Saudi Arabia is trying to …
He is a thoughtful, clear thinker and a wonderful writer, as is apparent in this Washington Post commentary on whether or not our intentions in Iraq are entirely based on getting more oil. Yergin is very eloquently making a point that I think is key — Iraq’s oil industry needs capital investment, its development will …
I didn’t have an expectation one way or the other about whether or not the Venezuelan oil workers would go along with the general strike this week, but it’s day two and they are largely on strike, according to this Bloomberg news article. I jumped the gun in April, declaring Chavez a goner, so I’m …
Okay, for those of you who think that drilling for oil in ANWR would make a huge difference in national security and world oil market power dynamics, notice that the pipeline has been down for two days because of an earthquake, BP’s Alaskan oil production is halted because of the earthquake (and they’re one of …
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