Oil
July 17th, 2008 at 11:39am
Under Fuel Oil+ Oil+ Oil business+ Oil price
Today we find ourselves in a very unique position. We are facing unusually high oil hikes. Oil has become so very expensive that people are trying all kinds of extreme measures to lower the price. In fact the hike in price of oil is a bit of a controversial issue. The hike in price has affected every nation; the entire world is trying to find a way out of the soaring prices. The price hike in oil has even started the blame game between several countries. The need for oil has increased in most countries today; we really ought to find an alternative resource.
If you take a look at the last two years, you will realize that the oil prices have steadily increased. They are currently at an all time soaring high price. We may not realize it but increases in oil prices affect the economy of a country in a terrible way. Thanks to the hike in the oil prices, travel expenses have increased. Forget flying being expensive, driving your own car is very expensive. Hike in oil prices effect the regular man besides it being a problem that the government works to solve.
The rise in the oil prices are being analyzed by people all round the world. Many attribute it towards the growing unfriendly relationship between the US and Iran. Because of the dispute between these two nations, prices soar up, especially since Iran happens to be a nation that produces the most number of oil. And ofcourse another important reason for its increase is the fact that today the global demand is way more than the global supply being offered. Many developing and under developed countries are desperate for more oil to fuel their economy and yet somehow the regions producing oil don’t seem to produce enough to go meet everyone’s needs.
Higher oil prices my friend, affects everything. Right from everything produced, transported, food items, and of course your exports. Basically, life as you know it, the cheap way, will seize to exist. Everything you need to buy will increase. Oil prices leads to rise in price of more commodities than you can think of which ultimately makes one have to live a life of more expenses. The toll is seen on the common man. It is the working class that will get affected the most due to soaring high prices. Oil prices will not affect you at the gas pumps; you will find yourself paying the price for it even at your grocery store.
By Oilism.com
January 1st, 2008 at 03:29pm
Under Middle East+ Oil+ Oil company+ Oil industry
As you may know, oil & energy companies are becoming some of the richest companies in the world, even toping larger companies like Microsoft and Apple. Just last year, ExxonMobile, America’s largest oil company, toped at 195 billion dollars. Second in the US ranking was the ChevronTexaco with over 130 billion dollars, but spent over 6 billion that same year.
The absolute top oil company of the world is Saudi Aramco which is a state owned national oil company for Saudi Arabia which is headquartered in Dhahran. Saudi Aramco owns and operates within the world’s largest hydrocarbon network.
Coming up to the second in row of Worlds Largest Oil Companies is Petroleos Mexicanos (or PEMEX), which distributed just over 1270 million barrels of crude oil in 1998. PEMEX is the stat-owned, nationalized petroleum company for Mexico, and is located in Mexico City. PEMEX made over 98 billion dollars in 2006 and employees over 138,000 people.
Even more interesting is number 5 for world distribution which is a company called Petroleos de Venezuela, which is located in Caracas, Venezuela, and distributed over 1200 million barrels in 2006. This oil company is 100% ownership of Hugo Chavez and toped its revenue at over 100 billion dollars in 2006, and is expected to release even more profit when the yearly figures for 2007 come in. This company was founded in 1975, and ever since has had record amounts for producing and refining crude oil, revenue income, and company popularity – imago.
Energy Intelligence produces every year the complete Top 50 of Oil companies worldwide. The past annual reports are available on the EI website but for the race of World’s Next Top Oil Company the following key findings are already published;
- Saudi Aramco holds on the poll position for 2008 and leaves the oil competition way behind. Their ongoing investment in both downstream as upstream oil and gas producing/refining is paying them out in the first place of the Top 50 2007 Oil Companies.
- ConocoPhillips makes top ten debut; Mexico’s Pemex drops out of the top ten
- For the first time in years, Iran’s NIOC enters the top 10, helped by the ascent of ConocoPhillips and its acquisition of Burlington Resources, which moved it ahead of Chevron and Total.
- Russia’s Novatek enters the Top 50 on position 49. These rankings are based on rapid increases in both their oil and gas supplies and oil output. Japanese Inpex benefits from its merger with Teikoku Oil.
By Oilism.com
December 28th, 2007 at 03:27pm
Under Oil+ Oil Spill+ Oil and gas
Major oil spills shave occurred in the oil industry since many years and some have had devastating effects on the environment, local climate and habitat of animals. Oil spills are the accidental release of oil in environment due human activity on oil riggs and containerships. This oil cargo can be of different types including crude oil, natural gases, refined petroleum or any other type of petroleum product. Sometimes it is also releases by natural geologic seeps in the sea floors. Most oil spills occurre due to large oil carrying tankers on sea but there have been also cases of oil disasters on land. Like the confrontation in Nigeria with rebels which has led to closing down refinery stations because several oil pipelines were on fire.
Environment studies have proved that effect of oil spill can be more than it is expected to be in some places. Petrochemical products can harm the marine life in the oceans as well as degrade the air quality in the atmosphere. Some variants of oil are highly toxic which can create a huge dent in the ecosystem once they are faced to the open air. The oil is thought to be evaporating quickly once they are opened in air but some types are less volatile and remain for longer period of time in the air. These types gasses are serious threats as they posses longer effect in the ecosystem. Moreover if the oil spill is not cleared and cleaned in short time of period then it mixes up with pebble and sandy beaches and pose danger even to human society living around the sea shores.
Many countries have spent million of dollars in cleaning their sea shores due to the accidental fault of oil tankers. The major oil spills in history are mostly found in middle east countries like in Gulf War oil spill which occurred in Persian Gulf in the year January 23, 1991, Nowruz oil field in Persian Gulf in the year February 1983 and more in recent times. This oil spills effect a large number of area which has to be cleared by a army of people. Many different methods including skimming, Bioremediation, Burning, etc are used to clear the oil spill but that really fails in times when the operation is not started in quick response of oil spill.
5 Largest oil spills
- Gulf War oil spill
Location: Persian Gulf
Date: January 23, 1991
volume spilled: 136,000 - 1,500,000 tonnes
- Ixtoc oil well
Date: June 3, 1979- March 23, 1980
volume spilled 454,000 - 480,000 tonnes
- Atlantic Empress / Aegean Captain
Location: Trinidad and Tobago
Date: July 19, 1979
Volume spilled: 287,000
- Fergana Valley
Location: Uzbekistan
Date: March 2, 1992
Volume spilled: 285,000 tonnes
- Nowruz oil field
Location: Persian Gulf
Date: February 1983
Volume spilled: 260,000 tonnes
By Oilism.com
December 23rd, 2007 at 06:41pm
Under Crude oil+ OPEC+ Oil+ Oil Theory+ Oil industry+ Oil politics
This is word that has hiding meaning with it which is sometimes coined as the hidden foreign policy of United states that has helped the US dollar to remain the world’ main currency in international trade and in which the oil is priced. It is also sometimes termed as oil currency war. This single most policy of United States have kept US in fore front of many international decisions and made US a world leader for last many decades.
There is a thought that the petrodollar warfare has kept the US dollar as world currency because some main commodities like oil and natural gases is traded in dollar and if the denomination of trading oil and gases is moved to any other currency like pound then most countries will start selling their dollar reserves bringing a quick shift in the US dollar price. Once the price of dollar goes down it will directly hurt the US economy bringing a rise in inflation and many other economic determinants. US administration officials are scared that if the denomination of oil is changed then that’s going to literally damage the position of US in international politics. This fear of loosing status was supposed to be main reason behind the US invasion in Iraq since Iraqi administration had changed the currency to trade oil from dollar to Euro in late 2000 but that was later again revoked in 2003 after the invasion.
The oil price and US dollar seem to be inversely proportional in times. Once the oil prices start rising the dollar goes down as when dollar strengthens it lowers the price of oil and viceversa. SO that makes United States in position which can determine the role of oil in its favor by using undermined policies. The physical location of major oil reserves too has determining factor in this industry so United States always has tries to keep a hold on currency that the whole industry is trading with.
By Oilism.com
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