The world’s oil reserves by country is shown in the chart below. Saudi Arabia, Venezuela, Canada, Iran and Iraq hold the top five reserves as a percentage of the world’s total as of January 1, 2011. It is interesting that Canada’s tar sands puts the country in the top five list ahead of even Russia. …
The average retail gasoline price in the U.S. is around $3.50 per gallon this week. After reaching over $4.00 in 2008 prices dipped for a few months. From early 2009 prices have continued to increase steadily despite the recession. This is because the demand for gas is generally inelastic as most people have to buy …
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Crude oil prices have been volatile over the past few years. On Friday, the price rose $1.21 to reach $98.99 in New York. As fears of recession in the EU and the U.S. have decreased, the prices have jumped from $77.0 a barrel in early October to about $100 now. Some investors hold the stocks …
Continue reading ‘Comparing the 5-Year Performance of Six Large-Cap Oil Stocks’ »
Crude oil prices continue to fall this year with the price for October delivery dropping to $88.61 on the New York Mercantile Exchange according to a Bloomberg report today. Demand is projected to decline as economic growth slows especially in the developed world. In addition, the Paris-based IEA lowered its estimates for oil consumption this …
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The world’s proven oil reserves of 1,383.2 billion barrels will last for only 46 years if oil production and consumption are to remain at current levels, according to BP Statistical Review of World Energy. The world’s natural gas reserves will also last for just 59 years if production is to continue at the 2010 rate. …
Continue reading ‘How Long Will the Global Oil and Natural Gas Reserves Last’ »