Drivers unlikely to see gas prices retreat to levels enjoyed for a generation
The two events, half a world apart, went largely unheralded.
Early this month, Valero Energy in Texas got the unwelcome news that Mexico would be cutting supplies to one of the company’s Gulf Coast refineries by up to 15 percent. Mexico’s state-owned oil enterprise [...]

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But at the same time, the economies of China and India have continued growing, which accelerates the consumption of petroleum-related products and increases the amount and quality of food each person eats. These three facts have conspired to produce a global shortage of crude oil which has exacerbated the world’s inability to feed itself. If [...]

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Surveying the energy-driven dynamic that is reconfiguring the international landscape, Michael Klare, the preeminent expert on resource geopolitics, forecasts a future of surprising new alliances and explosive danger. World leaders are now facing the stark recognition that all materials vital for the functioning of modern industrial societies (not just oil and natural gas but uranium, [...]

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In a move that raised more questions than it answered, the world’s leading natural gas producers agreed April 9 to form a committee to explore collaborative efforts (FT) at price controls. Officials from the Gas Exporting Countries Forum (GECF) member states denied any intent to form a “cartel,” but the distinction is semantic—under any label, [...]

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After years of disappointment, PetroChina Ltd. announced it has found an offshore field that could become China’s biggest new domestic-petroleum source in a decade, with reserves of 2.2 billion barrels, the official Xinhua News Agency said Wednesday.
Such a field would be a “world-scale discovery,” said Gavin Thompson, an oil consultant in Beijing for the Scottish [...]

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