Chevron’s opinion of Peak Oil. (page 1 )
U.S. per capita gasoline consumption. (page 2 )
The world is oversupplied with oil, really! (page 3 )
Biofuels and water. (page 3 )
This price run-up is worse than 2007-08
The graph below illustrates the price history of the All Countries Spot Price per barrel reported by the EIA. This data represents the average weekly price of 38 different benchmarks of crude from both Opec and Non-Opec countries along with an average for domestic U.S. crude production. It is worth noting that the average for the U.S. domestic spot last week was $114.96 which is well above the price quoted for WTI of $106.
The weekly data indicates that the price run-up since January 1, 2010 to April 15, 2011 is twice a much as the move experienced in the period between January 1, 2007 and April 15, 2008. The spot price was $48.20/barrel at the start of 2007 and climbed by 122% to $107.28 April 15, 2008. The climb from the $34.57/barrel price at the start of 2010 to last Friday’s $119.39/barrel level was over 245%.
The current $12/barrel difference also puts crude 11% ahead of 2008 at the same point in the year. This does not bode well for fuel prices in the months ahead.