Canada's Big Oil Strike

Port workers ’ strike cuts Iran ’ s oil exports

WASHINGTON (AP) Iranian oil exports apparently w ere choked off yesterday by a shutdown of the country’s only crude oil port. A U.S. official said the shutdown may have stem m ed from a strike by port workers. Initial reports came to adm inistration and congressional sources from the CIA. The reported shutdown at Iran ’s K harg Island came as the United States sought to negotiate the release of...

To strike or not to strike.

The Big Deal About Big Data in Upstream Oil and Gas

The oil and gas industry is a data-driven business. The industry depends on information technology (IT) to increase the speed of finding oil, enhance oil production, and reduce health, safety, and environment risks that come with equipment failure or operator error. Processing large volumes of data for reservoir modeling or simulation is not new. What has changed is the availability of new tech...

Who’s Afraid of a Big Bad Oil Shock?

WHEN THE U.S. INVADED Iraq in March 2003, many economists feared that the war would lead to a sharp decline in Iraqi oil production, a spike in oil prices, and a woeful U.S. economy that would follow the scripts of the oil shocks of 1973, 1978, and 1990. Real oil prices did increase, indeed more than tripled, from $20 in 2001:Q4 to $62 in 2006:Q3 (in 2007 dollars). But the ailments associated w...

Who’s Afraid of a Big Bad Oil Shock?

When the U.S. invaded Iraq in March 2003, many economists feared that the war would lead to a sharp decline in Iraqi oil production, a spike in oil prices, and a woeful economy that would follow the scripts of the oil shocks of 1973, 1978, and 1990. There was in fact a moderate decline in world oil production, and real oil prices increased from $20 in 2001:4 to $62 in 2006:3. But the ailments a...