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In 2012 California produced 197 million bbl (31 million m 3) of crude oil, out of the total 2,375 million bbl (378 million m 3) of oil produced in the US, representing 8.3% of national production. California drilling operations and oil production are concentrated primarily in Kern County , San Joaquin Valley and the Los Angeles basin .
The average price of gas was $3.51, with predictions of $3.25 by November, but it was below $3 in some markets. During October, the price of oil rose 22%, the fastest pace since February, as worries over the U.S. economy decreased, leading to predictions of $4 by early 2012. As of November 8, the price reached $96.80.
Americans have grown used to oil at $100 a barrel and paying more than $3 per gallon for gas at the pump. But don't get too comfy -- the price of filling up is probably going up in 2012.
A set of models published in a 2014 Ph.D. thesis predicted that a 2012 peak would be followed by a drop in oil prices, which in some scenarios could turn into a rapid rise in prices thereafter. According to energy blogger Ron Patterson, the peak of world oil production was probably around 2010. Late predictions in 2000s
Oil prices gained for a fourth day after U.S. crude supplies dropped the most in a decade. Bloomberg reports that Energy Department data showed stockpiles fell 10.6 million barrels, the largest ...
2016. On January 6, 2016, the price of WTI crude hit another eleven-year low, as it dropped to 32.53 a barrel for the first time since 2009. [85] On January 12, in its seventh losing day, crude oil dropped below $30 for the first time since December 2003, ending the day at $30.44, as gas fell below $1.97. [86]
The past year has been a boon for exploration and production (E&P) companies, thanks to higher crude oil prices. Oil companies -- especially Big Oil -- were able to garner comparatively higher ...
The Hubbert peak theory says that for any given geographical area, from an individual oil-producing region to the planet as a whole, the rate of petroleum production tends to follow a bell-shaped curve. It is one of the primary theories on peak oil . Choosing a particular curve determines a point of maximum production based on discovery rates ...