ChevronTexaco CEO Banking On Peak Oil Situation - SF Chronicle

[hatrack]

There's been a lot of ink spilled this week about the risk ChevronTexaco's chief exec, David O'Reilly, has taken in paying about $16.4 billion for rival Unocal and its oil resources. Because Unocal's stock has soared 75 percent over the past year, the thinking goes, ChevronTexaco could find itself with a white elephant on its hands if currently sky-high oil prices end up coming back to earth.

Well, I'm prepared to say this much: O'Reilly isn't stupid. He knows more than most people about world oil markets. So if the head of San Ramon's ChevronTexaco is prepared to gamble more than 16 billion bucks on oil prices staying at stratospheric levels, I'm ready to give him the benefit of the doubt.


And reading between the lines, that means only one thing. Peak oil. We're basically there.

EDIT

Amos Nur, a professor of geophysics at Stanford University, told me that if we're not at peak oil right now, "we're in the neighborhood." ChevronTexaco and the other oil majors know this as well, he said, and this is why they're scrambling to secure as much global reserves as they can. "There's no question in my mind that they are aware of this and that they are right," Nur said. "Oil prices are not coming back down."

EDIT

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2005/04/08/BUGA4C50P61.DTL

[ray of light]

1. Record oil profits

Halliburten embezzels money from Iraq and gas prices are at an all time high. Something tells me that Bush and neoCON friends are rolling in dough now, because they know it will be gone in a flash. Come on gang...spread the word to everyone everywhere--YOU can be the media and YOU can make sure everyone Democrat or Republican knows that the corruption does affect them and it's not just "politics as usual." We all have a stake in this and you can let them know the cause and effect of these policies.

I saw this site that is trying to teach people how to empower themselves and stand up to these crooks in the neoCON party. http://www.democracycellproject.net