“Oil Demand in Industrialized Nations Peaked in 2005, Researchers Say” – 2

I found the article written by Jad Mouawad “Oil Demand in Industrialized Nations Peaked in 2005, Researchers Say” from The New York Times (nytimes.com). Global oil demand in developed nations, including the U.S., Europe, and Japan reached a high point in 2005, but ever since then the economic downturn has caused demand and consumption of oil to decrease. Researchers predict demand will rise again in 2010 once the economic situation in the world improves, but demand will not return to the former peak level from 2005.

“Oil Demand in Industrialized Nations Peaked in 2005, Researchers Say”

The article was about the shift from nonrenewable to renewable energy sources. Oil is being replaced by more economic friendly solutions and in return, the demand for oil from industrialized nations is slowly diminishing. The article states that countries that are in the Organization for Economic Cooperation and Development make up about 54 percent of the world’s oil demand. Thirty industrialized countries are members of the Organization for Economic Cooperation and Development. Transportation is the greatest cause for the demand for oil in these countries, and since public transportation is becoming more efficient and renewable fuels and electronic cars are on the rise in industrialized nations, the demand for oil will fall significantly.

US$ devaluation VS Latin American Currencies

My article was entitled “U.S. Dollar Plunges Against Major Latin American Currencies” by a staff member of the RTT News. Like the article states, the U.S. dollar has depreciated against all of the major Latin American currencies such as the Mexican peso, the Brazilian real, the Chilean peso, and the Columbian peso.

Gulf Oil States Seeking a Lead in Clean Energy

The article is about sustainable development, and the leading oil producers wanting to become not just the leading oil producing countries but the leading energy countries. They are investing billions into what will be the future of energy consumption. These investments do not seem able to be stopped by even the global downturn; they are also involved in a zero-carbon foot print that is rising outside Abu Dhabi, a major oil-exporting country.

Nigeria to revive refinery privatization: oil minister

Nigeria will revive earlier plans to privatize its domestic oil refineries in an effort to end its dependence on imported fuel, Oil Minister Riwanu Lukan said. Supposedly, the program of privatization of the refineries which had earlier been jettisoned is going to be revived now and they’ll privatize them to those who will run them efficiently for the benefit of the people.

America’s pressure on oil prices

I found an article on CNN.com written on February 10, 2009 called “Oil up near $41 ahead of stimulus vote: Crude prices rise before the Senate is expected to pass a compromise version of its economic stimulus bill.”

Mexican President Seeks Foreign Oil Investment

Mexican President, Felipe Calderon, spoke last Thursday at the World Economic Forum in Davos, Switzerland to many oil executives worldwide about the reformation of Mexico’s Oil Industry. Petroleos Mexicanos, the state owned oil company also known as Premex, is the main means of crude oil currently being produced in Mexico. Last year, a law was put into place prohibiting risk-sharing contracts and foreign direct investment.