Oil execs asked to justify huge profits at Congressional hearing

The executives of the five biggest oil companies were called to testify at a congressional hearing on Tuesday. Lawmakers took them to task for making enormous profits but investing next to nothing in renewable sources of energy. (Excerpts from testimony) Followed by commentary from analyst Steve Kretzmann of Oil Change International.

The disconnect between oil reserves and production

Looking at published oil reserves, it is easy to get the idea that huge amounts of oil are left to be extracted, and that peak oil should not be a concern. Examining the situation more closely, we discover that published oil reserves aren’t that helpful in predicting future production. Evidence suggests that oil shortages may not be many years away.

U.S. and Canada – Feb 20

US urged to fight fuel demand with cost
Oil sands ‘most destructive project on earth’
Alberta premier Ed Stelmach strikes back
Absence of climate issue in primaries
Population growth and depleting resources…
U.S. work force moves to green-collar jobs
Roubini: Economy risks the mother of all meltdowns