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US oil output lowest since 1950 { November 9 2004 } Original Source Link: (May no longer be active)    http://news.bbc.co.uk/2/hi/business/3997589.stm http://news.bbc.co.uk/2/hi/business/3997589.stm Last Updated: Tuesday, 9 November, 2004, 21:51 GMT US oil output lowest since 1950 US oil output has fallen to its lowest monthly level in more than 50 years in the wake of Hurricane Ivan. Daily output fell below five million barrels in September for the first time since April 1950, according to new government estimates. Hurricane Ivan disrupted drilling operations and pipelines in the Gulf of Mexico, with about 10m barrels lost. The damage wrought by Ivan fuelled the spike in oil prices which topped $50 for the first time in early October. Gradual decline Ivan's impact is likely to be felt on production figures for October and November. The US Energy Information Administration has revised downwards estimated output figures for both months. About 400,000 barrels were lost per day in October while about 200,000 barrels per day still remain offline. According to the agency's latest estimates, production totalled 4.996m barrels in September, the lowest figure since the 4.972m barrels produced in April 1950. Ivan forced the closure of a host of refineries, accounting for about 13% of total US production. "Crude oil production has been declining for several years," said the EIA's Doug McIntyre. "When you add on the impact from Hurricane Ivan and the lost production, it is not too surprising that production has hit lows related to historical numbers." Falling prices In recent weeks, crude oil prices have fallen back from record highs set in October as concerns about disruptions to supply in Nigeria have eased and President Bush won a second term by a clear margin. On Tuesday, a barrel of US light crude closed at $47.37, its lowest level in seven weeks. The chief executive of Total, France's largest oil producer, has said he believes the price of oil could fall sharply next year. "Major events aside, there is a strong possibility that the price will come down to about $30 next year," Thierry Desmarest told French newspaper Le Figaro in an interview to be published on Wednesday. "Everything depends on Chinese growth and production outside Opec countries, in Africa, the Caspian Sea or Russia," he added.

2004-price-surge 2005-prices 2006-prices 2007-prices 2008-price-surge BP consolidation rights-abuse yukos 248 companies received iraqi oil in united nations program { October 21 2004 } Alaskans share oil wealth from fund American oil companies exports 268m barrels Americans use average 3 gallons gas per day { April 30 2005 } Arctic drilling Block lawsuit Bp algeria { August 13 2001 } Bush critical of foreign oil dependence { April 28 2005 } Bush wants refineries built on closed military bases Chevron may sell oil fields { August 1 2003 } Chinese oil company offers 18b for unocal { June 22 2005 } Exxon finances irs audit of opposition group { March 21 2006 } Exxon makes al gore movie spoof Exxon may pass ge as worlds largest company Exxonmobile gave 16m to discredit global warming { January 4 2007 } Exxonmobile profit tops 10 billion Fed trade commission subpoenas big oil over prices Gazprom state company to buy russian oil companies { November 29 2004 } Halliburton overcharging iraqi oil { October 16 2003 } House energy bill increases tax breaks { April 19 2005 } Interior department failed protect cheated navajo indians Interior lieutenant oil cartel { June 28 2003 } Libertarian group receives funding from big oil { June 8 2005 } Lies coverups fat cats in shell crisis Markets dont believe opec affects production Mexicans outraged link oil immigration { May 10 2003 } Mexico immigration for oil Nashvillians snapping up hybrid cars Oil and gas running out Oil companies pay contract consultants in interior dept { December 30 2006 } Oil companies profits record highs Oil company political infestation { February 18 2004 } Oil demand 2025 climb 50perc { May 1 2003 } Oil executives defend profits to congress Oil executives defend profits Oil firms fund climate change denial { January 27 2005 } Oil firms report big profit increases { October 29 2004 } Oil industry lobbyist writes climate reports { June 9 2005 } Oil industry plagued by corruption { October 20 2004 } Oil industry supressed 200 mpg car { March 31 2003 } Oil prices steady as US inventory swells { February 16 2005 } Oil prices surge after opec cut { September 24 2003 } Opec curb oil output { April 24 2003 } Opec upset by bush unilateral oil cut declaration { February 1 2006 } Opecs surprise output cut Operation oil immunity Putin hints at china alliance for ykos oil { December 22 2004 } Saudi embassador was oil executive Shell contracts with libya after blair handshake Shell sued over 1999 2001 price fixing Steven griles oil inside man { June 28 2003 } Terrorists target saudi oil industry { May 31 2004 } Us crude hits new record { May 16 2004 } US oil output lowest since 1950 { November 9 2004 } Venezuela investigates possible citgo corruption World oil and gas running out { October 2 2003 } Files Listed: 56

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