New world record, for both longest well bore and extended reach.

As the Senators insulted the oil executives, I was wondering if the politicians would prefer to trade managements with the National Oil Companies of other countries. Would you trade the guys who run Exxon for the guys who run Pemex? How about trading the Chevron leadership for the fine people at Petroleos de Venezuela (PdVSA)?

BWK

Source: Oil Service Companies Doing Well…

International oil majors now control a mere 6% of oil and 20% of gas reserves, according to the report. The rest is in the hands of national oil companies.

The unpalatable reality is that national producers such as Venezuela or Russia today have less need of international oil majors to help them develop their untapped reserves.

“There’s an air of panic about the world’s energy-guzzling nations,” says Manraaj Singh

“Russian oil production, the world’s second biggest, has peaked. It may never return to current levels.

“Leonid Fedun, 52, vice-president of Lukoil, Russia’s largest independent oil company, told the FT he believed last year’s Russian oil production of about 10 million barrels per day was the highest he would see “in his lifetime”.

“It’s fueling concerns that the world’s biggest oil producers cannot keep up with rampant Asian demand.

Oil prices are going to keep on rising, says Black Bear of the Secret Order of Jurojin, regardless of who is in control of reserves.

“People have been asking me if it’s too late to buy oil. Heck no, not if you think oil is going to $140 or $150 per barrel this year — and I do. But there’s a better bargain in energy, which I recommended that Secret Order of Jurojin subscribers buy this week: natural gas.”

“You can play natural gas with one of the natural gas ETFs, or with an undervalued natural gas producer. Or, you can go for the leverage of futures and futures options on natural gas. Be sure that any trade fits your risk profile, and run ideas past your investment advisor.”

Some truckers, on CB radios and trucking Web sites, had called for a strike Tuesday to protest the high cost of diesel fuel, saying the action might pressure President Bush to stabilize prices by using the nation’s oil reserves. But the protests were scattered because because major trucking companies were not on board and there did not appear to be any central coordination.

On New Jersey’s Turnpike, southbound rigs ‘as far as the eye can see’ were moving at about 20 mph near Newark, said Turnpike Authority spokesman Joe Orlando. Other truckers had gathered at a service area near Newark chanting and protesting.

Read on at Brietbart.com.

“Bad US energy policy will take down everything,” says Peak Oil expert Byron King.

“One of the biggest hurdles to the U.S. getting energy right is that the mainstream media infotainment circus has not prepared people to connect the dots of what they already know. Think about your own daily observations.

“People ’see’ information that tells them how much oil, for example, is in the hands of the national oil companies of many foreign nations. But the mainstream media (MSM) — and a lot of U.S. politicians — corporately hate Big Oil so much that they won’t inform viewers and readers how little control the name-brand players have anymore.

“Really, in a lot of respects, Exxon Mobil, Shell and Chevron are now bit players in oil. The MSM are stuck in the 1970s, in the thought processes of the disco era. Really, the MSM need to lose the polyester leisure suits.”