Rank the Top 10 Oil Stories of 2007
While I intend to write a post covering the top energy stories of 2007, Platts is asking for reader input on the top oil industry stories of 2007:
A lot of the listed stories would make both lists. I list my Top 10 below that I submitted to Platts. The first few were easy, but I had a hard time picking between the last three or four.
My top 10 oil industry stories of 2007:
- Oil soars, reaches close to $100 for WTI
- Spare capacity dwindles, supply/demand balance tightens; Peak Oil theory gets more attention
- Climate change rapidly moves up the list of the world’s concerns; US Senate votes for mandatory GHG emission limits
- OPEC increases production by 500,000 b/d in November, rejects a further increase after that
- Weakness in demand in developed countries more than offset by strength in developing nations, like China
- Venezuela takes over former foreign-operated fields
- Ethanol use soars in the US, but its price plunges
- Cost pressures lead to some diverted refinery plans
- WTI plunges below Brent in spring on buildup in Cushing inventories
- Iraq production slowly begins to recover
I think by far the biggest stories were the supply/demand issues, oil prices, and the fact that the MSM “discovered” Peak Oil in 2007. Ethanol was a big story as well, but I would have put it differently. 2007 was the year that the realization of the downsides of corn ethanol finally reached critical mass. One other thing I think I would have listed among the stories was something around the Congressional hearings, and/or attempts to pass an energy bill.
So, let the debate begin. What else should be on there? What do I have too high? Not high enough?