"If this year we don't have enough oil to cover the total consumption worldwide, then the price will increase to a dangerous level, " he says.
Currently, the number of days of oil demand cover is at a low of about 57, the same level we saw in 2004 and late 2007.
This means that the oil companies will cover more of the up-front costs of exploration and drilling, and will in return receive a greater share of the profits.
If Saudi Arabia has to increase its production to cover Iran's oil, it would leave a razor-thin margin to cover for any other disruptions.
Although his report was triggered by tales of televangelists running lucrative things such as recording studios and selling oil and gas under cover of the religious exemption, it highlights a serious regulatory failure at the heart of America's charitable sector.
Mr Cameron has no such oil lake to call his own, but his support would provide some political cover if Mr Obama decided to release oil from the SPR without backing from the International Energy Agency, the rich-world oil club and supposed custodian of the world's strategic reserves.
United mechanics who inspected the engine found that two shop towels had been used to cover openings in the oil sump area, instead of protective caps.
CNN: US Airways, United face FAA fines for safety violations
The bank would then make a series of trades in the oil-futures markets designed to cover what it would have to pay American if the price of fuel rose.
The watchdog has launched an investigation into domestic oil and gas prices but this will not cover the cost of petrol on station forecourts.
BBC: Government should probe petrol price discrepancies - MP
His bank sells them mortgage loans, another outfit makes the tiles that cover their kitchen floors and his oil rigs find the fuel that heats their homes.
Russia's government announced plans to sell Yuganskneftegaz, the biggest of the three main oil-producing subsidiaries of Yukos , to cover the firm's tax bill, confirming fears that Yukos will be broken up.
Third, there's no accountability--no House of Lords Select Committee, U.S. Government Accountability Office or parliamentary oversight (recall the Iraq oil-for-food debacle and its cover-up at the UN), and no electorate to kick the UN reprobates out when they act contrary to the public interest.
During the oil-price boom of 2008 they did not even cover the cost of the fuel burned in Indonesia's power stations.
The report calls on the European Commission to extend the remit of the European Maritime Safety Agency (EMSA) to cover safety inspections of offshore installations such as oil rigs.
Generously cover the bottom of a large frying pan with olive oil and place over a high heat.
In recent days, the theory has been at the fore, with rumors swirling that BP is in talks with such funds to raise cash to cover the costs of cleaning up the Gulf of Mexico oil spill.
FORBES: Don't Hold Your Breath For That BP Sovereign Wealth Infusion
Musselman's strategy is to focus Triton on its best prospect, a collection of leases off the coast of West Africa that cover fields that could contain more than 1 billion barrels of oil, according to analyst Robert Gillon with John S. Herold, Inc.
Bakrie-controlled companies cover the breadth of Indonesia's economy, including mining, oil and gas, palm oil, property, telecommunications and finance.
The proceeds from BP's sale will help cover billions of dollars in costs from the 2010 Gulf of Mexico oil spill.
"It is telling that the Department of Justice's charges against Kurt Mix surround efforts to cover up the fact that BP's public estimates of the oil flow rate were far lower than the actual flow rate, " the group said in a statement on the arrest.
The satellite will have a number of viewing modes that will enable it to perform a wide range of roles, from flood monitoring and land cover classification to disaster mapping and maritime enforcement - notably ship tracking and oil spill detection.
They cover a broad range: from the teachers' union to Pemex, the state oil monopoly, and Telmex, a private telecoms near-monopoly.
Oil giant BP has posted a fall in full-year profits after setting aside money to cover liabilities for the Deepwater Horizon disaster.
Once the world's second-biggest oil company, BP has fallen to fourth place among the "oil majors" after selling off billions of dollars worth of assets to set aside money to cover liabilities related to the disaster.
Iran would be able to cover its costs more successfully if it were able to attract foreign investors to develop its increasingly antiquated oil and gas fields.
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