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Best of the Blogs, Energy: Reasons to Invest in Chevron


Plus, could Saudi Arabia become the world's biggest oil importer?

This column highlights the most interesting and useful business and financial commentary on energy from around the Web.

Seeking Alpha
Link: Why You Should Remain Bullish On Chevron
"The fire that struck Richmond's refinery on the sixth of August caused a furor in Richmond, California, and the controversy is not over yet. Just a while ago, Chevron Corporation (CVX) had planned to shut down the refinery until investigations are completed so that the cause behind the fire could be ascertained. In Chevron's favor, investigators have ruled out that the company's fire truck could have possibly caused the inferno."

Link: Saudi Arabia May Become Oil Importer by 2030, Citigroup Says
"Saudi Arabia, the world's biggest crude exporter, risks becoming an oil importer in the next 20 years, according to Citigroup Inc. (C).

"Oil and its derivatives are used for about half of the kingdom's electricity production, which at peak rates is growing at about 8 percent a year, the bank said today in a an e-mailed report. A quarter of the country's fuel production is used domestically, more per capita than other industrialized nations, as the cost is subsidized, according to the note."

The Oil Drum
Link: Tech Talk - Oil Production Within China
"If one looks at a map of China, it seems at first to be a land heavily endowed with gas and oil fields. However, with the continued rise in demand for liquid fuel, exploration and development are being aggressively pursued inside the nation, as well as offshore and abroad. Current levels of production, and those planned, still leave an increasing volume that must be imported each year to meet the national demand."

Link: GOM Gets Back to Work after Isaac
"Offshore oil and gas workers in the Gulf of Mexico continued to re-board platforms and rigs over the weekend after the path of Hurricane Isaac forced them to evacuate early last week.

"According to a Bureau of Safety and Environment Enforcement (BSEE), reports so far indicate mainly minor damage to offshore facilities. The BSEE said in a statement Sunday that oil and gas operators are continuing to assess their facilities and submitting damage reports to it as required."

Link: Brent Drops $1 After Weak US Economic Data
"Oil prices fell below $115 per barrel on Tuesday as renewed fears about demand destruction outweighed hopes of further stimulus measures from central banks in the United States and Europe.

"Front-month Brent crude futures [traded on IntercontinentalExchange (ICE)] were down $1 to $114.78 a barrel. US crude futures were down $.89 to $95.58 a barrel from Friday's settlement. US markets were shut on Monday for the Labor Day holiday."
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