Peak Oil, Peak Water

Deepwater Permits in U.S. Gulf Exceed Pre-BP Spill Level

The Obama administration has issued this year the most deep-water oil-drilling permits for the Gulf of Mexico since 2007 as high crude prices revive exploration slowed by the 2010 BP Plc (BP/) spill.

The pace of issuing permits under President Barack Obama drew criticism from his Republican rival Mitt Romney last night and from energy lobbyists during the campaign who say the policies slowed oil and gas production on federal land. Obama had suspended drilling after BP’s Macondo well exploded 40 miles off Louisiana’s coast, killing 11 workers and sending an estimated 4.9 million barrels of oil into the Gulf.

“We’re just now seeing the permitting return to pre- Macondo levels,” said Andy Lipow, president of the Houston- based consulting firm Lipow Oil Associates LLC. “With oil prices hovering around $90 to $100 a barrel, it makes sense to look for oil in that area.”

http://www.businessweek.com/news/2012-10-17/deepwater-permits-in-u-dot-s-dot-gulf-exceed-pre-bp-spill-level

China's Crude Runs Hit Record High in September

Chinese refineries processed a record amount of crude oil in September, countering data indicating the world's second-largest economy is slowing, but the surge may be a reflection of supply more than demand.

The country processed 38.76 million metric tons of crude in September, up 7.0% from a year earlier, according to data Thursday from the National Bureau of Statistics.

The crude runs, equivalent to 9.47 million barrels a day, surpassed a record set in January of 9.38 million barrels a day and were also 6.2% higher than August's 8.92 million barrels a day, according to Dow Jones calculations.

However, China's gross domestic product rose just 7.4% from a year earlier in the third quarter, the slowest pace of expansion since the first quarter of 2009, data from the statistics bureau showed.

China's electricity output and consumption growth both slowed in September from August, suggesting that industrial output remains weak. Chinese power consumption grew at its the slowest pace in at least two years, up just 2.9% on year, while electricity output in the same month grew just 1.5%.

http://online.wsj.com/article/SB10000872396390444734804578063882788177510.html

JIM ROGERS: The China Boom Could All Come Apart Over Water

China bull Jim Rogers tells us what he thinks of the upcoming leadership transition, Chinese monetary policy, and how water could end the China story

http://www.businessinsider.com/jim-rogers-china-water-2012-10#ixzz29gdvw2Ir