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New oil strikes keep oil prices on the defensive (USO, PTR, TOT, XOM)

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United States Oil ( USO , quote ) is down for the year as new finds ensure continued supply for the near term, but big oil executives are giving widely divergent views of the future of petroleum as well as its current scarcity. There have been oil and gas finds around the globe of literally mammoth proportions. Petrochina ( PTR , quote ) just reported a massive shale oil find in the Sichuan Province of China.

For the first time in a long time, the United States is a net energy exporter. East Africa, as reported on articles on www.emergingmoney.com , is rewarding companies such as Eni SPA ( E , quote ) with large finds.

Exxon Mobil ( XOM , quote ) is off drilling in Kurdisatan, where there are there huge fields, according to geologists.

Africa is proving to be rich all over in oil. Uganda, Angola, Nigeria and Mozambique have major reserves of natural gas and oil either pumping away or recently discovered.

So rich are the reserves in Angola that Portugal, its former colonial overseer, is pitching its state-owned industries when privatization sales take place in 2012.

Two big oil chief executive officers have differing viewpoints on peak oil.

Total SA ( TOT , quote ) CEO Christiophe de Margerie contends that peak oil is valid and the world is running out of oil.

But Exxon Mobil CEO Rex Tillerson testified before Congress that oil should be selling around $60-70 a barrel. The rest is due to speculators driving up the price.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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