Make us your home page

Readers' comments on business news

Chevron reported 27 percent decline in profit May 3

Dwindling supply to impact economy

A one-paragraph blip tucked away in a corner of the business section May 3 may have been the most important story of the day in terms of impact on our lives.

The brief article mentioned Chevron's 27 percent decline in first-quarter profit, attributed to lower oil prices and rough winter weather. It went on to say, "Chevron and other major oil companies are struggling to maintain production as they drain oil and gas from their fields around the world. At the same time, the cost of exploring new fields is rising as they have to venture into more extreme and remote conditions to access hydrocarbons."

In other words, peak oil has arrived.

As the cost of getting oil and gas increases, market prices must also rise. But our ability to pay higher prices is limited due to their huge drag on the economy. When production costs exceed the affordability to consumers, shortages loom, because oil companies aren't going to produce if they don't make a profit.

It is difficult to overstate the implications of this. One thing is for sure: The greater the dependence on oil, the more difficult the future will be. That applies to whole cities and countries, as well as individuals. And it screams for all to do everything possible to reduce their use of fossil fuels as quickly as possible. For a continued dependence on them won't only lead to chaos and disruption of the climate, but our finances and economy as well.

Chip Thomas, Tampa

share your opinions

MAIL: Business News Letters, P.O. Box 1121,

St. Petersburg, FL 33731

FAX: (727) 893-8939

E-MAIL: biznews@ (Please

use the word "Letter" in

the subject field.)

WEB: (Choose the

"Business" option.)

Readers' comments on business news 05/16/14 [Last modified: Friday, May 16, 2014 4:24pm]
Photo reprints | Article reprints


Join the discussion: Click to view comments, add yours

  1. Pinellas construction licensing board needs to be fixed. But how?

    Local Government

    LARGO –– Everyone agrees that the Pinellas County Construction Licensing Board needs to be reformed. But no one agrees on how to do it.

    Rodney Fischer, former executive director of the Pinellas County Construction Licensing Board Rodney, at a February meeting. His management of the agency was criticized by an inspector general's report. [SCOTT KEELER   |   Times]

  2. New owners take over downtown St. Petersburg's Hofbräuhaus


    ST. PETERSBURG — The downtown German beer-hall Hofbräuhaus St. Petersburg has been bought by a partnership led by former Checkers Drive-In Restaurants president Keith Sirois.

    The Hofbrauhaus, St. Petersburg, located in the former historic Tramor Cafeteria, St. Petersburg, is under new ownership.

  3. Boho Hunter will target fashions in Hyde Park


    Boho Hunter, a boutique based in Miami's Wynwood District, will expand into Tampa with its very first franchise.

    Palma Canaria bags will be among the featured items at Boho Hunter when it opens in October. Photo courtesy of Boho Hunter.
  4. Gallery now bringing useful art to Hyde Park customers


    HYDE PARK — In 1998, Mike and Sue Shapiro opened a gallery in St. Petersburg along Central Ave., with a majority of the space dedicated to Sue's clay studio.

     As Sue Shapiro continued to work on her pottery in St. Petersburg, her retail space grew and her studio shrunk. Now Shapiro's is bringing wares like these to Hyde Park Village. Photo courtesy of Shapiro's.
  5. Appointments at Raymond James Bank and Saint Leo University highlight this week's Tampa Bay business Movers & Shakers



    Raymond James Bank has hired Grace Jackson to serve as executive vice president and chief operating officer. Jackson will oversee all of Raymond James Bank's operational business elements, risk management and strategic planning functions. Kackson joins Raymond James Bank after senior …

    Raymond James Bank has hired Grace Jackson to serve as executive vice president and chief operating officer. [Company handout]