Oil Intensive
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Clarins Sun Care oil Intensive Tanning spray spf 4 TAN, 5.08 oz, 150 ml, NIB | ![]() |
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US $15.99 | 4d 12m |
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1 CLARINS SUN CARE OIL INTENSIVE TANNING FOR BODY,HAIR | ![]() |
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US $14.95 | 27d 18h 45m |
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Clarins Sun Care oil Intensive Tanning spray spf 4 TAN wow | ![]() |
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US $13.99 | 29d 16h 1m |
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Clarins Sun Care Oil Intensive Tanning for Body & Hair Spray 150ML | ![]() |
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US $14.95 | 25d 16h 8m |
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Clarins Sun Care oil Intensive Tanning spray spf 4 TAN, 5.08 oz, 150 ml, New | ![]() |
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US $14.40 | 4d 12m |
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CLARINS SUN CARE OIL INTENSIVE TANNING SPF 4 150ml | ![]() |
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US $14.95 | 27d 18h 46m |
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1 CLARINS SUN CARE OIL INTENSIVE TANNING SPF 4 5.08 fl oz/ 150ml | ![]() |
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US $14.95 | 27d 18h 46m |
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CLARINS SUN CARE OIL INTENSIVE TANNING 5 OZ NEW | ![]() |
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US $13.95 | 26d 19h 37m |
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CLARINS SUN CARE OIL INTENSIVE TANNING FOR BODY & HAIR NNB | ![]() |
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US $14.95 | 25d 16h 14m |
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CLARINS SUN CARE OIL INTENSIVE TANNING FOR BODY & HAIR SPRAY 150ML | ![]() |
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US $14.95 | 25d 16h 14m |
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Clarins Sun Care Oil Intensive Tanning Body & Hair Spray | ![]() |
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US $14.95 | 25d 16h 11m |
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Clarins Sunscreen Spray Radiant Oil Intensive Tanning | ![]() |
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US $24.95 | 3d 16h 18m |
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Clarins Sun Care oil Intensive Tan spray spf 4 TAN | ![]() |
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US $13.97 | 4d 17h 12m |
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CLARINS SUNSCREEN SPRAY RADIANT OIL INTENSIVE TANNING | ![]() |
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US $24.95 | 15d 19h 8m |
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CLARINS SUN CARE OIL INTENSIVE TANNING FOR BODY & HAIR | ![]() |
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US $14.95 | 15d 18h 59m |
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No items matching your keywords were found.
Oil Intensive

what's a good oil free facial moisturizer that deeply moisturizes skin but doesn't make it too oily and
doesn't make it break out?
i have VERY sensitive, acne prone skin. i am noticing it has become very dry though, lines all over my forehead. also i've been breaking out more than usual...i think my skin is trying to compensate for the dryness by increasing the secretion of oil...
i have been using clinique oil free moiture gel, but i think i need something mroe intensive, yet gentle. any recommendations?
My face is very temperamental and breaks out with everything. I have found a good product on EBay, I am unsure where to find it anywhere else but it is really cheap there, It is called Rejuvenique. i have been able to buy a complete set of products, facial wash, face moisturizer, neck cream and hand cream generally 3 or 4 of each for around $15.00, and I am really impressed with it. I have very normal skin other than the predicted break outs around that time of the month and this product seems to be gentle enough for my face to tolerate, look it up.
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Clarins Sun Care oil Intensive Tanning spray spf 4 TAN, 5.08 oz, 150 ml, NIB | ![]() |
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US $15.99 | 4d 12m |
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1 CLARINS SUN CARE OIL INTENSIVE TANNING FOR BODY,HAIR | ![]() |
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US $14.95 | 27d 18h 45m |
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Clarins Sun Care oil Intensive Tanning spray spf 4 TAN wow | ![]() |
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US $13.99 | 29d 16h 1m |
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Clarins Sun Care Oil Intensive Tanning for Body & Hair Spray 150ML | ![]() |
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US $14.95 | 25d 16h 8m |
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Clarins Sun Care oil Intensive Tanning spray spf 4 TAN, 5.08 oz, 150 ml, New | ![]() |
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US $14.40 | 4d 12m |
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CLARINS SUN CARE OIL INTENSIVE TANNING SPF 4 150ml | ![]() |
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US $14.95 | 27d 18h 46m |
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1 CLARINS SUN CARE OIL INTENSIVE TANNING SPF 4 5.08 fl oz/ 150ml | ![]() |
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US $14.95 | 27d 18h 46m |
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CLARINS SUN CARE OIL INTENSIVE TANNING 5 OZ NEW | ![]() |
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US $13.95 | 26d 19h 37m |
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CLARINS SUN CARE OIL INTENSIVE TANNING FOR BODY & HAIR NNB | ![]() |
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US $14.95 | 25d 16h 14m |
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CLARINS SUN CARE OIL INTENSIVE TANNING FOR BODY & HAIR SPRAY 150ML | ![]() |
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US $14.95 | 25d 16h 13m |
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Clarins Sun Care Oil Intensive Tanning Body & Hair Spray | ![]() |
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US $14.95 | 25d 16h 11m |
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Clarins Sunscreen Spray Radiant Oil Intensive Tanning | ![]() |
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US $24.95 | 3d 16h 18m |
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Clarins Sun Care oil Intensive Tan spray spf 4 TAN | ![]() |
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US $13.97 | 4d 17h 12m |
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CLARINS SUNSCREEN SPRAY RADIANT OIL INTENSIVE TANNING | ![]() |
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US $24.95 | 15d 19h 8m |
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CLARINS SUN CARE OIL INTENSIVE TANNING FOR BODY & HAIR | ![]() |
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US $14.95 | 15d 18h 59m |
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Clarins Sun Care oil Intensive Tan spray spf 4 TAN | ![]() |
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US $14.99 | 5d 16h 20m |
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DAVINES SU Nourishing Intensive TAN Enhancer with Argan Oil Sun Exposed Skin | ![]() |
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US $14.99 | 14h 59m |
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2 X PRO INTENSIVE MOISTURISER CUTICLE NAIL OIL NAS114-B | ![]() |
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US $6.49 | 17d 8h 58m |
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Barielle Intensive Nail Renewal Oil .50fl. oz bottle 1/2 full | ![]() |
0 Bid | US $.99 | 2h 6m |
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Moroccan Oil Intensive Curl Cream 500ml 16.9oz | ![]() |
0 Bid | US $24.99 | 8h 50m |
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ENJOY Intensive Hair and Skin Treatment Oil NEW 3.4 Fl Oz! | ![]() |
1 Bid | US $13.95 | 21h 23m |
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Biotherm Intensive Body Treatment with Apricot Oil 400ml/13.52oz NEW | ![]() |
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US $45.50 | 19d 11h 48m |
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DermOrganic Argan Oil Intensive Hair Repair Masque with Pump 8 oz | ![]() |
3 Bids | US $3.24 | 2d 7m |
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New Pro Nail Art Cuticle Intensive Moisturiser Oil Treatment Soften Tool 02 | ![]() |
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US $3.19 | 25d 3h 59m |
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Wen Intensive Treatment Oil - Tea Tree Eucalyptus - 4 oz | ![]() |
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US $46.50 | 21h 4m |
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Clarins Sun Care oil Intensive Tanning spray spf4 150ml | ![]() |
2 Bids | US $1.25 | 1d 1h 37m |
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Enjoy intensive hair & skin treatment oil | ![]() |
0 Bid | US $20.00 | 2d 20h 35m |
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Intensive $14.49 Intensive |
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Kneipp Grape Seed Oil Intensive Cream $26 This treatment cream containing 21% pure Grape Seed Oil, provides the skin with valuable moisturizers, leaving the skin noticeably smoother and suppler. A two-minute massage with the Intensive Cream stimulates blood circulation and supplies the skin with important active ingredients. Directions: Massaging with Kneipp Grape Seed Oil Intensive Cream stimulates the micro circulation and thus the blood circulation of the skin. Moreover, it provides the skin with valuable moisturizers and gives the skin a noticeably smoother and suppler appearance. Net Weight: 6.8 oz. Ingredients: |
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Kneipp Evening Primrose Intensive Balm $26 Kneipp Evening Primrose Intensive Balm is especially rice in evening primrose oil, sweet almond oil and jojoba oil and therefore ideal for patches of very dry skin. Net Weight: 2.5 oz. / 75 ml |
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Kinerase Intensive Eye Cream $46.5 Kinerase Intensive Eye Cream is for all skin types. It is Non-Comedogenic and Hypoallergenic (won't make you breakout). Kinerase Intensive Eye Cream contains .125% Kinetin (N6- furfuryladenine) to improve the look of fine lines and wrinkles in the delicate eye area. Net Weight: 20 g Ingredients: Purified water, glyceryl, stearate and laureth-23, isostearic acid, cetyl alcohol, carthamus tinctorius (safflower) seed oil, soya sterol, stearyl alcohol, dimethicone, imidazolidinyl urea, citric acid, sodium hydroxide, methylparaben, soluble collagen, carbomer, N6-furfuryladenine, panthenol, propylparaben, triethanolamine, ascorbic acid, hydrolyzed elastin, and aloe barbadensis leaf juice. |
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Dermalogica Intensive Moisture Masque $40 Dermalogica Intensive Moisture Masque is a creamy, nutrient-rich dose of essential fatty acids and moisture-binding Honey restores lost moisture to fine, dry lines. For dry to ultra-dry skin Dermalogica Intensive Moisture Masque provides vital nourishment for ultra-dry skin. Skin-conditioning Evening Primrose Oil and antioxidant Vitamin E restore skin's softness and suppleness. Revitalizing plant extracts, Honey and Vitamins A and C bind moisture to the skin, helping to alleviate fine lines and visible dryness. Fragrance free. Antioxidant Vitamins A, C and E and Ginkgo Biloba help repair daily damage caused by free radicals. Evening Primrose Oil conditions skin, restoring softness and suppleness. Honey helps replenish and bind moisture to the skin. Directions: Apply a thin layer to clean face and throat. Leave on for 5 to 10 minutes. Rinse thoroughly with warm water. Can be used as an eye masque. Use twice weekly after exfoliation. Follow with a Dermalogica moisturizer. Net Weight: 2.5 oz. / 74 ml Ingredients: Water(Aqua), Titanium Dioxide, Safflower(Carthamus Tinctorius) Oil, Glycerin, Glyceryl Stearate SE, Stearic Acid, Squalance, Cetyl Alcohol, Sorbitan Stearate, Evening Primrose(Oenothera Biennis) Oil, Ginkgo Biloba Extract, Tocopheryl Acetate, Retinyl Palmitate, Orange(Citrus Aurantium Dulcis) Flower Oil, Corn(Zea Mays) Oils, Honey(Mel), Dimethicone, Magnesium Aluminum Silicate, Xanthan Gum, Triethanolamine, Phenoxyethanol, Benzyl Alcohol, Methylparaben, Ethylparaben, Propylparaben, Butylparaben, Tetrasodium EDTA |
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Rilastil Intensive Cellulite Spray $105 Rilastil Intensive Cellulite Spray is a fluid lotion specifically formulated to reduce the appearance of cellulite, obstruct the formation of cellulite, immediately improve the tightness of the skin, improve skin's microcirculation, and reduce and dissolve local fat deposits that cause the unwanted appearance of cellulite. The innovative spray system makes application simple and even. The serum is rapidly absorbed into the skin and leaves the skin feeling soft and smooth, not sticky. Directions: Spray Rilastil Intensive Cellulite Spray on clean, dry skin on the desired areas with cellulite or areas prone to cellulite. Massage until completely absorbed. Repeat at least once a day for a minimum of 6 to 8 weeks. For best results use in conjunction with Cellulite Cream. For maintenance use every other day. Net Weight: 100 ml Ingredients: Water , Propylene Glycol , Glycerin , Tripropylene Glycol Citrate , Polysorbate 20 , Prunus Africana (African Cherry Pygeum Tree) , Centella Asiatica (Hydrocotyl Extract) , Sodium Hyaluronate (Hyaluronic Acid) , Panthenol (Vitamin B5) , Allantoin , Escin (A Component of Horse Chestnut) , Ruscogenin (from Butcher's Broom) , Neoruscogenin (Butcher's Broom) , Hydrolyzed Glycosaminoglycans , Tocopheryl Acetate (Vitamin E) , Niacin (Vitamin B) , Glyceryl Polyacrylate , PEG-40 Hydrogenated Castor Oil , Ceteth-16 , Laneth-16, Oleth-16 , Steareth-16 , Arginine , Imidazolidinyl Urea , Phenoxyethanol , Methylparaben, Propylparaben , Ethylparaben , Disodium EDTA , Fragrance. |
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Rilastil Intensive Night Cream $83 Rilastil Intensive Face Night Cream is a protective, highly moisturizing, nourishing, and anti-aging cream for normal to mixed skin types. Skin repairs itself at night and this cream is designed to aid this process. Net Weight: 50 ml Directions: Use nightly on the face after cleansing. Can be used alone or after serum. Ideal to use daily after Serum Nuit (Night). Ingredients: Rice Bran Oil, Sodium PCA and Allantoin moisturize, while the Essential Branched Amino Acids (Valine, Leucine, Isoleucine), and vitamins (Panthenol, Tocopheryl Acetate, Retinyl Palmitate) provide strong antioxidant properties which prevent premature aging, Water , PEG-8 Beeswax , Glycerin , Ethylhexyl Palmitate , Petrolatum , PEG-6 , Rice Bran Oil , PEG-32 , C12-15 Alkyl Benzoate , Dimethicone , Sodium PCA , Triisostearin PEG-6 Esters , Glyceryl Stearate , Lanolin Alcohol , Panthenol , Tocopheryl Acetate , Leucine , Isoleucine , Valine , Retinyl Palmitate , Daucus Carota {Carrot Extract} , Allantoin , Glycol Stearate , Hydrogenated Lecithin , Carbomer , Arginine , Imidazolidinyl Urea , Methylparaben , Propylparaben , Disodium EDTA , BHA , BHT , Fragrance. |
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Argan Oil Intensive Hair Repair Masque by DermOrganic $19.99 A mild intensely reparative conditioner Contains Argan Oil to revive damaged hair from inside out Loaded with rice amino-acids inside a lipid-based emulsification Penetrates deeply to reinforce & sleek every single hair from inside out Delivers natural hydration to hair Will not leave any build-up or over-proteinize hair Reveals smoother & healthier hair To use: Apply to clean hair from scalp to hair ends. Leave in for 2-5 minutes rinse well. Use at least 2 times a week. Can be used daily as a quick conditioner |
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Dermalogica Intensive Eye Repair $48 An ultra-rich cream, fortified with antioxidant Vitamin C and phytonutrient Wild Yam, helps repair prematurely-aging skin and smooth fine dehydration lines. For all skin types Intensive Eye Repair by Dermalogica is an ultra-rich cream that designed to help diminish dry lines and repair skin damage around the delicate eye area. Skin-replenishing phytonutrients and eye-soothing botanicals of Cucumber, Butcherbroom and Arnica help maintain the skin's optimum health and restore suppleness. Wild Yam Extract and healing Pro-Vitamin B5 help repair prematurely aging skin, while antioxidant Vitamins A, C and E plus Grape Seed Extract protect the skin from harmful free radicals. Contains no artificial fragrance or color. Soothing botanicals of Cucumber, Butcherbroom and Arnica help maintain the skin's elasticity and texture. Pro-Vitamin B5 (Panthenol) and Vitamin A help repair prematurely-aged skin. Antioxidant Vitamins C and E plus Grape Seed Extract, Ginkgo Biloba and Green Tea help to defend skin against free radicals. Directions: Apply small amount around eyes area, concentrating on areas of visible aging. For optimum results, use AM/PM after cleansing. Net Weight: 0.5 oz. / 15 ml Ingredients: Rose Extract, Cyclomethicone, Butylene Glycol, Bis-Diglyceryl Polyacyladipate-2, Squalane, Persa Gratissima (Avacado) Oil, Unsaponifiables, Glyceryl Stearate, PEG-100 Stearate, Butyrospermum Parkii (Shea Butter), Cetyl Alcohol, PEG-40 Stearate, Ascorbyl Palmitate, Lecithin, Extracts of: Cucumis Sativus (Cucumber), Ruscus Aculeatus (Butcherbroom), Arnica Montana, Discorea Villosa (Wild Yam); Superoxide Dismutase, Hyaluronic Acid, Tocopheryl Acetate, Retinyl Palmitate, Extracts of: Ginkgo Biloba, Camellia Oleifera (Green Tea), Centella Asiatica (Hydrocotyl), Echinacea Purpurea (Coneflower), Vitis Vinifera (Grape) Seed, Phospholipids, Panthenol, Glycolipids, Sodium PCA, Stearic Acid, DEA-Cetyl Phosphate, Sorbitan Tristearate, Dimethicone, Dimethiconol, Triethanolamine, Disodium EDTA, Diazolidinyl Urea, Sclerotium Gum, Methylparaben, Propylparaben. |
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Rilastil Intensive Dry Skin Cream $83 Rilastil Intensive Dry Skin Cream is an anti-aging cream for very dehydrated skin to restore it to a healthy moisture balance. This highly nourishing cream prevents premature aging and discourages the formation of fine lines and wrinkles. Directions: Rilastil Intensive Dry Skin Cream can be used day and/or night on the face after cleansing. Can be used alone or after serum. Net Weight: 50 ml Ingredients: Moisturizing ingredients Rice Bran Oil, Shea Butter, Sodium PCA and Allantoin provide superior protection and have a positive effect on dry and faded skin of the face and neck. The Essential Branched Amino Acids (Valine, Leucine, Isoleucine), and vitamins (Panthenol, Tocopheryl Acetate, Retinyl Palmitate and Daucus Carota) are powerful antioxidants, Water • PEG-8 Beeswax , Glycerin , Petrolatum , Ethylhexyl Palmitate , Oryza sativa {Rice Bran Oil} , PEG-6 , PEG-32 , C12-15 Alkyl Benzoate , Butyrospermum Parkii { Shea Butter } , Lanolin Oil , Dimethicone , Sodium PCA , Triisostearin PEG-6 Esters , Panthenol , Glyceryl Srearate , Tocopheryl Acetate , Retinyl Palmitate , Daucus Carota {Carrot Extract} , Leucine , Isoleucine , Valine , Glycol Stearate , Arginine , Lanolin Alcohol , Carbomer , Hydrogenated Lecithin , Allantoin , Imidazolidinyl Urea , Methylparaben , Propylparaben , Disodium EDTA , BHA , BHT , Fragrance |
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G.M. COLLIN Intensive Exfoliating Gel $37 For All Skin Types and Conditions, Even Sensitive G.M. COLLIN Intensive Exfoliating Gel is an innovative enzymatic formula in an easy-to-use gel texture with a fresh spring scent that exfoliates and firms. It eliminates dead skin cells, brightens the complexion and refines skin texture. Tones and hydrates, leaving the skin pure, fresh and luminous. Directions: After the cleanser, apply a generous layer of G.M. COLLIN Intensive Exfoliating Gel. For optimal exfoliation, let the product work for 10 minutes. For toning effects, allow to dry. Humidify with fingers, massage and rinse. Complete with G.M. Collin treating lotion. Use 1 to 3 times a week or as recommended by your skin care professional. Net Weight: 1.7 oz. Ingredients: Water, Galactoarabinan, Glucose, Xanthan Gum, Chondrus Chrispus (Carrageenan), Sodium PCA, Betaine, Sorbitol, Glycine, Alanine, Proline, Serine, Threonine, Arganine, Lysine, Glutamic Acid, Coco-Glucoside, Glyceryl Oleate, Hydrolyzed Milk Protein, PEG-40 Hydrogenated Castor Oil, Subtilisin, Xanthan Gum, Cyclomethicone, Dimethiconol, Polyacrylamide, C13-14 Isoparaffin, Laureth-7, Hydroxyethylcellulose, Biosaccharide Gum-1, Water, Glycolic Acid, Arginine, Citrus Grandis (Grapefruit) Peel Oil, Citrus Aurantifolia (Lime) Oil, Lavandula Hybrida (Lavandin) Flowers Oil, Citrus Limonium (Lemon) Peel Oil, Eucalyptus Radiata Leaves Oil, Juniperus Virginiana Wood Oil, Phenoxyethanol, Methylparaben, Ethylparaben, Propylparaben, Butylparaben, Sclerotium Gum, Imidazolindinyl Urea, Yellow 5, Blue 1. |
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Intensive Care $4.99 Intensive Care |
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Intensive Eye Treatment by Boscia $52.99 An intensely hydrating eye treatment Contains Ivy Extract to minimize appearance of fine lines & wrinkles Formulated with Rice Bran Oil for lifting effect Blended with amino acids Alanine & Glutamine to impart optimum moisture Loaded with Jojoba Leaf a powerful antioxidant to fight against free radical damage Infused with Willowherb to pacify skin inflammation & lessen visible redness & irritation Reveals calmer firmer smoother & younger looking eye contours Scent: Original |
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BABOR Advanced Biogen Intensive Repair $78 Get smoother texture immediately! BABOR Advanced Biogen Intensive Repair Cream is extremely regenerative and perfect for damaged skin needing to heal. This product also works wonders on minor abrasions, dehydrated oily skin and scarring. Your skin will show improvement in a matter of days. Net Weight: 50 ml Ingredients: Water (Aqua) Sesamum Indicum (Sesame) Seed Oil, Zea Mays (Corn) Germ Oil, Glyceryl Stearate SE, Isopropyl Alcohol, Petrolatum, Theobroma Cacao (Cocoa) Seed Butter, Lanolin Alcohol, Cetearyl Alcohol, Sorbitol, Butylenes Glycol, Glyceryl Stearate,PEG-40 Castor Oil, Beeswax (Cera Alba), Cetyl Palmitate, Urtica Dioica (Nettle) Extract, Scrophularia Nodosa Extract, Rumex Acetosella Extract, Rosmarinus Officinalis (Rosemary) Leaf Extract, Panax Ginseng Root Extract, Nasturtium Officinale Extract, Fumaria Officinallis Extract, Focus Vesiculosus Extract, Royal Jelly, Ascorbylpalmitiate, Tocopherol, Glycerin, Caprylic/Capric Triglyceride, Citric Acid, Ascorbic Acid, Frangrance (Parfum), Cetyl Alcohol, Oleth-10, Ceteareth-20, BHT, BHA, Alcohol, Phenoxyethanol, Methylparaben, Ethylparaben, Propylparaben, Butylparaben, Isobutylparaben, Dehydroacetic Acid, Sorbic Acid, Caramel. |
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Laila Ali 9.5-oz Intensive Hydrating Conditioner $23.68 Made of shea butter and marula seed oil, Laila Ali's Intensive Hydrating Conditioner nourishes and replenishes hair's moisture. This hair conditioner is available in a 9.5-ounce bottle.Design house: Laila Ali'Intensive Hydrating Conditioner'Launch date: 20109.5-ounce conditionerShea butter and Marula seed oil replenishes moisture and nourishes hairSize: 9.5 ouncesDue to the personal nature of this product we do not accept returns |
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Intensive Heel Repair 5 oz: HF $8.99 This intensive herbal conditioning therapy is specially formulated to moisturize, soothe, and protect dry, cracked and callused heels. A nurturing blend of Alpha-Hydroxy Acid and Aloe Vera penetrates deep to soften hard skin. Australian Tea Tree Oil purifies and refreshing Peppermint revives- while Cocoa Butter forms a moisture shield to protect heels from every day wear and tear. The thick, rich consistency of this soothing balm will pamper and comfort on contact. |
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Phytomer Lift Contour Intensive Eye and Lip Care $57 Suitable For All Skin Types. Phytomer Lift Contour Intensive Eye and Lip Care helps minimize the appearance of fine lines and wrinkles around your eyes and lips. PhytomerIntensive Eye and Lip Care is specially formulated for the eye and lip contour. This gel emulsion helps smooth out and prevent wrinkles and fine lines. The skin is gently smoothed and the complexion rediscovers all its radiance. Anti-aging formulation prevents wrinkles by actively firming the skin. Balanced organics reawaken your skin's luminosity. Directions: On clean skin, apply a small amount of Phytomer Intensive Eye and Lip Care to the area around the eyes and lips, patting gently until absorbed. Net Weight: 15 ml/0.5 oz. Ingredients: Water, Glycerin, Dipropylene Glycol, Triethanolamine, Acrylates/C10-30 Alkyl Acrylate Crosspolymer, Hydrogenated Polyisobutene, Stearyl Heptanoate, Propylene Glycol, Paraffinum Liquidum (Mineral Oil), Methylparaben, Lecithin, Alcohol, Dipotassium EDTA, Hexamidine Diisethionate, Morus Alba Leaf Extract, Palmaria Palmata Extract, Escin, Prunus Amygdalus Dulcis (Sweet Almond) Oil, Chlorella Vulgaris Extract, Glycine Soja (Soybean) Oil, Unsaponifiables, Persea Gratissima (Avocado) Oil, Unsaponifiables, Maris Sal (Sea Salt), CI17200 (D&C Red No 33). |
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Oil Intensive Behavior
A Great Bubbling: Economics Of Oil Prices
The world will never be quite the same. High oil prices are not only changing the political and economic landscapes but they could also change energy itself, because they are stimulating the most widespread drive for technological innovation this sector has ever seen.
The political shifts are striking, wherever you look. Russia was so flat on its back at the end of the 1990s that Western banks and companies competed to see who could close its Moscow offices faster. Today, even though Vladimir Putin says he does not like the term, Russia certainly appears to be an energy superpower, using oil and gas to restore its position in the world.
Balances of political power are shifting in other ways. In 2006, after his nonstate lunch with President Bush in Washington, China's President Hu Jintao took off directly for state visits to Saudi Arabia and Nigeria.
Meanwhile, that other balance, in supply and demand, has been extremely tight. Even without actual disruptions, possible threats to supply from the war in Lebanon and from rising tensions over Iran's nuclear program were enough last summer to push oil prices above $78 a barrel, accompanied by forecasts of $100 a barrel.
But then a slowing U.S. economy and growing inventories, and the prospect of rising non-OPEC production, sent prices down. That was enough to alarm OPEC into cutting production in order to stem the downward trend and keep prices above $50 to $55 a barrel. That's not exactly a low price; it's still double the OPEC price band of just a few years ago.
The flow of funds illuminates how much has changed. OPEC's revenue has tripled over the past four years, from $199 billion in 2002 to about $600 billion in 2006. The Mideast's trade surplus is 50 percent greater than that of emerging Asia.
While oil states are recycling a good deal of this resurgent wealth back into the United States and Europe as they did in the 1970s this time much more is going into investments in Asia and local and regional financial markets and development. What used to be said of Shanghai that it employed up to a quarter of all the world's building cranes is now being said of Dubai.
Petrodollars are also fueling political assertiveness in countries such as Iran (where oil revenue rose from $19 billion in 2002 to $60 billion in 2006) and Venezuela (from $21 billion to almost $50 billion over the same period).
But there are two big economic questions. What do high prices mean for the economy? And what do they mean for the future of world energy?
The risks from high oil prices are clear and manifold: loss of purchasing power on the part of consumers who drive the world economy; a blow both to business and to stock-market confidence and thus to investment; and a painful shock to the balance of payments of non-oil-developing countries.
Most fundamental of all is the possibility that high oil prices will start to drive up inflation, forcing central bankers to jam on the interest-rate brakes. But at what level of price?
A few months ago one of the key OPEC decision makers, harking back to that not-so-long-ago $22 to $28 band, observed, "We thought that the world economy would collapse at $40 a barrel." But economic growth sailed right on through $40, then $50, then $60 a barrel.
Part of the reason is that the major economies are much less oil-intensive than they were in the 1970s. What this means is that less oil is required for every unit of GDP. For instance, the U.S. economy has grown by more than 150 percent since the 1970s, but oil consumption by only about 25 percent.
The other major explanation is that this time, prices have been rising in response to a "demand shock" (epitomized by 10 percent economic growth in China) and not a "supply shock" (a disruption such as the 1973 embargo or the 1979 revolution in Iran). This is largely true, although not completely. For there has been an "aggregate disruption" a supply cut when you add up the loss of supply from Nigeria because of an insurgency in its delta region, the reduced levels of production in Iraq and Venezuela and the (now mostly healed) loss of supply from the 2005 hurricanes in the Gulf of Mexico.
Yet there was some point at which prices would begin to bite. That appears to have been in the $60 to $70 range. And those effects can be seen, along with the housing decline, in the slowing U.S. economy, with implications for all countries that export to it.
But the most lasting impact of the shift in the energy market may well be measured in energy itself. There is a bubbling and brewing of technological innovation along the entire energy spectrum from conventional supplies and renewables and alternatives, to efficiency and demand management.
Oil and gas companies continue to innovate. Last September, Chevron announced a find in the Gulf of Mexico oilfield at 6,890 feet, and an additional 19,685 feet under the seabed an extraordinary technological achievement.
Around the world, the "digital oilfield of the future" is becoming the digital oilfield of the present. The large-scale conversion of natural gas into high-quality diesellike fuel is getting closer.
Renewables have captured the public's imagination and are coming into their own. Wind power is the one that is closest to becoming conventional. This is not just the result of market forces. The development of renewable resources is being driven by mandates and subsidies of the European Union and of the federal and state governments in the United States, and by similar programs in countries like India and China. But it is working.
In fact, renewables are growing so fast that they are straining capacity in people and materials. Right now there is a shortage of turbines and blades for windmills. Renewables are a sizable business these days; the worldwide investment in wind and solar sales for 2006 is estimated at $40 billion.
But sometimes the enthusiasm for wind and solar discounts the huge scale of the energy system and the lead times needed to develop any form of energy, as well as the fact that these sources have to eventually establish themselves as economically competitive without government help. Even with all the advances, they are still a very small part of the overall energy mix. But they will continue to grow.
What is also rising is the funding and fervor that are going into innovation. A decade ago, I chaired a task force on energy research and development for the U.S. Department of Energy. It was a quiet period in energy, supplies were ample and interest was subdued.
That would not be the case today. Prices, anxiety about supply and the quest to reduce carbon emissions because of climate-change concerns have turned energy into a major focus for technology investment. Governments and businesses continue to be big players. But they now have company: venture capitalists.
The embodiment of the old model was the centralized Synthetic Fuels Corp., a U.S. government company that was chartered in 1980 with $17 billion to promote such options as shale oil and the conversion of coal into liquid fuels. It was very much in the spirit of the oft-invoked "three M's" Manhattan Project, Marshall Plan and Man in Space. But when prices went south in the 1980s it was wound down, and by 1986 it had disappeared.
Governments and companies are stepping up their investment in energy R&D, and will remain critical to the development of new technologies. Research-and-development spending by the U.S. Department of Energy is $1.8 billion and is slated to grow 25 percent in 2007.
Now the people who brought you Silicon Valley are also stepping into energy. Venture-capital investment in energy reached $1.7 billion in the first three quarters of 2006, almost five times what it was in the same period in 2004, according to the Cleantech Venture Network. "When we started investing in this area, it was like investing in the Internet in the early 1990s before anyone had ever heard of the Internet," says Ira Ehrenpreis of Technology Partners, an early clean-tech investor. "Now there has been an awakening in the VC community that clean tech offers as large an opportunity as information technology and life sciences, both of which were revolutionized by venture capital."
This means growing amounts of money going into energy businesses, operating under the discipline of venture capital. Some of the results are already there. One of the biggest recent tech IPOs, Suntech, made its founder, Zhengrong Shi, the richest man in China.
Of course, many of the new initiatives will not succeed. With this rapid growth comes a degree of hype that has some echoes of the Internet frenzy.
But that cycle of boom and bust left a set of technologies that are transforming business and society. And one clear difference is that in the Internet boom the business plans focused on eyeballs and didn't worry so much about how to make money. Here the market opportunity is clearer.
This diverse but intense focus on energy technology will likely have wide effects. There will be new ways to find or develop conventional energy. The competitive position of alternatives will be enhanced. The boom in conventional, corn-based ethanol, with its overwhelming political support, will nevertheless run into limits of land and food-versus-fuel competition. The current holy grail in liquid fuels is the search for economically competitive cellulosic ethanol, made from crop waste or specially designed energy crops.
Overall, some of the most intriguing possibilities will come from applying biology and genetic engineering to energy problems.
Much else is now on the energy-technology agenda from fuel cells and solar energy to advances, on the demand side, in how we use energy and the ways in which our cars are powered. Technological advances, along with regulations, enabled the United States and Japan to double their energy efficiency in the 1970s. That could happen again. When it is all added up, there has never been so much activity in new energy technologies. If it stays at this pace, expect dramatic results.
About the Author
Daniel Yergin, chairman of Cambridge Energy Research Associates and executive vice president of IHS, received the Pulitzer Prize for "The Prize: The Epic Quest for Oil, Money & Power" and the United States Energy Award for lifelong achievements in energy and the promotion of international understanding. Visit CERA energy reports online.
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