Saudis say oil facilities impervious to attacks

Saudi Arabia takes terror threats against its oil facilities seriously and has reinforced already tight security around them after Osama bin Laden began making threats against the industry last year, the country’s oil minister said Tuesday.

Houston Chronicale

Conditions turn bullish for UK Continental Shelf

But it appears no amount of money will reverse the decline in UK gas output that has set in. Britain is now a net importer after a brief period of self-sufficiency. Though UKOOA says the nation will still be 60% self-sufficient in gas by 2010, some 60-100 billion cum a year worth of import-focused projects […]

Iraqi homes show US how to build

By Adam Porter The public may be unfamiliar with ancient air-conditioning systems such as windcatchers and ice-cooling, but these Middle Eastern technologies are exactly what may be needed in a hotter, more unpredictable climate. Al JazeeraIraqi homes show US how to build By Adam Porter Friday 04 February 2005, 22:10 Makka Time, 19:10 GMT Some […]

Abundant Energy Fuels Alberta’s Economic Development

February 6, 2005 Abundant Energy Fuels Alberta’s Economic Development and Growth in Influence By CLIFFORD KRAUSS ALGARY, Alberta – There is an old joke in this oil-rich province where a cowboy hat and boots are always in fashion: What is the difference between Alberta and Texas? Alberta has better relations with the United States. Of […]

Electricity Prices Likely to Soar

WASHINGTON (AP) — The Bush administration called Monday for a major change in the way federal power suppliers charge their customers — basing rates on market prices at the time rather than the cost of producing the electricity.

truthout.org

Sterile Seed Technology – road to dieoff?

Canadian Government to Unleash Terminator Bombshell at UN Meeting: All-out push for commercialisation of Sterile Seed Technology A confidential document leaked today to ETC Group reveals that the Canadian government, at a United Nations meeting in Bangkok (Feb 7-11), will attempt to overturn an international moratorium on genetic seed sterilisation technology (known universally as Terminator). […]

Oil price hovers near $45 pb; WTI crude price forecast raised

NEW YORK, February 8 (newratings.com) – Crude oil prices declined to below the $45 per barrel mark on Tuesday morning, reaching the lowest level in one month. Meanwhile, the US Energy Department’s statistics unit, Energy Information Administration, has forecasted the West Texas Intermediate (WTI) crude oil price to average at $46.70 per barrel in 1Q04, as compared to its previous forecast of $43 per barrel.

http://www.newratings.com/analyst_news/article_685545.html

What will the rest of the world do if Saudi oil runs out early?

What will the rest of the world do if Saudi oil runs out early?

By Philip Thornton
08 February 2005

When the world wants guidance on monetary policy it turns to the Federal Reserve. When it comes to oil only one institution can be seen as the “central bank” of crude – Saudi Arabia.

Saudi produces 9.5 million barrels a day, or more than one-ninth of the expected global demand of 84 million barrels a day this year.

With a quarter of the world’s proven oil reserves, it is the only single entity that has sufficiently deep pockets to be able to intervene to control the market.

Its state-owned operator, Aramco, insists the country has proven reserves of slightly more than 261 billion barrels – a quarter of global reserves. Taking into account probable and possible reserves, that figure rises as high as 1 trillion.

But what if these numbers are wrong?

Belfast Telegraph

The Rude Awakening

The Rude Awakening
Wall Street, New York
Tuesday, February 08, 2005

The Chinese and the Russians have embraced one another in a kind of petro-political bear hug: it is the perfect match of a natural resource consumer with a natural resource producer… Higher oil prices are imminent…

IN MEMORIAM: CHEAP OIL By Eric J. Fry

The world will not run out of oil any time soon…just CHEAP oil…

Howe Street

High on Energy, Wary of Inflation

Stephen Leeb of Leeb Capital Management delivers a cautious outlook on stocks — and reveals his best picks for long-term investors
…
Q: How much of a factor is oil in the market these days?
A: I think oil is probably the most important factor in the market. Let me put it this way: For oil to decline to $25 a barrel, I believe it would lead to a massive bull market. On the other hand, were oil to rise — and unfortunately I believe this is the more likely scenario — to $60 a barrel, it would make the going extremely tough.

BusinessWeek

Oil prices drop amid Saudi plans to increase output capacityOil prices drop amid

Oil kingpin Saudi Arabia said it expected to increase its oil output capacity to 12.5 million barrels per day (bpd) within the next four years, from 11 million currently, and has considered raising it to 15 million if world demand warrants such a move, Oil Minister Ali al-Nuaimi said Tuesday.

Turkish Press

Indonesia considers leaving Opec

Indonesia, the only Asian member in Opec, is reviewing its status in the oil cartel as dwindling production is pushing it closer to becoming a net importer, the energy minister has said. Al JazeeraIndonesia considers leaving Opec Tuesday 08 February 2005, 14:18 Makka Time, 11:18 GMT Crude oil exports have declined by 70% in the […]

China to pioneer ‘pebble bed’ N-reactor

China is poised to develop the world’s first commercially operated “pebble bed” nuclear reactor after a Chinese energy consortium chose a site in the eastern province of Shandong to build a 195MW gas-cooled power plant.

An official representing the consortium, led by Huaneng, one of China’s biggest power producers, said the proposed reactor could start producing electricity within five years.

If successfully commercialised, the pebble bed reactor would be the first radically new reactor design for several decades. It would push China to the forefront of development of a technology that researchers claim offers a new “meltdown-proof” alternative to standard water-cooled nuclear power stations

FT

Damned either way….

Following Brown’s call for OPEC to come clean on reserves, James Howard comments:
http://www.powerswitch.org.uk/portal/index.php?option=content&task=view&id=422&Itemid=2

For OPEC to open its books would mean an end to all the speculation about OPEC’s oil reserves situation – especially Saudi Arabia. It seems that Mr Brown’s concerns are about how much oil is left because he thinks it is the speculation that is driving up oil prices.

But what happens if the speculation that the situation in Saudi Arabia is not as good as the Chancellor would like is true? Would the truth be more damaging than the unknown? There is no doubt that the spurious reserve increases of the mid-80s by OPEC members is at least one major reason to question the stated figures. The uncertainty over those numbers creates a grey area which is both advantageous but also damaging – speculation fuels the market, but certainty could make it worse.

The US has to recognise the new reality of a United States of Europe

Bush must face up to a rising power The US has to recognise the new reality of a United States of Europe Jeremy Rifkin Tuesday February 8, 2005 The Guardian [UK] President Bush is scheduled to visit Brussels on February 22, and it may prove to be the most important foreign visit of his presidency. […]

2% Less for the US Department of Energy in 2005

Agency: Department of Energy

Spending: $23.4 billion

Percentage change from 2005: -2 percent

Highlights:

The budget would shut down federal support for oil and gas research programs, scale back money for a nuclear waste dump in Nevada, expand research into clean-coal technology and provide $67 million to find ways to store climate-changing carbon emissions.

SF Gate

US EIA Reports Increased Level Of Interest

New Program to Improve Access to Weekly Petroleum Data; Final Tests Scheduled Next Week

January 7, 2005 — On Wednesday, January 26, 2005, the Energy Information Administration (EIA) will implement a new program, called Gatekeeper, designed to improve Internet access to weekly petroleum data.

The recent high level of interest in the EIA’s Weekly Petroleum Status Report (WPSR) has resulted in a substantial increase in activity on the EIA web site when the report is released at 10:30 a.m. on Wednesdays. This activity has sometimes made it difficult for customers to access WPSR data at release time, principally because repeated attempts by web site users to access the new data in the minutes just prior to release use an excessive amount of bandwidth.

All American Patriots

Oil Pessimists vs. Oil Optimists on NPR

The Future of Energy: Oil Reserves Running Dry?

by Eric Weiner

Day to Day, February 7, 2005 · Some analysts warn that our insatiable thirst for oil means the wells will run dry — and sooner than we think. But another camp counters that the global supply can expand to meet the growing demand. NPR’s Eric Weiner reports.

NPR (audio)

Oregon May Lead Future Of Wave Energy

CORVALLIS, Ore. – Significant advances in university research and other studies in the past two years are pointing toward Oregon as the possible epicenter of wave energy development in the United States.

…

Electrical engineers at Oregon State University have pioneered the development of technologies to take advantage of wave power in ways that are reliable, maintainable and able to survive a hostile ocean environment. The OSU College of Engineering also has a host of other facilities that would make it an ideal site for more advanced research.

…

“The world’s oceans are an extremely promising source of clean energy,” said Annette von Jouanne, an OSU professor of electrical engineering. “The technology is still in experimental stages, but we’ve made enough progress in the past couple years that it’s time to start planning a working research and demonstration facility.

Science Daily

Nexen is latest oilsands player to slash reserves due to SEC rules

Nexen is latest oilsands player to slash reserves due to SEC rules

James Stevenson
Canadian Press
Monday, February 07, 2005

CALGARY (CP) – Nexen Inc. has become the latest oil and gas producer to write down its oilsands reserves due to new accounting rules at the U.S. Securities and Exchange Commission.

Calgary-based Nexen, which is a partner in the planned $3.5 billion Long Lake oilsands project in northern Alberta, said Monday that the American stock regulator’s rules forced it to write off all of its proved oilsands reserves for year-end 2004.

Canada.com

Key issues 2000-2010

Geology, Geopolitics and Global Warming

Deloitte Research

CERA Conference 2005

Harnessing the Storm—Investment Challenges and the Future of the Oil Value Chain An estimated 20 million barrels per day of net new oil production capacity will be needed by 2010—requiring about 50 million barrels of gross new production to offset anticipated declines in existing fields. What are the major constraints to achieving this growth? How […]

World Oil Demand Soars As Reserves Dip, Fueling Prices — And Possibly Conflicts

When oil broke the $50-a-barrel barrier in late 2004, uneasiness rippled through markets and capitals around the globe. A small but growing voice in the oil industry said the price spike was merely a taste of what’s to come. In Part 2 of this series, RFE/RL takes at look at the state of some of […]

Price and non-OPEC Oil Supply: The nut behind the wheel

by Michal C. Lynch

Conclusion
…
However, the next few years appear likely to experience a strong increase in non-OPEC production as the recent expenditures take effect. Whether prices remain high enough to make them profitable is a different matter.

USAEE, Nov. 2003

Gasoline price may surge when travel picks up

Gasoline prices rose more than 7% in January, which typically is one of the slowest driving months of the year. That’s causing leading experts to predict pump prices may surge past last year’s record highs when highway travel picks up late in the spring. Government figures show that the average price of regular unleaded has […]

Al Jazeera blames USA for bad housing, global warming…whatever.

Is there nothing we arent responsible for? Every time Al Jazeera ride their camel do they blame the USA for the bumps? http://english.aljazeera.net/NR/exeres/629F6FD1-308A-412B-812F-8745D662B3A1.htm One problem in planning housing to cope with global warming is understanding how much the climate will change. Roaf devotes part of her book to looking at the way the United States […]

Indonesia Studying Withdrawal From OPEC, Purnomo Says

Indonesia may quit the Organization of Petroleum Exporting Countries as falling crude oil production pushes it closer to becoming a net importer of the fuel. “We have set up a team to study whether or not we should stay in OPEC,” Indonesian Oil Minister Purnomo Yusgiantoro told a parliamentary hearing in Jakarta today. “The result […]

Cutting an oil artery

The virulently anti-American president of Venezuela, the fourth largest U.S. supplier, seems intent on severing those oil ties.

St. Petersburg Times

Apocalypse now: how mankind is sleepwalking to the end of the Earth

Floods, storms and droughts. Melting Arctic ice, shrinking glaciers, oceans turning to acid. The world’s top scientists warned last week that dangerous climate change is taking place today, not the day after tomorrow. You don’t believe it? Then, says Geoffrey Lean, read thisnews.independent.co.uk

Chancellor tells Opec that oil market manipulation must stop

Gordon Brown will today deliver an ultimatum to the oil cartel Opec that it must end its secret manipulation of the energy market or risk long-term damage to the global economy. With the price of crude nudging back up towards $50 a barrel last night, the chancellor will use a meeting of the G7 industrial […]

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