Revealed: Israel plans strike on Iranian nuclear plant

ISRAEL has drawn up secret plans for a combined air and ground attack on targets in Iran if diplomacy fails to halt the Iranian nuclear programme.
The inner cabinet of Ariel Sharon, the Israeli prime minister, gave “initial authorisation” for an attack at a private meeting last month on his ranch in the Negev desert.

TimesOnline

Oil production in Russia falling for the 5th month in a row

This news is five weeks old. I have been patiently waiting for the English version of it or something with a similar content, but in vain. An article in NY Times misses the point completely by stating that the output decline is only due to YUKOS’ bankruptcy. The bitter truth is that the oil production […]

Era of cheap oil is gone forever Kuwaiti official says

“Prices will never [again] go under the $40 per barrel mark,” Hani Hussain, Kuwait Petroleum Corp’s chief executive, told Gulf News in an interview yesterday. Hussain spoke on the sidelines of the 14th Middle East Oil and Gas Show which opened yesterday in Bahrain. Prime Minister Shaikh Khalifa Bin Salman Al Khalifa welcomed participants. “We […]

Running on Empty – NY Times

By NATALIE CANAVOR Published: March 13, 2005 IF the cost of energy skyrockets, are the suburbs doomed? Would Long Island, already paying among the highest fuel and electricity rates in the country, become an unsustainably expensive place to live?A way of thinking that says “yes” is circulating, and has assumed tangible form in a video […]

Middle east oil and long term global supply

Michael R. Smith, 2003

There are now 60 countires where production is in decline and all but a few special exceptions show that peak occured when between 40 % and 60 % of reserves had been extracted and around 10 to 20 years after discovery reates had peaked.
…
Conversely economists argue that the energy market wil automatically create the right conditions to increase investment leading to more oil production (and indeed commercial access to other energy resources). But regrettably the potential for growth in oil output is restricted even at huge investment levels. Whilst there are lots of new fields waiting to be found, especially offshore, there is scant chance of finding more than a few dozen substantial accumulations.

Energyfiles (PDF file)

Gas prices hurting SUV sales

DETROIT (Reuters) – Rising U.S. gasoline prices are hurting sales of large sport utility vehicles and pickup trucks, according to some industry analysts, a trend that could stall a major engine of profits for Detroit’s automakers. The gas-thirsty, full-sized SUV segment lost 1.2 percentage points of U.S. market share over the last two months and […]

Official: OPEC Has Reached Output Limit

“OPEC has reached its production limits. It doesn’t have much production capacity,” he said at the opening of an industrial plant in the western town of Arzew, according to newspaper reports on Saturday.

“If it came to a crunch, it has capacity for one million barrels (more per day), and I don’t think a production increase would influence the barrel price,” he told reporters on the sidelines of the ceremony.

ST

Oil Crisis Ahead?

The IEA is expecting a boom in oil demand from China, while China is cooling off its economy, and interest rates are rising in the United States and around the world. Something has to give here. Is China suddenly becoming energy efficient, where it can cool off its economy and at the same time use […]

Crude Shipments to China Double

Russia more than doubled direct oil supplies to China last month, after exports to the Asian nation started from state-owned Rosneft, which is stepping in to replace Yukos. Crude shipments through the station of Zabaikalsk on the Chinese border rose to 381,000 tons (2.8 million barrels) last month from 167,200 tons a year earlier, Russian […]

THE DRAGON IS RAVENOUS

China’s oil demand has doubled over the past decade, and the pace is only increasing. There will be ups and downs along the way: When the current infrastructure boom and the flood of foreign investment slow, energy demand will slow for a time also. But in the long run, the trend is inexorably steep. Consider […]

Oil buyers focus on the long term

Ask why oil prices move up or down on a given day and you’ll get any one of a dozen answers. One day it’s snowstorms in Chicago, the next it’s unrest in Nigeria, and tomorrow it will be the weakening of the dollar. With so many signals to watch, the explanations often seem contradictory. HoustonChronicle

China, Greenspan rub salt in Dollar wound.

The US dollar was struggling near a two-month low against the euro on Friday as the market braced for fresh trade data that were likely to show a further widening of the trade gap. As if this weren’t trouble enough for the besieged greenback, US Federal Reserve chairman Alan Greenspan stirred up the market Thursday […]

Shell to invest $12 bn in Gulf

Global energy major Royal Dutch Shell will invest $12 billion in the Gulf region over the next eight years, Xinhua says. Shell’s Dubai-based Gulf regional headquarters said the Anglo-Dutch firm had invested $2.6 billion over the past five years in various oil and gas projects in the region. TimesofIndia

Of Peak Oil, global warming and the economy

On Jan. 7 the Register published part of my essay of about oil depletion and Peak Oil, the prediction from energy resource specialists that by 2010, global oil production will peak and start to decline. Covered extensively by the scientific community, Peak Oil remains ignored by the Bush Administration though it threatens to end modern, […]

Kirchner calls for ”national boycott” of Shell products –

Argentina’s President Néstor Kirchner has called for a “national boycott” of Anglo-Dutch oil company Shell after it increased fuel prices by up to 4.2% on Wednesday, local press reported. “We have to say: ‘No to Shell.’ I tell you that as president because they want to charge more than they should,” Kirchner said. BNAmericas

Nigeria Bidding Highlights Interest In Offshore Oil

The Nigerian government is unveiling this year’s available oil concessions with off-shore offerings likely to be the most sought-after. Joe Bavier reports from the VOA West Africa regional bureau in Abidjan on how instability in the Middle East is boosting interest in West African oil, but violence on the mainland has investors wary. Officials from […]

IEA Warns World Must Turn Away From Oil!

The rapid rise in global oil demand should lead the industrialised world to promote alternatives to oil as well as energy conservation, the International Energy Agency said on Friday. The warning, from the West’s energy policy adviser, signals a sharp turnaround by the IEA, which has previously tried to cool oil markets by blaming prices […]

UK ‘climbs down’ over climate

The UK government has announced tougher limits on greenhouse gas emissions following pressure from the European Commission. The announcement will enable UK firms to join fully with the fledgling European Emissions Trading Scheme (ETS), a key component in EU plans to combat global warming. BBC

OPEC insists it lacks capacity to raise supply quotas

Production levels leave little room to cope with output disruptions The Daily Star Lebanon | Daily Star Staff Beirut OPEC does not have the oil production capacity to enable it to lift supply quotas at next week’s meeting in Iran, Algeria’s energy minister, Chakib Khelil, said on Thursday. The Organization of Petroleum Exporting Countries meets […]

Jetsgo Becomes Jetswent

Canadian budget airline Jetsgo slumps into bankruptcy MONTREAL (AFP) – Canadian budget carrier Jetsgo grounded all of its planes, left passengers stranded and sought bankruptcy protection, becoming the latest casualty of cut-throat competition in the airline industry.The airline, which is also facing a government probe over safety procedures, told passengers in the early hours of […]

Bankruptcy Bill Passes In The US Senate

According to the independent American Bankruptcy Institute, personal bankruptcy filings have reached historic highs. For example, filings first cleared the 1 million mark in 1996. They then surpassed the 1.5 million mark in 2002. And they continue to average more than 1.6 million annually (although in 2004 they have eased off their highs). The ABI […]

The Paradox of Stability – Stephen Roach

I am getting challenged more and more these days as to why I believe imbalances will ever come to a head. Motive is not my concern. I certainly concede that it is in everyone’s best interests to put off the day of reckoning. The big question is, Can they? The answer lies in what can […]

Oil Crises Now And Then

NEW YORK – As recently as six months ago, almost no one on Wall Street was forecasting higher oil prices, though there were some outsiders in the so-called Peak Oil crowd who did see much higher prices down the road. Now with oil again trading at over $52 per barrel, the conventional wisdom seems to […]

Australia’s economy befuddled

by Paul McIntyre You might recall the Reserve Bank of Australia last week tipped a teaspoon of nitro in the interest rate engine, lifting the cash rate 0.25 percentage points to 5.5 per cent. Boy, did it get a response. The single biggest decline ever in consumer confidence was recorded last weekend as a small […]

Bush Relies on New Technology to Solve Energy Problems

President George W. Bush asked Congress Wednesday to get busy and pass legislation embodying his vision of a comprehensive national energy policy. During a visit to Columbus, the President took a tour of the technology company Battelle, and he told a crowd at the Franklin County Veterans Memorial that innovative technology is the answer to […]

Alberta natural gas production at or close to peak

NEB, EUB put Alberta’s marketable conventional gas supply at 223 tcf – Sam Fletcher, Senior Writer According to the report, Canada today accounts for one quarter of total North American natural gas production, with Alberta contributing nearly 80% of total Canadian gas production. “Canada’s ability to remain a key supplier of natural gas will depend […]

Long-Term Jobless Find a Degree Just Isn’t Working

Long-term unemployment, defined as joblessness for six months or more, is at record rates. But there’s an additional twist: An unusually large share of those chronically out of work are … college graduates. The increasing inability of educated workers to quickly return to the workforce reflects dramatic shifts in the economy, experts say. The number […]

U.S. Trade Deficit Grew to $58.3 Bln in January

The U.S. trade gap widened 4.5 percent in January to the second largest ever, as unequaled demand for consumer goods and autos outpaced record exports. The goods and services deficit of $58.3 billion in January followed a revised $55.7 billion in December, the Commerce Department said today in Washington. January’s deficit was second only to […]

Higher-priced carbon energy will result in slower growth and skyrocket unemploym

Higher-priced carbon energy will result in slower growth and skyrocket unemployment.

The third option is nuclear. We have wasted 20 years by not doing enough research into management of nuclear waste. It is not a good technology now but it is the best we have

Austrialian

Oil demand set to soar this year

World oil demand will grow even faster than expected this year as a harsh end to the northern winter and robust growth in the United States and China pump up consumption, the International Energy Agency said on Friday. Estimated demand growth this year has been revised up by 290,000 barrels per day (bpd) to 1.81 […]

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