Shell’s Draugen Field May Be Shut Rest of Week

Shell’s Draugen Field May Be Shut Rest of Week by Ian Talley Tue, Mar 8, 2005 16:55 GMT OSLO – Royal Dutch/Shell Group’s (RD,SC) 140,000-barrel-a-day Draugen oil field in the Norwegian Sea will likely remain closed for at least the rest of the week, a government official said Tuesday. Shell’s Draugen Field May Be Shut […]

EIA Cuts 2005 Non-OPEC Oil Supply Growth Outlook 33%

The statistics arm of the U.S. Department of Energy on Tuesday cut its outlook for growth in non-OPEC oil supply by 33%, citing worse than expected results in the North Sea. The federal Energy Information Administration now sees non-OPEC supply growing by 600,000 barrels a day this year, to 50.7 million barrels a day, down […]

EIA Raises Chinese Oil Demand Outlook

Chinese oil demand will grow by 33% more than previously forecast this year, as the expected drop in demand for fuel to run power generators hasn’t materialized, the statistics arm of the U.S. Department of Energy said Tuesday. Most forecasters have expected Chinese oil demand growth to slow significantly this year from last year’s searing […]

Brent crude price hits new record

The UK’s Brent crude oil hit a new record high of $53.15 a barrel in London trade on Tuesday. Comments from several Opec members that they saw no need to raise output also weighed on market sentiment. The EIA also upped its forecast for world oil demand in the second quarter of the year, adding […]

Oil Prices Near $55 on Winter, Dollar Woes

Oil prices surged toward $55 on Tuesday as cold weather swept into the U.S. Northeast and the dollar weakened. Growing signals that OPEC (search) will not increase output at its meeting in Iran next week also bolstered prices. U.S. light crude traded up 91 cents to $54.80 a barrel, less than a dollar from the […]

South Sudan shakes up oil rights

The ex-rebel movement which runs southern Sudan has rescinded all oil exploration rights in the territory under its control. The Sudan People’s Liberation Movement said it had reassigned seven “blocks”, including a large tranche held by a consortium including France’s Total.

Energy Minister anticipates oil at USD 100

Venezuelan Minister of Energy and Oil Rafael Ramírez said Monday that oil prices may exceed USD 80 per barrel in case of “abrupt cut” in the output by some OPEC member countries. “This has been anticipated, and the US government should pay careful attention, as they continue being very aggressive in the Middle East and […]

Recipe for hydrogen fuel not far away

The world’s first major steps out of the age of carbon and into a new era of hydrogen energy could be five, 10 years away or more. It will demand new power plants, new vehicles, new ways of thinking about energy — and almost certainly an exotic metal powder locked in tanks like those in […]

China’s coal crisis – a lack of power kills

China’s planned economic growth clashes with its market-driven demand for coal. This is the cause of its appalling record on mining deaths, says Paul French. As a young boy in England I remember sitting round the kitchen table in north London with candles lit as we endured the power cuts during the 1978-79 “Winter of […]

Let’s Get Fictional

We live in the Information Age. News travels at the speed of sound and communication is instantaneous. We are bombarded each day with facts and figures about the economy, the markets, and the world around us. In this world of facts and figures one must learn to distinguish between perception and reality. Part of what […]

Angola snubs India’s oil advances

This could well be hard reality that sceptics of India’s oil equity investments have been warning against. India’s efforts to acquire oil blocks in Angola have received a setback after Luanda, the Angolan capital refused to give dates to an Indian delegation to discuss new oil blocks in the African nation. Sceptics have always feared […]

Our oil reserves do not belong to Bush: Chavez

Venezuelan President Hugo Chavez on Monday accused the United States of planning to portray his country as a security threat in order to capture its vast oil reserves. “We are just waiting for the United States to announce next that Venezuela has weapons of mass destruction,’’ Chavez said in a speech in the southern Indian […]

The Militarisation Of Oil – Marshall Auerback

Oil prices spiked to record levels last week, propelled by a rally in petrol prices and a cold snap in the northern hemisphere, against the backdrop of a tight balance between supply and demand. Yes, that’s right, basic “supply/demand”, not “political turbulence in the Middle East”. But talk, unlike oil, is cheap. OPEC could no […]

SUDAN: Rich in Crisis and Natural Resources

The search for oil and natural gas is taking oil companies and their investors to the far ends of the planet, including those countries with considerable political risk. Along these lines, Sudan has it all – ethnic cleansing, a war between the Islamic and non-Islamic worlds, competition between the West and China, the ineffectiveness of […]

Uneasy airlines anticipate $60-a-barrel oil

By Marilyn Adams, USA TODAY Jittery airline executives, having already raised fares and cut flights, are now looking ahead to the possibility of $60-a-barrel oil. Stuart Klaskin of KKC Aviation Consulting says his airline clients are running financial simulations to anticipate the effects. “You’ve got to assume the worst case,” he says. Prices have been […]

Biodiesel Boom Raises Ethical Issues

High crude oil prices may have galvanized bio-diesel production, but some questions are now being asked in industry circles about the ethics of using a limited edible resource to meet the world’s energy needs, said an influential edible oils industry analyst. Dorab E. Mistry, director of London-based Godrej International, said he opposes the practice of […]

Palm Oil Entering the Biodiesel Market

KUALA LUMPUR (Dow Jones)–Palm oil prices will continue to trade at a hefty discount to rival soyoil because of unfavorable import duties imposed by India, one of the world’s largest edible oil buyers, said a top official at Malaysia’s palm oil promotion and marketing body. Bio-diesel To Boost Palm Oil Demand Meanwhile, Lee said he […]

WWF Warns that China’s Rising Demand for Wood Threatens Other Countries’ Forests

China’s rising demand for wood threatens to devastate timber stocks in countries from Indonesia to Russia, the environmental group WWF said Tuesday, calling for more efficient wood use and measures to discourage illegal logging. Although China still uses 17 times less wood per person than the United States, it is on course to become the […]

New oil, gas fields discovered in southern Iran

The new oil field, with an estimated capacity of 5.7 billion barrels, was located in the southern province of Khuzestan, 40 km northeast of the provincial capital of Ahvaz, Zanganeh told reporters.

“The field also holds 242 billion cubic meters of gas, of which 36 billion cubic meters are recoverable,” he said.

China View

Willfull Blindness

Jim Kunstler
March 7, 2005

The Republicans at least have an excuse for their willful blindness — they’ve already taken the position that the life of extreme car-dependency and everything it implies is not negotiable.

The Cluster#uck Nation Chronicle

False hopes in Arctic Refuge

By Allen E. Smith | March 5, 2005 NORTH SLOPE OIL started flowing through the Trans-Alaska Pipeline System in 1977. A decade later, Alaska claimed the pipeline would shut down by 2000 unless it developed the Arctic National Wildlife Refuge coastal plain. We have debated how much oil might be there and its relevance to […]

From Jobless to Wageless – Stephen Roach

Fully 39 months since the last recession ended in November 2001 and the American job machine finally seems to be back in gear. Hiring gains are still not spectacular when judged against earlier cycles, but as underscored by the 262,000 gain in nonfarm business payrolls in February, they have certainly been on the upswing over […]

Local food ‘greener than organic’

Local food is usually more “green” than organic food, according to a report published in the journal Food Policy. The authors say organic farming is also valuable, but people can help the environment even more by buying food from within a 20km (12-mile) radius. The team calculated a shopping basket’s hidden costs, which mount up […]

US gases to ‘dwarf world savings’

The President of Britain’s leading science academy, the Royal Society, is to accuse the US of undermining global efforts to tackle climate change. Lord May will tell a Berlin meeting that the growth in US greenhouse gas emissions will more than offset cuts made by other industrialised nationsHe will be speaking to scientists and policy […]

Housing mania will end in tears

This week, I thought I might bloviate about the bubble in real estate — the catalyst being a spectacular article in the March 2 edition of the New York Times titled “Speculators See Gold in a Boom in Home Prices.” About two years ago, I began writing on my Web site about the lunacy in […]

Will the Dow retake 11,000?

The Dow is near a level it hasn’t hit since before the Sept. 11 attacks. Are the good times back?
…
“Normally I’d say it’s just a number but I think it’s relatively important this time around,” said David Joy, capital markets strategist with American Express Financial Advisors. “If we break through 11,000, it might be indicative of a general feeling that the economic expansion is more broadly based.”

Money CNN

The Prophecy of Oil

In the last several years, a theory known as ‘Peak Oil’ has been working its way into the mainstream. Chief proponent of this theory is Dr. Colin Campbell, a retired oil-industry geologist now living in Ireland. Dr. Campbell, who has been raising warnings about Peak Oil for some 15 years, believes that global consumption of […]

Back off or suffer oil shock: Tehran

OIL-rich Iran has raised the stakes in the standoff over its nuclear program, warning that any attempt to impose sanctions on its activities would lead to an energy crisis in the US and Europe. Referring the Islamist state to the UN Security Council, as the US had urged, would be “playing with fire”, Iran’s top […]

Geologist Predicts Massive Gulf Oil

source

“Last summer, wasn’t it up around $2 a gallon?” Remley asked. “And I don’t think it hurt tourism. People are still going to come to Maine in the summer. They’re not going to let gas prices curtail their fun.” Monmouth resident Donna Wade agreed. “You still have to get places,” she said, while her son […]

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