Russian Oil Companies Failed to Replace Reserves in 2004

Russian oil companies once again failed to achieve full oil reserve replacement in 2004, with newly discovered deposits representing only 72 percent of the total output, Sergei Fyodorov, an official with the Russian Natural Resources Ministry said on Friday, March 25. Mosnews

Hydrogen-fuel Projects Receive Funding

Backers of a statewide effort to build a hydrogen-fuel economy on Monday announced funding for three programs aimed at laying a foundation for the new industry. The Florida Hydrogen Initiative, a nonprofit organization formed last year to cultivate hydrogen-fuel projects, plans to spend nearly $1 million on the programs. Central Florida could benefit from two […]

What Happens Once The Oil Runs Out?

PRESIDENT BUSH’S hopes for the Arctic National Wildlife Refuge came one step closer to reality last week. While Congress must still pass a law to allow drilling in the refuge, the Senate voted to include oil revenues from such drilling in the budget, making eventual approval of the president’s plan more likely. Yet the debate […]

Where to Build a Power Station to Save the World? Let’s Toss for It

WHEN THE going gets tough, the tough toss coins. Or draw lots. These unscientific methods have been suggested as possible resolutions of a stand off that is delaying the building of the world’s biggest fusion reactor. This is nothing to do with bombs: plasma scientists think that fusion — in which two nuclei fuse into […]

Hybrid Solar Lighting–pulls natural sunlight inside

Hybrid solar lighting (HSL) is different than traditional solar power, which converts sunlight into electricity. HSL captures sunlight and channels it directly into a room, using optical fibers. “Our idea was: let’s just pipe the sunlight into the building,” said Duncan Earl, a researcher at Oak Ridge National Laboratory. If used in a top-floor of […]

The Test – Stephen Roach

The US Federal Reserve is behind the curve and scrambling to catch up. Inflation risks seem to be mounting at precisely the moment when America’s current-account deficit is out of control. Higher real interest rates are the only answer for these twin macro problems. For an unbalanced world that has become a levered play on […]

Saudi Mar Oil Output Down 0.25 Million B/D On Mo At 8.95 Million B/D

LONDON -(Dow Jones)- Saudi Arabia’s March oil production fell 250,000 barrels a day on the month to 8.95 million b/d as the kingdom was slow to lift supplies to meet unexpectedly strong demand, preliminary data from leading tanker tracker Petrologistics said Thursday. “The Saudis were afraid of stocks going up and prices coming down,” Petrologistics […]

A Ray of Hope for Solar

How strange that solar energy remains a rarity in a state with such dependable sunshine, which beats down, wasted, on our rooftops. New legislation backed by the governor fixes gaps that plagued previous solar-construction bills and provides the first real chance for new-home solar to get off the ground. Last year, a solar bill by […]

DJ OPEC’s Eastbound Exports Hit 3-Yr High – Oil Movements

LONDON (Dow Jones)–Crude oil exports from the Organization of Petroleum Exporting Countries are set to slip down despite a pledge to increase output, but exports to Asia will hit a three-year high, tanker tracker Oil Movements said Thursday. Missing from the figures is any sign of OPEC’s promised extra oil.DJ OPEC’s Eastbound Exports Hit 3-Yr […]

Energy body wants brakes on fuel consumption – Adam Porter

The International Energy Agency is to propose drastic cutbacks in car use to halt continuing oil-supply problems. Those cutbacks include anything from car-pooling to outright police-enforced driving bans for citizens. Fuel “emergency supply disruptions and price shocks” – in other words, shortages – could be met by governments. Not only can governments save fuel by […]

The End of Oil

James Howard Kunstler in Rolling Stone:

“What’s going to happen as we start running out of cheap gas to guzzle?”

“A few weeks ago, the price of oil ratcheted above fifty-five dollars a barrel, which is about twenty dollars a barrel more than a year ago. The next day, the oil story was buried on page six of the New York Times business section. Apparently, the price of oil is not considered significant news, even when it goes up five bucks a barrel in the span of ten days. That same day, the stock market shot up more than a hundred points because, CNN said, government data showed no signs of inflation. Note to clueless nation: Call planet Earth.”

Link

New UKOOA Chief: ‘Tale of Two Futures’

Britain’s North Sea oil and gas industry is at a crucial crossroads and can either guarantee prosperity for only the next generation or can provide a future for our grandchildren, Ian Hewitt, the new president of the UK Offshore Operators’ Association, declared yesterday.

Blast won’t necessarily curtail gasoline production

As economists and consumers worried about soaring gasoline prices look to Texas City for signs of supply disruptions, BP officials said today that Wednesday’s explosion hasn’t had much effect on its production there. BP spokesman Bill Stephens said only a couple of the BP complex’s 30-plus units are down today. The devastating explosion in Texas […]

Chinese Demand to Remain as Key Oil Price Influence

Surging energy demand in China will continue to wield enormous influence on world oil prices, experts said Wednesday. Although demand in the Asian giant is expected to slow slightly from last year’s record-breaking pace, China’s worldwide search for resources to feed its insatiable appetite for energy has broad economic and geopolitical implications, speakers at a […]

Warnings petrol will still reach over €1 a litre despite ease in oil prices

RISING oil prices will hit motorists hard with the price going to over €1 per litre during the summer months, Automobile Association spokesman Conor Faughnan warned yesterday.
(…)
The editor of Petroleum Review, Chris Skrebowski, has warned the oil crisis is only warming up.

At a conference in Dublin recently he said demand is rising at 3% a year as the global economy continues to expand.

Irish Examiner

Oil shortage a pressing issue for Iraq’s economy

This week marks two years since the invasion of Iraq, and although the country is free from the oppression it suffered under Saddam Hussein’s dictatorship, big economic challenges remain as Iraqis work to rebuild their war-torn country. One of the country’s most pressing challenges is a lack of crude oil, which is unusual for a […]

Indonesia Aims to Up Oil Output to 1.3M Bpd by 2008

In an attempt to keep the country from being a net importer, Indonesia plans to increase oil output to 1.3 million barrels per day (bpd) by 2008, says a top executive. At present, the oil output stands at slightly below 1 million bpd. The additional production of crude oil and condensate would come from new […]

The Geopolitical Influence On Oil Prices

Surplus capacity has eroded from an excess of some 6 million barrels per day at the start of 2002 to between 1 million and 1.5 million b/d today, depending on the source of the estimate. This decline, while partially the result of demand strength and poor non-OPEC performance, also stems from political events. The war […]

Cairn strikes more oil in Rajasthan

Cairn Energy today announced further well extensions – N-V-2 and N-V-4 – to its discovered N-V-1 well in Rajasthan. “The current oil-in-place volume estimates for the N-V field cover a range between 250-350 million barrel,” a statement on the company website said. BusinessStandard

Crude Oil Spills Into Reservoir

A landslide caused an oil pipeline to rupture Wednesday, spilling 126,000 gallons of crude oil into Pyramid Lake, a reservoir in northern Los Angeles County that holds drinking water for the metropolitan area. It was unlikely the drinking supply was contaminated, state water officials said, but a connector that sends water into nearby Castaic Lake […]

Carmakers agree to cut tailpipe emissions significantly by 2010

Automobile manufacturers and the Canadian government have reached an agreement requiring reduced greenhouse gas emissions for all cars sold in the country. Natural Resources Minister John Efford announced the voluntary pact during a discussion with Parliament in Ottawa. The deal was reached after officials threatened to copy a California law that requires automakers to curtail […]

High diesel prices drive truckers crazy

Since January, the price for a gallon of diesel fuel in the Portland area has hit record highs. As a result, trucking companies and their customers are experiencing pinched profits and watching for even slight declines.

Nuclear power ‘is off the agenda’

Labour’s coalition partners have warned that they would aim to block any attempt to build a new nuclear power station in Scotland. The Scottish Executive would have to grant planning consent for any such development north of the border.

U.S. Economy: Consumer Prices Rise Most in 4 Months

U.S. consumer prices rose the most in four months in February, adding to concerns that quickening inflation will prompt the Federal Reserve to accelerate interest- rate increases. The consumer price index rose 0.4 percent, more than forecast, the Labor Department said today in Washington. Prices excluding food and energy rose 0.3 percent, the most since […]

Fossil Fool’s Day

On Friday, April 1, thousands of people across the U.S., Canada and the U.K. will come together as part of the Second Annual Fossil Fools Day. Last year, some 130 actions were organized to demand clean and renewable energy. This year, we hope you can help us reach the goal of 360 events by organizing […]

A poorer OPEC no longer spreads its wealth (CSM)

In the bad old days of an oil embargo and gasoline lines, Americans at least got billions of petrodollars back from the oil-rich Middle East. That money got recycled into the United States, mostly in safe bank deposits. The banks then invested it at great risk in Latin America and elsewhere. So this time as […]

World’s thirst for oil makes falling output worse

The Cantarell oil field, in the shallow waters of Campeche Bay, is regarded by Mexicans as their crown jewel. It is the second largest oil field in the world by production, behind Saudi Arabia’s mammoth Ghawar oil field, pumping 2.2m barrels a day, the same amount as all the Kuwaiti fields together.

For that reason, Mexicans were recently dismayed when Petróleos Mexicanos, the state oil company, said that the field’s production would decline this year, signalling a trend towards its depletion.

Financial Times

BP Plant Explodes

Texas City – Texas

A massive explosion rocked Texas City today around 1:00 pm at BP’s oil & gas refinery.

No word on casualties has been released by officials as yet but injuries are expected among the nearly 1800 employee facility.

The live video shows a large section of the plant simply destroyed. The damage appears to include offices and personal cars.

No fatalities have been reported.

Energy price rises ‘inevitable’

Further increases in energy prices are “inevitable”, an influential committee of MPs has warned. Urgent action is needed to boost the UK’s gas stocks, it said. The Trade and Industry Committee report added that while surplus stocks remain small, some customers’ gas supply may even be temporarily suspended. The government should consider cutting taxes to […]

Report: China Faces Severe Water Shortages

China’s already severe water shortages are worsening due to heavy pollution of lakes and aquifers and urban development projects with a big thirst for water, such as lawns and fountains, state media reported. Netscape NewsSHANGHAI, China (AP) – China’s already severe water shortages are worsening due to heavy pollution of lakes and aquifers and urban […]

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