Oil Falls as U.S. Supplies Jump to the Highest Since July 2002

Crude oil fell more than $2 a barrel in New York as the Energy Department reported that U.S. inventories rose to the highest since July 2002. Stockpiles gained 4.1 million barrels to 309.3 million in the week ended March 18, the report showed. Supplies were expected to rise 2 million barrels, according to the median […]

Professor, Students Donate Website Proceeds to Renewable Energy Projects

As a class project late last year, about 40 Wharton students helped develop TerraPass, a Web-based business that lets drivers of dirty vehicles wipe their consciences clean. TerraPass pools its subscribers’ money to help pay for renewable energy projects such as wind farms and biomass energy. Those no-emission and low-emission projects cleanly create electricity that […]

Shell, Kuwait to seek China, India deals

Royal Dutch/Shell Group and state-owned Kuwait Petroleum International (KPI) have signed a deal to jointly develop downstream investments in China and India, the firms said on Tuesday. KPI said it hoped the deal could pave the way for new refineries to handle heavy Kuwaiti crude, something which would ease a key bottleneck in the global […]

China oil futures affect Singapore market

The launch of fuel oil futures trading in China is starting to shake up traditional trading patterns in Asia, despite some teething problems with the contracts, according to one of China’s main fuel oil importers. The Shanghai Futures Exchange’s fuel oil futures contracts, although suffering from thin liquidity and in need of some adjustments to […]

India appeals to China for energy collaboration

India and China should collaborate over sources of energy instead of competing on these, Indian Petroleum and Natural Gas Minister Mani Shankar Aiyar said at a conference Wednesday in New Delhi. The Indian minister made the statements at a conference on “The China Miracle” organized by the Confederation of Indian Industries (CII).

High oil prices hit Japan exports

Japan’s trade surplus fell in February, the second month in succession it has fallen compared with a year earlier. Economists blamed the decline on the recent surge in oil prices, which increased the value of imports into the country. Yet exports were also weak.

China raises gasoline prices 7 percent in response to high oil cost

China raised its retail benchmark rate for gasoline by seven percent in response to soaring crude oil prices, the government said. At the same time, the National Development and Reform Commission (NDRC) kept diesel fuel prices unchanged, according to a directive on its website

Persistently High Oil Prices To Benefit Uranium – Analyst

Uranium, a metallic element used in nuclear power generators, is likely to benefit from persistent high oil prices which are creating opportunities for mining companies with uranium assets, an equities analyst said late Tuesday. “Uranium will be traded as part of the energy portfolio, since nuclear power plants as an energy source is fairly widely […]

Rising fuel costs prompt airlines to begin lifting domestic fares

Fasten your seat belts. Airlines moved closer to raising domestic fares on Tuesday after a frenzy of raising, cutting and re-raising prices. If they stick, the latest increases would be the third in less than a month, for a cumulative jump of $30 or $40 on some domestic round trips. Carriers say they must charge […]

Scraping the bottom of the barrel

Data released each year at this time by the major oil companies on their prior-year performances rarely generates much interest outside the business world. With oil prices at an all-time high and Big Oil reporting record profits, however, this year has been exceptional. Many media outlets covered the announcement of mammoth profits garnered by ExxonMobil, […]

New status quo, minus Opec

OIL prices seem sometimes to defy gravity, but they usually obey Opec. Since the Organisation of Petroleum Exporting Countries (Opec) first flexed its muscles with an embargo in 1973, its pronouncements about its plans nearly always have had an impact. When member countries pledged to boost production, what often followed was an immediate dip in […]

The next front in Global War?

Zlobin said the United States also does not want a conflict in Kyrgyzstan that could pit its regional security interests against those of Russia and China. The Kyrgyz opposition, which won just six of parliament’s 75 seats in recent elections, held peaceful street demonstrations that erupted into violence when protesters started seizing government buildings in […]

Sheikh Yamani on Oil’s Pendulum

The former Saudi Oil Minister has seen it all since 1962. Now he sees prices swinging back down “over the long term” Business Week

Australia’s coal boom sees ports struggling to keep up

Twenty-three ships sit off Port Waratah in New South Wales, the world’s largest coal export port, while to the north another 40 queue at Dalrymple Bay as rail wagons bring in coal from mines.
China’s surging growth means the coal market is booming. But Australia’s railways and ports cannot keep up with demand for the country’s biggest export earner, which is expected to bring in about US$26.7 billion in 2005-06, 2.5 times as much as iron ore and six times as much as wheat.

Reuters via nzherald.co.nz

How Will the ‘Peak Oil’ Scenario Affect Our Global Economy?

Analyses of the discovery and production of global oil fields suggest that world oil production is about to peak, and within the next decade, the supply of conventional oil will be unable to keep up with demand. ‘Peak oil’ describes the scenario when crude oil production for a region, often referring to the entire world, […]

GM To Stem Sales Woes By Accelerating SUV, Truck Designs

After warning investors of the worst quarter since 1992, Bob Lutz at GM is having the auto giant react by cancelling its planned 2008 rear-wheel drive car and accellerating production of SUVs and large trucks.

Quarter-Point Rate Hike

Jones said that he now expected the funds rate could be as high as 3.75 percent by the end of the year, meaning one more quarter-point rate increase than he had been expecting before Tuesday’s meeting. He said that 30-year mortgage rates, currently near 6 percent, could be at 6.75 percent by year’s end, still a low-enough level that the housing industry should remain strong this year.

AP

Opponents of Patriot Act Push to Change Parts of Law

An unusual coalition of conservative groups and the liberal American Civil Liberties Union opened a public campaign today to scale back the enhanced surveillance powers granted to law enforcement after the Sept. 11, 2001, attacks. The alliance, Patriots to Restore Checks and Balances, urged Congress to modify what it called “extreme provisions” of the USA […]

Boom felt across globe

More than 2 million new drivers hit the roads in China last year – helping make China the world’s No. 2 consumer of oil, after the United States – and the number of new drivers is increasing at double-digit rates each year. “The unexpected demand from China helped push crude oil prices above $50 a […]

Fuel cells help power zero emissions ship

A Scandinavian-based ocean transportation company has developed a new power concept for large carrier ships that utilises fuel cells. Designed by a team of naval architects, environmental experts and industrial designers, the concept ship has close to zero emissions capability and no ballast water onboard. “We believe that the shipping industry as a whole must […]

ExxonMobil Plans to Expand Its Refineries

ExxonMobil, the world’s biggest oil refiner, and rivals such as Saudi Aramco and Total plan at least $11 billion of refinery additions as worldwide demand pushes gasoline prices to a record. The projects include a $4.3 billion refinery and chemical plant on Saudi Arabia’s Red Sea coast by Saudi Aramco and Sumitomo Chemical. ExxonMobil, Aramco […]

Jump Start

High natural-gas and oil prices, turmoil in the Middle East and increasing worries over power outages have sparked a renewed interest in funding clean energy, say the authors of a report released today. In 2004, $520 million in venture capital cash flowed into solar, wind, fuel cell and energy technology companies, according to Clean Edge, […]

Diesel Hybrids on the Fast Track

Hybrid gas-electric vehicles are the current champions of fuel economy, but they may soon get lapped. Auto manufacturers are making tracks to produce diesel hybrids that will go even further on a gallon of fuel. Hybrid vehicles like the Toyota Prius, Honda Civic Hybrid and Ford Escape Hybrid employ an electric motor that assists the […]

Powerful action taken on climate change(NZ)

Powerful action taken on climate change Eastland Network Limited’s proposed Mokairau wind farm near Gisborne is the first to be awarded emission units under the second round of the government’s Projects to Reduce Emissions programme. “The benefits this project is set to deliver are a direct consequence of New Zealand’s decision to be part of […]

Energy prices ignite wholesale inflation

Inflation at the wholesale level rose by 0.4 percent last month, the biggest increase in three months, as the price of energy and food products shot upward, the government reported today. The increase in the Labor Department’s Producer Price Index followed a 0.3 percent increase in January and an actual decline of 0.3 percent in […]

Rock dust grows extra-big vegetables (and might save us from global warming)

For years scientists have been warning of an apocalyptic future facing the world. With the prospect of an earth made infertile from over-production and mass reliance on chemicals, coupled with an atmosphere polluted by greenhouse gases there seems little to celebrate. But belief is growing that an answer to some of the earth’s problems are […]

Columnist’s oil-price fears require powerful therapy

By Michael McCord It was time for another couch visit and Dr. Vertigo was ready for me. This time it was serious as my obsession with oil was a mania I could no longer control. “Are you taking your Prozac?” Dr. Vertigo asked. “Prozac! This is no time for anti-depressants. Gasoline has hit $2 a […]

Experts Discuss Nuclear Power As Energy

Only by building more nuclear power stations can the world meet its soaring energy needs while averting environmental disaster, experts at an international conference said Monday. Energy ministers and officials from 74 countries were in Paris for the two-day meeting on the future of nuclear energy, as concerns about global warming and fossil fuel supplies […]

Worries swelling over oil shortage

In the space of a couple of hours last week, crude oil prices hit a record $56 a barrel, President Bush fretted publicly over world oil shortages and the Senate voted to open an Alaskan wildlife refuge to drilling. The converging events drew attention to what administration officials call a temporary global energy crunch. Bigger […]

Water Becoming More Precious Than Oil in Arab World

While one of the most pressing political and social issues facing the Arab world rarely makes headlines, it is an issue that some political analysts believe could lead to the next great confrontation in the region. Rapidly expanding Arab populations are making water far more precious than oil. VOA

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