Higher Oil Costs Show Imprint: U.S. Economy Preview

Skyrocketing fuel costs will probably imprint almost every piece of U.S. economic data this week, from retail sales to the trade deficit and import prices, according to economists’ forecasts. “The run up in energy prices is clearly going to affect much of the data for a little while,” said Josh Shapiro, chief U.S. economist at […]

Europe’s Economy Hit Hard by Rapid Rise in Oil

With oil trading well above $50 a barrel, the European Central Bank said Thursday that the high price was “very unwelcome,” pulling down Europe’s growth and pushing up inflation. “We are now at a level that is very, very high,” Jean-Claude Trichet, the bank’s president, said at a news conference where he announced that the […]

Audit shows Shell reserves overstated by 41% as of ‘02

Royal Dutch/Shell Group, Europe’s second-largest oil company, reported its oil and gas reserves as of 2002 had been overstated by 41 percent, the culmination of five cuts that led to investor lawsuits, the loss of three senior executives and more than $150 million of fines.Charlotte Observer Royal Dutch/Shell Group, Europe’s second-largest oil company, reported its […]

Saudi Arabia may raise reserves by 200 billion barrels

Al-Naimi said his country was keen on stability in the world oil market and on forging close working relations based on proper economic principles, with oil producing states, particularly OPEC members, and oil consumers.Posted on 08 April 2005,

Africans are being urged to reduce their reliance on wood-burning.

In an effort to futher enslave the so-called “Third World”, Africans are being urged to reduce their reliance on wood-burning and switch to imported fossile fuels.

Story at Nature

Market forces have met their match in oil prices

Finding big new sources of energy may be difficult. The world isn’t running out of oil, but it may be running out of the giant fields that can make a meaningful contribution to world supplies. So far the major oil companies don’t seem to be in a hurry to step up exploration significantly. ”They tend to be pretty darn conservative,” said Henry Lee, an energy specialist at Harvard’s Kennedy School of Government. For the moment, the producers are using their extra cash to buy back stock and increase dividends, strategies that won’t do much to make oil more available.

Eventually prices will come down. ”Every boom sows the seeds for the next bust,” said Daniel Yergin, chairman of Cambridge Energy Research Associates, a consulting firm. In this case, eventually may be a while. In the meantime, get used to gas at more than $2 a gallon.

Boston.com

Australia running out of oil, says Costello

Treasurer Peter Costello has delivered a blunt warning that Australia is running out of oil as existing fields near the end of their productive lives.

In a speech to the Northern Territory Cattlemen’s Association, Mr Costello said it was little known that Australian exports of fuel had been falling for years despite soaring prices.

“The reason why Australia’s crude oil exports have fallen over recent years – while world demand and prices have increased to record levels and LNG exports are booming – is that some of our oilfields are approaching the end of their productive lives,” he said.

The Age

Pogo Drills Two Unsuccessful Wells in the Gulf of Mexico

Pogo Producing Company (NYSE: PPP – News) announced that the Eugene Island Block 256 A-8 and the Ewing Bank Blocks 950/906 #1 exploration wells have been drilled to total depth and neither well encountered commercial quantities of hydrocarbons. At Ewing Bank Blocks 950/906, the #1 well was drilled to a vertical depth of 12,734 feet […]

Oil shock raises deflationary spectre again

A global oil shock will deliver only a glancing blow to inflation and leave Group of Seven central bankers far more worried about slowing growth than higher prices, analysts say. Top financial leaders warned this week of the dangers from crude oil costs, up 50 percent the past year and holding firmly above $50 a […]

Tough Times Ahead Ahead As ‘peak Oil’ Looms

Bartlett said some 5 million wells had been drilled worldwide, of which 3 million were in the US, where peak oil was reached in the early-1970s. He talked of a consensus figure of some 2,000 “gig barrels” (2 trillion) for global oil reserves, of which about half remain. He said, too, that the world order […]

Shale Project to be Readied in Colorado

Shell is testing a shale oil project in northwestern Colorado to see if it can become commercially viable by the end of this decade. Shell spokesman Terry O’Connor says the challenge is to prove the untried process is reliable and environmentally sustainable. Rigzone

Oil for dollars, and dollars for US deficit

The Asians remain shocked and in disbelief. Just when Japan, China, Taiwan and Hong Kong had accumulated enough dollars to buy oil to keep them warm for many winters, it’s all over. In broad daylight, the Americans and the Organization of Petroleum Exporting Countries (OPEC) cheered as the price of oil popped up from US$30 […]

The oil well has no bottom

Much of the current debate regarding the future of commodity prices, particularly oil, hinges on the continued strength of the developing world. This, itself, is a presumption, and it may not be the sole or even primary determinant. To be sure, much of the rise in energy and non-energy commodity prices has reflected the surge […]

Global warming won’t save nuclear power

Unlike the burning of fossil fuels, nuclear power does not emit carbon dioxide. Fears about global warming have raised interest in nuclear power, with the government’s chief scientific adviser Sir David King recently giving support to an expansion of nuclear on the basis that it is ‘carbon-free’. He called for more investment in nuclear fusion […]

Oil industry is focusing on offshore sites to boost U.S. production

Oil and gas companies, closer than ever to drilling in an Alaskan wildlife refuge, want to explore another frontier: America’s coastlines. The Atlantic and Pacific coasts and the eastern Gulf of Mexico are protected by a federal ban on new oil and natural gas extraction. But with rising worry about the country’s dependence on fuel […]

Turbine shadows ‘upset prisoners’

A wind turbine near a top-security prison is being switched off in the early mornings because the flickering shadows it creates annoy inmates. The £1m turbine next to Whitemoor Prison near March, Cambridgeshire, produces electricity for 4,000 homes. But Longhill Energy has agreed to halt the turbine because of possible “security problems” if prisoners became […]

ChevronTexaco’s CEO banking on peak oil situation

[If] the head of San Ramon’s ChevronTexaco is prepared to gamble more than 16 billion bucks on oil prices staying at stratospheric levels, I’m ready to give him the benefit of the doubt. And reading between the lines, that means only one thing. Peak oil. David Lazarus’ article – SF Chronicle

Oil cost dips despite IMF warning

Oil prices dropped below $54 a barrel on Friday as worries about stockpiles eased, but warnings that the world is in for sustained high prices persisted. Early trading saw the US price drop 14 cents to $53.97 a barrel with London Brent crude down 56 cents to $53.48. BBC

Britain’s fledgling solar energy industry fears it is being abandoned by the gov

Britain’s fledgling solar energy industry fears it is being abandoned by the government. The solar energy industry is under a dark cloud. Amid growing suspicion that the government is about to pull the plug on grant money for early adopters of solar energy, the industry has openly accused Tony Blair of reneging on previous commitments. […]

Russia, Bulgaria, Greece Sign Agreement for $800M Oil Pipeline

Russia, Bulgaria and Greece agreed to sign a memorandum on building a multi-million dollar Balkan oil pipeline that will enable Russian oil firms to sidestep bottlenecks and boost oil exports. The information was reported on Thursday, April 7, by Greek Development Minister Dimitris Sioufas.mosnews

IMF warns the oil shortage is permanent

The world facesa permanent oil shoc IMF warns on risk of

How to buy into the oil boom

The price of crude oil has jumped more than 30% since the year began, amid tight supply and growing demand from China, India and the United States. There’s talk of a “super spike” that could send the price higher. Energy companies are pulling in big bucks, and their stocks are climbing. All this has investors […]

The Great Phase Transition: The Post-Oil Era

Mankind seems on the verge of stepping into a gigantic phase of transition.This means that the world as we know it today will cease to exist. I am not referring to the possible collapse of the capitalist system, for which one cannot, so to speak, schedule a date. I am referring to another phenomenon, of […]

Fears grow of global recession

Financial News Australia Improved energy efficiency, a more service-based economy and a continued willingness among consumers to buy fuel at record prices, even with ample supplies in store, could mean the US is more impervious than ever to oil price spikes. “Energy intensity in the US has declined a great deal since the 1970s,” said […]

U.S. Agency Forecasts Higher Gas Prices

WASHINGTON – While gasoline costs have reached record levels, prices at the pump are forecast to go even higher in coming weeks because of growing demand, government forecasters said Thursday. The Energy Information Administration projected that average gasoline prices will peak at $2.35 a gallon in May. Motorists paid an average of $2.22 a gallon […]

Global Phaseout of Older Single Hull Tankers Begins

To prevent oil spills in all oceans of the world, older single hull tankers carrying heavy fuel oil are now required to meet a new set of deadlines for phaseout or conversion to double hulls. Oil tankers transport some 1,800 million metric tons of crude oil around the world by sea, including 50 percent of […]

Drivers reminded of car-sharing benefits

MOTORISTS in Leeds are being reminded that they can share the stress of commuting by joining an Internet car share scheme. Leeds City Council and its partners are re-launching the project in an attempt to raise awareness of the benefits of car sharing. The service, introduced in July 2003, puts people in contact with possible […]

BP ‘barred from Siberia auctions’

Russia has cancelled three auctions for rights to develop Siberian oil fields to stop BP’s Russian joint venture from competing, the Izvestia reported. TNK-BP had already put in bids for two of the three oil fields that were due to be auctioned. A BP spokesman in London declined to comment on the Izvestia report. Earlier […]

EIA predicts 700,000 barrels/day shortfall in fourth quarter 2005

The federal Energy Information Administration on Thursday again raised its forecasts for Chinese oil demand, changes that boosted the outlook for world oil consumption as a whole. The upward revisions in the EIA’s monthly oil-market outlook reinforce how demand – already so strong that it has pushed producers and refiners to the limits of their […]

World Oil Spare Capacity To Fall Below 1 Million B/D In ‘06 -EIA

The already thin cushion of spare oil production capacity will shrink even further in 2006, the top U.S. government energy statistician said Thursday. According to Guy Caruso, head of the federal Energy Information Administration, the amount of unused output capacity that oil producers can bring on line quickly will fall below 1 million barrels a […]

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