Lawmakers vote on amendments to energy bill

A House committee voted on Wednesday to expand U.S. daylight-saving time by two months to help reduce energy consumption, but rejected a plan to shave total U.S. oil demand by 1 million barrels a day. Both proposals were offered as amendments to be tacked on to a broad energy bill that was debated by the […]

PEAK OIL PROBLEMS UP FOR DISCUSSION

A new group has been formed in Penzance to exchange ideas on the subject of Peak Oil – and to discuss whether dwindling oil supplies will soon be unable to meet growing demand. Adam Whaley, of Newlyn, has started the Penzance Peak Oil Discussion Group to enable concerned people to link up and look for […]

A spike in prices, a peak to output – will oil be the downfall of global growth?

Oil worries are back, with the oil price this week nudging towards $58 a barrel. From a worm’s eye viewpoint here in Britain, the fact that diesel is going to over £4 a barrel will be a worry for many. From an eagle’s eye view surveying the global picture, the issue is less how this […]

Current food production system due for collapse

World grain yield fell for four successive years from 2000 to 2003, bringing reserves to the lowest in thirty years. The situation has not improved despite a ‘bumper’ harvest in 2004, which was just enough to satisfy world consumption. In too many food production regions of the world, conventional farming practices have severely depleted the […]

China plans to build 40 new nuclear reactors in next 15 years

China plans to build 40 nuclear reactors within the next 15 years to achieve a new, increased target for generating capacity, state media reported. From now until 2020, two to three 1,000 megawatt reactors will be put into commission every year, the China Daily said, citing the Commission of Science, Technology and Industry for National […]

Slowdown – what slowdown?

After The Housing Boom

What the coming slowdown means for the economy — and you

Admit it — you’ve done it. You’ve surfed Web sites such as GetMyHomesValue.com and Domania.com to get a sense of the real estate values in your city. On weekends you skim local real estate ads to check asking prices. And at neighborhood dinner parties you steer the conversation to find out what price that four-bedroom colonial down the block fetched when it sold last month.

BusinessWeek

Oil prices pinch other spending

The price of gasoline has begun a springtime surge that experts believe will push it to a national average of $2.50 a gallon by Memorial Day. At that level, many Americans will find it costs about $65 – or more – to tank up the Sequoia or Suburban. In California, which usually has some of […]

Lukoil to Invest $30Bln in Development Over 10-Year Period

Russian oil major Lukoil announced that it plans to invest $30 billion of its own funds into development and growth of its oil and gas complex. The announcement was made on Tuesday, April 5, by the company’s vice-president Vadim Vorobyev who also noted that three quarters of all investments will be directed towards Russian projects

Oil…Going to $35 or $75?

Whether oil goes down to $35 a barrel or up to $75 a barrel, the price of oil has a profound effect on our economy and our world. At $35 a barrel, Wall Street throws a party. At $75, they throw a wake.

Riding the dragon, soaring on eagles

Once upon a time, creditors exacted “a pound of flesh” from those who, having borrowed money at high interest rates, found themselves unable to repay loans on time and in full. John Perkins, author of Confessions of an Economic Hit Man (EHM), appearing on PBS television’s NOW on March 4, described a modern twist in […]

Customers making hard choices because of high fuel prices

Fuel prices nearing $2.40 a gallon have caused customers to be more selective in how they spend their money, gas station owners say. Some customers are buying just enough fuel to get by for a few days and others are thinking twice about spending money inside the stations’ convenience stores, owners say.

Oil falls below $56 as US crude stocks swell

Oil prices fell below $56 on Wednesday, retreating further from record peaks due to rising US crude oil inventories. US light crude shed 64 cents to $55.40 a barrel, around $3 below Monday’s all-time high of $58.28. London Brent crude fell 54 cents to $54.90 a barrel. Prices eased as the US Energy Information Administration […]

No shortage of oil-Wall Steet Thugs controlling prices

SPITZER SHOULD TAKE ON THE THUGS STEERING OIL MARKET By JOHN CRUDELE WITH job growth weak here and economies slowing in the U.S. and overseas the price of oil should drop to $35 a barrel by the end of the year. How do I know? I’m guessing, just like every schmo on Wall Street who’s […]

Shortage fears drive diesel above £4 a gallon

THE price of diesel surged past £4 a gallon for the first time yesterday and petrol is set to follow before next month’s election, the Petrol Retailers’ Association said. The average price of diesel has risen by 13 per cent in the past year to 88.66p a litre. Petrol has also risen steeply and yesterday […]

Developing economies face economic peaking

Developing nations saw their fastest economic growth in 30 years in 2004, the World Bank has said, but it warned global growth momentum has “peaked”.

Rising interest rates and a weaker dollar may hurt future growth.

BBC News

UK Coal receives anonymous bid

Shares in UK Coal have rallied over 8.5% after the loss-making mining group confirmed it has received a bid approach from a mystery suitor.
The UK’s biggest coal producer said it was awaiting details from the unnamed party and stressed that the approach was “highly preliminary and tentative”.

BBC News

Soaring oil prices good for european stocks? At least for some players

European Stocks Advance, Paced by Shell, BP Shares on Oil
April 7 (Bloomberg) — European stocks advanced for the third day in four. Energy producers including BP Plc and Shell Transport & Trading Co. paced gains on optimism near record-high oil prices will boost earnings in the industry.

With oil prices still high, their earnings outlook is OK,” said Rene Clerix, who oversees $2.6 billion of assets as head of European equities at Dexia Asset Management in Brussels. Oil companies are “increasing dividends and share buybacks, which is also boosting returns.” He’s been buying shares of Total SA, Europe’s third-largest oil company

Bloomberg

OPEC production tops 29.89 bpd

OPEC continued to ramp up production, with the group’s total output rising to almost 29.89 million barrels a day – up 440,000 b/d on the month.

Saudi Arabia, making good on its pledge to increase supplies, contributed to the bulk of the March increase, with Iran, Libya, United Arab Emirates, Venezuela, Iraq and Algeria also pumping more crude as they took advantage of high oil prices.

Output by Saudi Arabia, the Organization of Petroleum Exporting Countries’ largest producer, was 9.4 million b/d in March – an increase of 150,000 b/d compared with February, the survey found.

RZ.com

BP says oil fields declining

NEW ORLEANS – Oil company BP’s existing oil and gas fields are posting production declines of about 3 per cent, Tony Hayward, the company’s chief executive for exploration and production, said on Wednesday. “That piece of the portfolio as a whole is declining around 3 per cent,” he told an energy conference. The company’s key […]

USGovt runs the largest protection & extortion racket in modern history

The Petro-Dollar system is a vast banking and commerce system designed by major world economies. Japan, South Korea, France, Germany, Argentina, these nations are typical in purchase of oil without the benefit of domestic production. So they must create a system for having cash ready to make timely payments, much like a checking account. The […]

Open outcry trading to end on IPE

Open outcry trading is set to end at London’s International Petroleum Exchange (IPE) on Thursday, ending almost 25 years of noisy business. IPE is switching to a fully electronic system, a move it says will better meet client needs and boost efficiency. BBC

World Bank Warns U.S. to Cut Deficits

PARIS (Reuters) – Accumulation of dollar reserves by some Asian countries could spark a systemic foreign exchange crisis, the chief economist of the World Bank said in an interview to be published on Thursday. Francois Bourguignon told the Les Echos newspaper it was too early to talk of a speculative bubble but that the United […]

Bible Guides Holy Land Search For Oil

KIBBUTZ MAANIT, Israel – A Texas oilman is using his Bible as a guide to finding oil in the Holy Land. John Brown, a born-again Christian and founder of Zion Oil & Gas of Dallas, can quote chapter and verse about his latest drilling venture in Israel, where his company has an oil and gas […]

However difficult, the energy crisis must be dealt with

Have skyrocketing energy prices finally gotten your attention? And if you’re expecting high energy prices to be only a temporary phenomenon, prepare to be disappointed. While prices could dip somewhat in coming weeks or months, don’t count on a sustained return to the cheap energy that Americans have enjoyed over much of the past 20 […]

Mad Max future? CRASH COMING AS OIL PRICES PEAK: ANALYSTS

IF YOU LIKE scary reading, go to www.lifeaftertheoilcrash.net. There, doomsayers called “peak-oil analysts” — once considered kooks by energy experts — warn we’re at the precipice of an energy crisis that will bring our global, industrialized world to ruin. After scanning the website’s bone-chilling predictions of what’s ahead for a world addicted to oil, I […]

GM Rolls Out World’s First Fuel-Cell Truck

General Motors Corp. rolled out the world’s first drivable fuel cell truck Friday and handed over the keys to an exacting patron: the Army. The olive-green pickup took a demonstration spin around GM’s fuel-cell development center in rural upstate New York, carrying Sen. Hillary Rodham Clinton and Brig. Gen. Roger Nadeau, commander of the Army […]

Plea to convert suger plant into biofuel refinery(Ireland)

The Carlow sugar factory could be converted into a biofuels refinery to help cut carbon emissions and benefit the local economy, it was claimed today. Green Party Deputy Leader Mary White is spearheading the campaign to turn the sugar processing plant into a biofuels refinery with a conference on the issue in Carlow in two […]

Lukoil’s Proved Reserves Exceed 20 Billion boe

LUKOIL has completed an evaluation and independent audit of its oil and gas reserves as at January 1, 2005. In terms of proved oil and gas reserves the Company continues to hold leading positions in the world: it is ranked first among Russian oil companies and second among international oil and gas majors. According to […]

Price of oil to double in five years, predicts CIBC

Oil prices will double over the coming five years to $100 US a barrel, boosting Alberta’s economy but weakening Ontario’s and Quebec’s and leaving most Canadian consumers feeling poorer, CIBC World Markets said Tuesday. CIBC World Markets is the second major North American investment house in as many weeks to warn that oil prices are […]

India’s international oil ties risk U.S. displeasure

Latin America hasn’t always figured highly on India’s diplomatic agenda. But the recent visit to New Delhi by Hugo Chávez, the president of Venezuela – the first such trip by a Venezuelan leader – is seen as crucial for both countries. Steady economic growth over the past decade has caused a sharp spike in India’s […]

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