Oil falls to eight-week low

Oil prices fell to an eight-week low on Monday as the Organisation of the Petroleum Exporting Countries promised an increase in oil production next month, but prices recovered later in the session to remain above the $50-a-barrel level. IPE Brent for June delivery fell to an intra-day low of $50.44 a barrel, before recovering to […]

Secret Agent: Rumsfeld Sneaks Off to Baku

Hardly any country on the planet sits in a more crucial spot than the harsh dictatorship of Azerbaijan, so that’s probably why Don Rumsfeld sneaked off to its rowdy capital, Baku, earlier this week. Do you hear the neocons beating the oil drums of war?

Near-total petrol pump strike causes no crisis (India)

Nearly all petrol pumps throughout the country remained closed on Monday in protest against a failure to raise dealers’ commission and ensure the quality of petroleum products. According to the Petroleum Ministry, the strike did not create a crisis, since most people had filled up their tanks in advance. Though most retail outlets remained closed […]

Lifestyles and P.O.O. (Price of Oil)

We have been watching a demand led expansion in the POO, or Price of Oil, for some time now. Much of this is attributable to the lifestyles here in the US and in other areas across the globe. There are countries seeking to expand or enrich their lifestyles through modernization, and commoditization. They are choosing […]

Forum for UK ”Peak Oil” Awareness & Discussion Launched

UK oil depletion awareness organisation PowerSwitch.org.uk has officially launched a free forum on Friday 15th April 2005 for people concerned about the imminent peak in global oil production and the consequences to meet, talk and work locally to raise awareness. The ever-rising oil prices are a result of strong global demand soon to be exceeding […]

New light oil field found in Saudi Arabia

A new oil field producing light crude has been found in the center of the Kingdom, Minister of Petroleum and Mineral Resources Ali Al-Naimi announced yesterday. Saudi Aramco found the Duaiban-1 well, which will pump 3,300 barrels per day of sulfur-free crude with an API gravity of 41 degrees, 125 kilometers southeast of the capital […]

The Great Engine of China Is Low on Fuel

GUANGZHOU, China, April 15 – Service stations across China are starting to run short on diesel this spring, while electricity blackouts here in southeastern China are growing worse as power stations cut back on purchases of fuel oil. For truckers and factory owners, the diesel and electricity shortages are a nuisance, sometimes a costly one. […]

The Motley Fool questions growth

Jim Mueller of the Motley Fool questions growth, considering Malthus along with, The Limits to Growth: The 30 Year Update, and concludes that growth is good.

Link

Misapprehending Peak Oil

Currently, world oil depletion is running at 4-6 percent, according to ExxonMobil. Taking 5 percent of 2004 production of 82.5 million barrels per day (mn b/d) gives a depletion rate of 4.1mn b/d per year. This sounds huge but is in fact correct.

EVWorld

Second Bartlett Speech to Congress on Peak Oil to be Covered Live

Maryland Congressman Roscoe Bartlett is delivering the second of his presentations on peak oil to Congress on Tuesday, 19 April.

According to Bartlett

EROI of 35 claimed for new wind turbine

Press release – Wind turbines – a great advantage to the environment A V90-3.0 MW offshore wind turbine has to produce electricity for just 6.8 months, before it has produced as much energy as used throughout its design lifetime. In other words this turbine model earns its own worth more than 35 times during its […]

Clean Air Change is Built into Bill

Deep in the energy bill that was approved by a House committee this week, under a section titled “Miscellaneous,” is a brief provision that could have major consequences for communities struggling to clean up their dirty air. If it becomes law, it would make one of the most significant changes to the Clean Air Act […]

‘Oil boom masks weak Middle East growth’

Exceptional rises in world oil prices that propelled export revenues in the Middle East and North Africa in recent years have also masked underlying weakness in the region, the World Bank said on Sunday.

Economic powers pledge to limit fallout from oil crisis

The world’s most exclusive financial club sought to project an air of confidence on the heels of unsettling economic developments – a stomach-churning drop on Wall Street and gyrating global energy prices. Oil prices are expected to remain high – and volatile – given tight supplies and rising demand, especially in rapidly developing countries like […]

Jim Kunstler’s CF Nation

The stock markets and the oil futures markets sank in tandem last week as the global economy responded to increasing strain by wobbling. Oil dipped below $50 a barrel. Don’t expect it to linger there long, as the summer driving season approaches. (Memorial Day weekend is the traditional start.) CF Nation Chronicle – April 18

The Peak Oil Crisis.

The king of Doomsday scenarios is lighting up the Internet and broke into Rolling Stone magazine last week. Forget total thermonuclear war, global warming, a direct hit by an asteroid or an invasion from Mars. This is the scariest one of all, if for no other reason than that it is chillingly real and about […]

Running out of puff?

SPRING in Washington means the arrival of cherry blossom and, less colourfully, the world

Honda’s Fuel-Cell Car Almost Ready for Prime Time

Perhaps the best evidence of how close hydrogen might be coming to prime time is Honda’s FCX, a little four-seat fuel-cell- powered car I’ve been driving around town for the past two days. The 1,670-pound FCX has a range of about 120 miles between fillings, can reach a speed of more than 90 miles per […]

US airlines look to India, China to stay airborne

LARGE US airlines, haemorrhaging from competition at home, are looking at routes halfway around the world to stop the bleeding. As the industry struggles with its worst crisis in years, US carriers are focusing on Asia

Oil Hits Eight-Week Low Sub-$50, Funds Begin Retreat

Oil prices extended a losing streak on Monday, falling briefly to an eight-week low under $50, as growing supplies outweighed worries of rising global demand. U.S. light crude futures traded as low as $49.66 a barrel, the lowest since Feb. 22, before recovering to $50.15, down 34 cents from Friday’s close.

Sudan finds oil in strife-torn Darfur region

Sudan has discovered an oil field expected to produce 500,000 barrels of crude oil per day by August this year in the Darfur region, a cabinet minister revealed in Khartoum Saturday. However, the announcement made by the minister of energy and Mining Awad Ahmed Al-Jazz at a news conference did not surprise many oil experts […]

Caution warranted on oil shale

With crude-oil prices inching toward $60 a barrel earlier this month, renewed talk of tapping Colorado’s vast oil-shale resources wasn’t surprising. This time, federal lawmakers, including Sens. Wayne Allard and Ken Salazar of Colorado, are wisely urging caution in possible shale development to avoid the dislocations of the frenetic oil-shale boom and bust of the […]

PetroChina to import Canadian crude in 2009

PetroChina Company Limited (PetroChina) recently executed a memorandum of understanding in Beijing with Enbridge, the second largest pipeline operator in Canada. Both sides will work together on a project of building new pipeline and transporting crude oil from Canada to inland China. This project will cost 2.02 billion US dollars. It is predicted that PetroChina […]

ODAC: Understanding Depletion

The following is a statement by ODAC Board member Chris Skrebowski whichaims to clarify some common misapprehensions about the meaning and significance of oil depletion. He will present his outlook for global oil supplies in detail at a one-day conference,

Clouds gather on Wall Street

After cruising along for much of 2004 and the start of this year, the U.S. economy may be having engine problems. Economists and investors who were confident about the pace of growth only a week or two ago are suddenly much more concerned about a slowdown in the months ahead.

Consumer, Producer Prices Rose in March: U.S. Economy Preview

Rising oil costs probably led a jump in consumer and wholesale prices last month, feeding concern that the economic expansion will slow, economists said in advance of reports this week. The consumer price index likely increased 0.5 percent in March, the most in five months, after rising 0.4 percent in February, according to the median […]

Ukraine says Russia cut its oil supplies

Russia has cut crude oil supply to Ukraine by nearly 25 percent in the first quarter, Kievhttp://www.tehrantimes.com/Description.asp?Da=4/17/2005&Cat=9&Num=26

Oil shock hits home. (Australia)

AUSTRALIAN consumers can hardly have failed to notice the effects of the runaway oil price. Every time you fill up the car with petrol, it stares at you from the bowser. And every time you book a flight, the airline, in a bid to recoup some of its soaring fuel costs, will slug you a […]

An Economy on Thin Ice

Former Federal Reserve chairman Paul Volker writing in the Washinton Post: ” I don’t know whether change will come with a bang or a whimper, whether sooner or later. But as things stand, it is more likely than not that it will be financial crises rather than policy foresight that will force the change.” The […]

(Peak) Oil Day for the Chicago Tribune

The Chicago Tribune on Sunday April 17 did a double whammy on the housing bubble and higher oil prices in the Business section. The section was practically devoted to rising oil prices and their effects as well as the housing bubble. They had some nice graphs at the back of the business section where they […]

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