US media and Iran’s nuclear threat

In a sign of both historical de ja vu and Chomskyian “manufacturing consensus”, the US media is nowadays filled with news on Iran’s nuclear threat, thus preparing the American public for yet another Middle East conflict without, however, maintaining a modicum of balance by reflecting the Iranian point of view. Note:Link fixed.  

Saudia Arabia Discovers New Oil Field

Saudi Arabia announced on Monday that it has discovered a new oil field to the east of the country with a daily production of 6,000 barrels per day of light crude in tests carried out in April.ArabicNews.com

The Growing Importance of Georgia Under President Saakashvili

Experts agree Georgia has a significant role to play in the future geopolitics of oil, as efforts move forward to build multiple pipelines to transport Caspian oil and gas both to the West and East. The strategic importance of Georgia is not lost on its neighbor Russia. Thousands of Russian troops are still stationed in […]

Looming energy cost hikes threaten packaging profits

Analysts have suggested that it is just a matter of time before energy prices increase further, bringing more bad news to plastic packaging manufacturers who are finding it increasingly difficult to absorb rising costs.If this were to happen, it would likely have a knock-on effect on food and beverage manufacturers

Oil Prices Leap, Outage Adds to Fears

Oil prices leapt to $53 a barrel on Tuesday after news of a big refinery outage in the United States added to fears about a shortage of refined products and offset the impact of swelling crude supplies.ABC News

Delta Air Lines warns of substantial losses for rest of year

Delta Air Lines Inc. warned Tuesday it will record a substantial loss for the final nine months of the year and it will need to file for bankruptcy if its cash reserves fall too low or some of its lenders demand immediate payment of its debts. Shares of the third-largest U.S. airline sank more than […]

Russia, Bulgaria and Greece approve Balkan oil pipeline plan

Plans to build a trans-Balkan oil pipeline from the Black Sea to the Mediterranean have been approved by Russia, Bulgaria and Greece. The 285 km (178-mile) pipeline will go overland from Bulgaria’s Black Sea port of Burgas to the northern Greek town of Alexandroupolis on the Aegean. The aim of the pipeline is to allow […]

Baku-Tbilisi-Ceyhan pipeline being filled with oil.

The filling of the Baku-Tbilisi-Ceyhan (BTC) pipeline with oil began at the Sangachal terminal 40 kilometres south of the Azeri capital on Tuesday, the BTC Company reported. According to the company, it will take ten million barrels of oil to fill the pipeline stretching for 1,770 kilometres. The process may last over six months. The […]

U.S.-China oil relation still prickly

U.S. analysts say higher energy prices fueled by rising oil costs could be good for business and might even encourage stronger ties between the world’s two biggest energy consumers — a view their Chinese counterparts do not readily accept. Former Federal Reserve Board economist Kevin Hassett told a briefing on energy issues and U.S.-China relations […]

OPEC President: OPEC-11 to Produce 30.3M B/D Until 3Q – Report

The Organization Of Petroleum Exporting Countries is currently pumping 30.3 million barrels a day of oil, up 600,000 b/d from last month, and it will continue at these levels until the third quarter in a bid to maintain price stability, the group’s president said Tuesday.The official Kuwaiti News Agency reported OPEC President and Kuwaiti Oil […]

Peak Oil Poses Threat to Civilization

Humanity is facing a catastrophe of unimaginable proportions. The final depletion of petroleum reserves is likely within this century. Without this energy source, and with no alternative sources in place, the Earth could probably not support half of the present population of six billion souls. That remnant of humanity would subsist at a level of poverty suffered today by the typical Bangladeshi.

EVWorld

Oil-Rich Saudi Announces New Mega Projects

Saudi Arabia announced a series of mega projects worth tens of billions of dollars, including three massive refinery modernisations worth nearly 17 billion dollars, the official SPA news agency said. Saudi Arabia, which has earned huge windfall revenues on the back of record highs on world oil markets, set out its investment plans at a […]

If You Think Your SUV is a Gas Guzzler, Try Fueling Up a 737

If saving jet fuel were only as easy as taking a shortcut at 35,000 feet, the airlines might not be in so much trouble. But things being as they are, the price of oil is choking the U.S. airline industry. Crude oil is up 41 percent over last year — the main reason the industry […]

Australia wilts in its Big Dry

Australia has had one of its warmest Aprils on record, opting for sun block and air conditioning, rather than autumn woollies and heaters. It has not only been warm, it has also been very dry. Only once before since 1910 has Australia had so little rain in the period from January to April. As a […]

Iran ‘to resume nuclear activity’

Iran says it will resume uranium enrichment activities within the next few days, in a move which could put talks with Europe in jeopardy. Tehran has said for days that it plans to resume conversion of raw uranium into gas, but it has not said when.

Venezuela Leader Seeks Price Band for Oil

OPEC is close to reaching production capacity and should reinstate a price band for crude oil, Venezuelan Foreign Minister Ali Rodriguez said Monday. Tensions between major oil producing countries and consuming nations are the worst they’ve been since the oil crisis of the 1970s, Rodriguez said on the sidelines of the first South American-Arab summit. […]

Industry’s 2004 Finding, Development Costs Soar

The aggregate fully loaded finding and development (F&D) cost for a study group of 12 major integrated international oil companies and 60 US independent companies increased considerably in 2004 over 2003, reported Banc of America Securities (BAS) in a report released April 18. Responsible for these increases, BAS said, was a sharp escalation in acquisition […]

Is this the birth of a new energy axis?

By Adam Porter

Central to that could be a new geo-political axis, an axis of non-aligned oil interests. Some of the countries attending the summit are leading players in the world of oil and energy.

Nations at the summit include Saudi Arabia, Kuwait, Iraq, the United Arab Emirates (UAE), Algeria, Egypt, Qatar, Libya, Oman, Syria, Yemen, Venezuela, Ecuador, Argentina and of course Brazil.

Aljazeera

The Global Struggle for Energy

From Washington to New Delhi, Caracas to Moscow and Beijing, national leaders and corporate executives are stepping up their efforts to gain control over major sources of oil and natural gas as the global struggle for energy intensifies. Never has the competitive pursuit of untapped oil and gas reserves been so acute, and never has […]

Study: Traffic Jams Just Keep Spreading

Congestion delayed travelers 79 million more hours and wasted 69 million more gallons of fuel in 2003 than in 2002, the Texas Transportation Institute’s 2005 Urban Mobility Report found. Overall in 2003, there were 3.7 billion hours of travel delay and 2.3 billion gallons of wasted fuel for a total cost of more than $63 […]

Oil Up, OPEC Says Pumping Near Full Tilt

Prices are barely $7 below record peaks struck last month, even though OPEC producers have ramped up output to build a cushion of oil stocks ahead of an expected fourth quarter demand surge. “I think now we are dealing with the production without the quotas,” said Kuwaiti oil minister Sheikh Ahmad al-Fahd al-Sabah, also OPEC […]

4Q Will Be ‘Rough’ If Oil Demand Rises – Qatari Minister

The Organization of Petroleum Exporting Countries will be hard pressed to meet consumers’ needs in the fourth quarter if oil demand registers its typical seasonal gains, Qatari Oil Minister Abdullah bin Hamad Al Attiyah said Monday. Oil markets are currently well supplied, Al Attiyah said. But OPEC’s main concern should be the fourth quarter, when […]

Depletion of Oil Reserves is Key Underlying Factor in Investment Outlook

Whether we’ve reached peak oil production worldwide or it is close, what is critical is that after the peak, oil production will decline. Henry Groppe, a long-time oil consultant and forecaster with Houston-based Groppe, Long and Littell, believes the decline worldwide will be about 5 per cent a year, or 4 million barrels of oil […]

US: Energy Security Requires Broad Range of Sources, U.S. Says

Countries should consider a whole range of energy sources when they make their energy security plans, U.S. Secretary of Energy Samuel Bodman says.In May 3 remarks at the International Energy Agency (IEA) meeting in Paris, Bodman said investment must go not only into fossil fuels but also into nontraditional sources such as hydrogen, nuclear and […]

[Sellafield, UK:] Huge radioactive leak closes plant

A leak of highly radioactive nuclear fuel dissolved in concentrated nitric acid, enough to half fill an Olympic-size swimming pool, has forced the closure of Sellafield’s Thorp reprocessing plant.The highly dangerous mixture, containing about 20 tonnes of uranium and plutonium fuel, has leaked through a fractured pipe into a huge stainless steel chamber which is […]

British Gas ponders third price hike

British Gas customers were today warned that bills may have to rise for the third time since January last year.Centrica, the parent company of British Gas said wholesale gas prices have risen by 25% over the past three months and asserted that higher bills would be necessary to protect profits if they do not ease.…

OPEC president says oil market oversupplied

OPEC’s president said the oil market is oversupplied and that any increase in output at the cartel’s meeting next month must take into consideration prices and growth in demand. ‘The OPEC-10 (excluding Iraq) real production now in the market based on our latest information from OPEC and other sources is 29.7 million barrels per day,’ […]

Metro Detroiter plans energy-efficient railway

Sutton, 36, is founder and chairman of the Interstate Traveler Corp., which operates out of an old marina office in downtown Whitmore Lake. The company has developed designs for an elevated light-rail-type mass-transit system that runs on hydrogen and solar power. Solar panels would line the track and supports. “It allows it to be self-sustaining,” […]

Connecting the Dots: Energy and the Economy

As oil and gas reserves are depleted, the effects will be more than just $3 per gallon gasoline — or even $20 per gallon gasoline. The effects will ripple through the world economy, raising all prices and inflating all currencies. Remember e = mC**2 – that little equation that unlocked the secrets of nuclear energy? […]

Britain faces big chill as ocean current slows

They have found that one of the

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