Peak Oil is You

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News from June 2005

‘Clean energy’ power station move

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The world’s first industrial-scale clean energy power plant to generate “carbon-free” electricity from hydrogen could be built in Aberdeenshire. The BBC

Oil prices ‘drive US action on climate’

The environment itself is not the burning issue at the White House – but the price of gas is. The pressure on the US president to do something on global warming along the lines sought by other world leaders comes not from traditional green activists, but from rising oil prices. Every increase causes a flutter […]

S.Korea plagued by high oil price

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South Korea’s economic ministers gathered in the prime minister’s office Thursday to discuss ways to shield Asia’s fourth-biggest economy from the impact of soaring crude oil prices. They were in a dilemma over how to cope with the external shock and unsure if measures to reduce the country’s oil consumption would hurt the economy, which […]

Launch of World Oil Data Delayed Again on Quality Issues

The public launch of global oil data intended to boost crude market transparency has been delayed again, the International Energy Forum said Wednesday. The leaders of the Group of Eight industrialized nations hoped the Joint Oil Database Initiative, coordinated by the Riyadh-based IEF, would contribute to a cut in oil price volatility. The data is […]

Oil tipped to hit $70 soon

Motorists despairing at rising petrol prices can take heart in forecasters tipping a pull back in the oil price by the end of the year. But don’t put the bicycle away just yet. The cost of oil is set to get worse before it gets better.

Energy cold war is on – China and India race to acquire PetroKazakhstan

The fight for owning oil and gas resources is on between America, India and China. These three countries in the world are in need of huge energy especially crude oil and natural gas while they produce less than 50% of they need. China National Petroleum Corporation, Sinopec and India’s Oil and Natural Gas Corporation were […]

Japan report spurs call for joint oil hunt

China has appealed to Japan to jointly develop oil and gas resources in a disputed sea after a report that Tokyo may approve drilling rights. “Neither side should take unilateral action” before a deal on the East China Sea dispute, said Foreign Ministry spokesman Liu Jianchao. “If there’s no agreement yet on the demarcation, we […]

Problems in pipeline for Russia’s oil dream

Russia’s plan to build an oil pipeline to the Pacific, equivalent to adding another Libya to the world oil market, risks foundering over money, politics, the environment and the question of where the oil will come from. The US$11.5 billion plan, mooted four years ago by the Russian pipeline monopoly Transneft, promises Russia its biggest […]

US consumed 77m barrels more in 2004 than previously reported – Oilcast #14

In this Oilcast Adam Porter uncovers the fact that in 2004 America consumed an extra 77.75 million barrels of oil on top of what had previously been reported. That is nearly a whole day’s worth of global production…
Plus, Iraq can produce six million barrels per day, more on Unocal, Texan output falls, a Senator says ‘Arab stocks are dwindling’, Claude Mandil agrees with Oilcast.com and plenty more…

http://www.oilcast.com/

Spectre of drought hangs over Europe

Persistent hot weather following months of low rainfall yesterday raised the spectre of serious drought in many parts of Europe.Authorities urged consumers to cut back on water usage and in many places imposed bans on hosepipes and sprinklers and prohibited filling swimming pools or washing automobiles.

Increasing cost of diesel has attention of truckers

George Hadley has been making ends meet by driving his freight truck for the past 11 years, but he says he has had to cut back any extra expenditures on his home and family now that diesel fuel prices are on the rise For one thing, he has cut off his cable TV. In the […]

Crude up as Opec halts output talks

Crude prices rose on news that the Organisation of the Petroleum Exporting Countries had suspended talks on increasing production quotas by 500,000 barrels a day. Opec said it would only resume negotiations if the oil price hit $60 a barrel.

Could Experimental Thermonuclear Reactor Save the World From Peak Oil?

The investment community is familiar with the threat posed by ‘Peak Oil’, and Resource Investor has done its part to keep its readers informed on the situation with articles highlighting some well-known prognosticators including Boone Pickens, Henry Groppe and Matt Simmons, and the threat they see of a crisis emerging. What investors, and those who […]

Fed to Raise Rates Three More Times, Bond Dealers Say

The Federal Reserve will raise interest rates at least three more times this year to keep inflation in check, according to a majority of Wall Street’s biggest bond dealers. All 22 primary dealers of U.S. government securities expect Fed policy makers will increase their target rate for overnight loans between banks to 3.25 percent from […]

Bird flu: An ill wind from the East

It’s not a question of if, but when; bird flu will break out of Asia and the world is pathetically unprepared to deal with it. And if the rapidly evolving disease mutates into a form that is easily transmissible among humans, millions will die in the ensuing pandemic in poor and rich countries alike, including […]

Snow: US may review CNOOC’s oil takeover

US Treasury Secretary John Snow hinted that the Bush administration would review China National Offshore Oil Corporation (CNOOC)’s takeover bid for US oil producer Unocal on national security grounds. In an interview in New York yesterday, Snow said it was too early to make any definitive comments on the issue, but added: “We will look […]

OPEC, energy efficiency, investment hold answer to oil price: IEA

The world needs more oil, mainly from OPEC, but governments in consuming countries must streamline energy investment regulations and boost energy efficiency, the International Energy Agency (IEA) said on Wednesday. IEA executive director Claude Mandil issued a statement saying that high oil prices of about 60 dollars a barrel and “possibly” more, posed “significant” risk […]

Global economy ‘to slow in 2005′

High energy prices and rising interest rates will substantially slow the global economy this year, the United Nations has warned. Worldwide growth will slow to 3% in 2005, down from 2004’s 4.1%, according to the report from the UN’s Department of Economic & Social Affairs (UNDESA).

Emission cuts ‘vital’ for oceans

Marine species are under threat from rising levels of acidity in the oceans, says the UK’s Royal Society.Unless carbon dioxide emissions are cut, there could be irreversible damage to ecosystems, it warns.It is further evidence of the need to take action at next week’s G8 summit, says working group chair, John Raven.“Failure to do so […]

Congressman Roscoe Bartlett Discusses Peak Oil

Congressman Roscoe Bartlett met with President George W. Bush at the White House on June 29 for an extensive discussion about peak oil–the end of cheap oil. Congressman Bartlett declined to discuss or characterize any of his private conversation with the President, but said that he was very happy about the meeting. Congressman Bartlett has […]

Strong Cycle for Oil Services Sector to Continue, Analyst Says

The oil services and drilling industry is experiencing sustained strong fundamentals, which are expected to last another 2-3 years, said a Merrill Lynch & Co. research report released June 29. Analyst Mark Urness said he expects that the current upcycle will prove to be the longest in duration since 1976-81. “Global oil demand remains strong, […]

OPEC Exports Surge In Four Weeks To July 16 -Oil Movements

Crude oil shipments from the Organization of Petroleum Exporting Countries will surge by 370,000 barrels a day in the four weeks to July 16, tanker-tracker Oil Movements forecast Thursday. Spot and term shipments of OPEC crude will reach 24.51 million b/d compared with 24.14 million b/d four weeks earlier, said Roy Mason, head of the […]

Cargo Traffic Drops on Oil Price Effect

wildwell writes: International air cargo traffic dropped 1.6 percent in May over the same month last year in a sign of the mounting effect of high oil prices on the world economy, the airline body IATA said on Wednesday. “May cargo growth slipped into negative territory in Asia, North America, Latin America and Europe, following […]

The Fungibility of Oil?

One of the problems that I have had with The Long Emergency by James Howard Kunstler is that on just about every page I found some form of statement that I disagreed with, or which was either a gross simplification or a distortion of the situation. Thus it took me until a flight from Anchorage to Maine to finally complete it. And from time to time I may try and explain some of the problems I have with many of the issues that are so glibly addressed therein.

But there is one statement that I suspect is widely accepted, which while presently true may yet, in the near future, radically change. This is the idea that oil is fungible…

More after the jump at The Oil Drum.

Thais told to save energy as oil bills rise

Thai television and radio stations have been asked to stop broadcasting at midnight as part of a series of energy-saving measures to combat soaring oil prices, rising inflation and falling economic output. Government offices should raise the air conditioning temperature to 25C (77F) and turn the systems off between 4pm and 9am and for an […]

Crumbs from the carbon banquet

According to Tony Blair and the report of the Commission for Africa, what Africa needs most is more roads The African economy would develop along the same lines as the carbon-hungry affluent world, but in a sufficiently sustainable way to save the planet. It is a tall order.The Guardian

Fuel cell cars face bumpy road despite $60 oil

FRANKFURT (Reuters) – Astronomical costs for delivering hydrogen-powered cars and the network to run them mean clean vehicles are years away from competing against today’s polluting rivals, even if oil prices stay at record highs. Proponents of the technology still insist that 5 million to 10 million cars running on hydrogen-fed fuel cells and emitting […]

World oil consumption hits record high in 2004: BP report

A statistics report on world energy consumption published by BP on Wednesday said that global oil consumption in 2004 hit a record high since 1976, with oil consumption increasing nearly 2.5 million barrels per day… Meanwhile, global oil output for the first time surpassed 80 million bpd, and that of the Oil Producing and Exporting […]

Venezuela opts out of OPEC oil production increases

PUERTA LA CRUZ, June 29 — Venezuela said it will not support further increases in crude oil production and it will refuse to participate if fellow members of the Organization of Petroleum Exporting Countries asks it to increase production. “I don’t believe that we will participate in any way in this,” said Venezuela’s Minister of Energy and Mines Rafael Ramirez. “The issue is not about increasing production; that is our position. . .There are serious problems in refining, serious problems in speculation.”

O&G Journal

Caribbean oil initiative launched

The Venezuelan President, Hugo Chavez, has launched a regional oil initiative to provide fuel at cheaper prices to 15 Caribbean nations. Mr Chavez announced the Petrocaribe plan at a regional summit in Venezuela’s city of Puerto La Cruz. He said the region had suffered centuries of imperialism and needed to strike out on its own. […]

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