Crude Sets Record

OPEC’s decision to pump extra oil is almost as useless as its promises to raise output further. Most of the extra oil OPEC has been pumping to supposedly keep a lid on prices is heavy, sour crude — which only further highlights the shortcomings of U.S. refining capacity. There is also only one OPEC producer […]

The Cost of Gas Set to Soar (UK)

DOMESTIC gas bills are expected to soar this winter as the future cost of gas hits record highs. The price of gas for delivery in October is currently 66p a therm, a 75% premium on this point last year. Dwindling production from traditional gas supplies and delays in the development of new sources has led […]

Oil Jumps to Record $58.60 as Demand May Outpace Production

June 17 (Bloomberg) — Crude oil in New York surged to a record $58.60 a barrel on signs producers will struggle to meet growing fuel demand during the second half of the year. “There is a lot of fear and hype about the possibility of us running out of oil,” said Kyle Cooper, an analyst […]

Advocate a $1/gal gas tax now and land a little softer…?

Today’s oil price is 63% of what it was (inflation-adjusted) in 1979. The biggest policy question of our generation is how we get from $60/bbl to $95/bbl as it was then: through demand or through taxation.

The real conundrum, in my opinion, is how to destroy demand so as to come in for a soft landing, even if we are heading towards a 1979 to the google (not the search engine) power. (no pun intended, I assure you.)

I advocate taxing gasoline now. Abruptly. Quickly. Severely. Better to bend the shit out of the economy now than completely break it later. $1/gal would be a g-dsend.

As I said in the comments a few posts back…that’s why politicians will wait to build the wolf trap until the wolf is at the door.

The problem is that the stuff to make the wolf trap is out in the workshed.

More after the jump at The Oil Drum.

Higher Oil Prices? It’s Worse Than You Think

The daily numbers from the oil markets are bad enough: On Monday, June 13, benchmark light sweet crude broke $55 a barrel on the New York Mercantile Exchange for the first time since April. But there’s worse news for the economy and for any consumer who heats a house or drives a car: Under the […]

Oil Gets More Expensive Again

Demand for refined products, especially distillate fuels, has increased by 6.5% from last year. Heating oil gained 2 cents to $1.645. “The market is riding a wave of sentiment,” said Tim Evans, senior energy analysts at IFR Markets. “Actual production is rising, inventories are higher, even the build in distillates is 800,000 higher than last […]

When the Well Finally Runs Dry

Saudi Arabia says it has enough oil to keep the world happy for at least another 70 years. But the closely guarded Saudi Aramco numbers that would back up that claim aren’t available to outsiders. That worries Houston investment banker Matthew Simmons. Simply put, Simmons doesn’t think energy-intensive countries like the United States should take […]

U.S. Watches China’s Oil Demand, Deals

The Bush administration is closely watching China’s growth as the second-largest oil consumer, following the United States, and the expansion of its dealings with countries such as Iran, Syria and Sudan. “The biggest impact on U.S. national interests is China’s willingness to invest in and trade with problem states,” Christopher Hill, U.S. assistant secretary of […]

Oil At $58, Near Record, After Nigeria Threat

Oil prices climbed more than a dollar a barrel to $58 on Friday, near an all-time high, after the closure in oil producer Nigeria of Western embassies following what a diplomat said was a terrorist threat. Concerns about the ability of U.S. refiners to cope with strong U.S. demand, despite rising fuel costs, also helped […]

Back to the Drawing Board in the UK (A Review of a Recent Energy White Paper)

The news that oil production from the North Sea had dropped by 17% could not have come as a pleasant distraction to the current British Government. They were well aware that production was declining, and had anticipated getting all their additional needs for gas from Norway as their own domestic production declined.

But where to get the additional crude oil needed for transportation?

The recent Energy White Paper from the Department of Trade and Industry (DTI), (pdf here) although focused on a low carbon economy, also points to the anticipated source of increased energy supplies to the UK.

G8 climate plans ‘watered down’

A leaked copy of a document on climate change being drafted for the G8 summit suggests plans have been watered down.

A version of the communiqu

US debt deepens as current account deficit surges to record

(AFP) – US debt to foreigners pushed into uncharted territory as the current account deficit widened in the first quarter to a record 195.1 billion dollars, the Commerce Department reported. The report, representing the broadest measure of trade and capital flows, was bigger than the 190 billion dollars expected on Wall Street and represented 6.4 […]

World’s dry regions set to expand

Desertification is a growing menace that puts at risk global efforts to tackle poverty and hunger, a new report from a coalition of scientists states.

The group says bad crop management and the misuse of irrigation in a number of regions is putting unsustainable pressure on dryland areas.

BBC

After the fall

The whole world economy is at risk. The IMF has warned that, just as the upswing in house prices has been a global phenomenon, so any downturn is likely to be synchronised, and thus the effects of it will be shared widely. The housing boom was fun while it lasted, but the biggest increase in wealth in history was largely an illusion.

The Economist

Inflation Eases Off but Fed May Not

Consumer prices fell in May, the first decline in 10 months, as energy costs eased from highs hit in early April, the government reported yesterday. The figures suggest that after a year of Federal Reserve interest rate increases, the U.S. economy is in pretty good shape, growing at a decent clip with low inflation, unemployment […]

Delta Air Raises Fares In Some Cities Above Its Cap – NYT

Delta Air Lines (DAL) has raised fares to some U.S. cities above the limits it imposed on ticket prices in January, when it received enormous attention for cutting fares, the New York Times reported Friday. Citing Terry Trippler, an industry analyst who tracks air fares, the newspaper said the airline increased economy class fares to […]

Russian natural gas exports grows by 10.8% in 5 months

Russian natural gas exports grew by 10.8% in January-May, 2005 as compared to the same 2004 period and totaled 74.96 billion cubic meters, said Gazexport company, Gazprom’s exporting subsidiary. Natural gas exports to foreign countries totaled 68.89 billion cubic meters as compared to 65.6 billion in January-May 2004RIAN

Norway offers firms new Arctic oil, gas prospects

Norway offered oil and gas companies new exploration areas in Arctic seas to spur activity despite opposition from environmental groups. “This is the first announcement in frontier areas of the Barents Sea since 1996,” oil and energy minister Thorhild Widvey said in a statement of the 64 blocks offered in the country

US may help India conserve energy

Observing that much of the current and projected rise in oil prices is due to increasing consumption in Asia, US President George W Bush has stressed on the need to help India and China conserve energy in order to reduce the global demand for petroleum. “Much of the current and projected rise in gasoline prices […]

$61-billion seen hitting oil sands

Canadian energy companies will commit $61-billion to develop oil sands projects over the next decade as high oil prices propel a variety of projects, according to an industry survey. Crude oil prices near record highs make it economically feasible to proceed with more projects, PricewaterhouseCoopers said in a report released yesterday

Amazon deforestation could affect world climate

The death of a myth begins with stinging eyes and heaving chests here on the edge of the Amazon rain forest.    Every year, fire envelops the jungle, throwing up inky billows of smoke that blot out the sun.    Animals flee.    Residents for miles around cry and wheeze, while the weak and unlucky develop serious respiratory […]

Frequent droughts for farmers as climate change hits (New Zealand)

The risk of severe droughts capable of crippling farmers and horticulturists could increase fourfold in eastern New Zealand over the next 75 years. Some regions which are already drought-prone – such as Marlborough – could see what is today considered a one-in-20-year drought occurring every three to five years by the 2080s, says a National […]

As TVs grow, so do electric bills

Not long ago, Andrew Fanara was shopping with his wife for a new big-screen television. Everything was going fine, until the sales clerk discovered Mr. Fanara was an energy watchdog for the federal government. Pulling Fanara aside, the clerk confessed: His own new 61-inch TV gulped electricity the way a big SUV guzzles gasoline. “The […]

When the well finally runs dry

Saudi Arabia says it has enough oil to keep the world happy for at least another 70 years. But the closely guarded Saudi Aramco numbers that would back up that claim aren’t available to outsiders. That worries Houston investment banker Matthew Simmons. Simply put, Simmons doesn’t think energy-intensive countries like the United States should take […]

Slippery Slope: Oil after the Global Peak (Peak Oil, Part I)

The earth consumes about 30 billion barrels of oil a year, while the world’s remaining endowment of recoverable oil stands at about one trillion barrels. If humans could continue using oil at the same rate, we would drain our endowment in 34 years. Of course, this won’t happen, because oil production follows a bell curve: […]

‘In 50 years’ time no one will be using oil any more’

From the bridge of his boat, the captain looks at what makes him a pioneer of the future. On the remote Norwegian island of Utsira stands a small hydrogen plant with two wind turbines gracefully rotating in the sky. “In 50 years’ time, they will be everywhere. No one will use oil any more!” Toralf […]

US may not impose sanctions despite Iran pipeline

Secretary of State Condoleezza Rice has indicated that the US may not impose sanctions on India and Pakistan even if they go ahead with the gas pipeline project with Iran. Although Rice reiterated her concern over the pipeline yet again Thursday, the underlying message seemed to be of working together with the two countries to […]

Senators encourage alternative fuel sources

Heading toward a collision with the House and the White House, the Senate on Thursday sought to put an environmentally friendly stamp on its energy legislation as lawmakers and President Bush struggle to agree on an elusive national power policy. In an effort to strengthen their hand in looming negotiations with the House, senators voted […]

Oil Surpasses $57 as Refiners May Struggle to Meet Fuel Demand

Crude oil topped $57 a barrel in New York for the first time since April on concern refiners may struggle to meet a fourth-quarter peak in demand for winter fuels. The U.S. and U.K. shut their missions in Lagos, Nigeria, today after a security threat. The country’s oil is favored for making heating oil and […]

Finally?additional capacity is underway

With massive revenues, budget surpluses, and pressure from consuming countries, oil-producing countries have embarked on massive capacity expansion. OPEC announced in its April monthly report that its members will increase their collective capacity by 4 million bopd by 2010. The market will see some of these expansion results this year. OPEC’s report stated, “During the year 2005, average OPEC production capacity is expected to rise to 32.7 million bopd, as additional projects are brought onstream, including a raft of projects that began at the end of 2004.” Most of the increase will come from Saudi Arabia, the UAE, Iran and Kuwait.

WorldOil

« Previous Page — Next Page »

LATEST NEWS HEADLINES

• Why the IEA is Wrong About Peak Oil Demand
• Did we inadvertently speed global warming?  
• Venezuela’s Oil Monopoly Eases
• Why Germany is Choosing Natural Gas Over Nuclear Power
• U.S. coal-fired electricity generation decreased in 2022 and 2023

• America Cracks Down on Methane Emissions from Oil and Gas Facilities
• Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
• Is It Time To Refill America’s Strategic Petroleum Reserve?
• Oil prices set to end year 10% lower as demand concerns snap winning streak
• What’s Driving America’s New Oil and Gas Boom?
• China’s peak oil demand bombshell eviscerates Danielle Smith’s energy strategy