Striking Hydro Workers Force Ontario to Cut Output

Striking Hydro One workers forced Ontario Power Generation to cut output from its Nanticoke generating station in half Friday as soaring heat and humidity helped fuel a dramatic increase in demand for electricity across the province. But the agency responsible for overseeing the province’s electricity system remained confident it would still be able to meet […]

Iran Sanctions Show Cracks

Iran successfully continues to expand its oil and gas and petrochemical projects with countries such as Iraq, India and Russia despite U.S.-imposed sanctions, and it has plans under way to increase swap oil and gas deals and invite foreign investment. The 1996 U.S. Iran and Libya Sanctions Act imposes mandatory and discretionary sanctions on non-U.S. […]

Secretive US Panel Could Block China’s Unocal Bid

State-owned CNOOC’s unsolicited bid trumped a roughly $16.4 billion offer from Chevron Corp. and coincides with record oil prices, unease over China’s $160 billion trade surplus with the United States and concerns about China’s growing military might. Many lawmakers want the definition of national security to be broadened to include economic security. “The primary question […]

Alternate Power: A Change Is In The Wind

The new dawn isn’t limited to solar power. An array of alternative-energy, energy-efficiency, and other green technologies — together known as “cleantech” — are beginning to boom. A host of forces is responsible for the trend: high prices for oil, gas, and coal; expanded government incentives and mandates; advances in technology that are reducing costs; […]

Stocks Drop Sharply on Oil Price Jitters

While the Commerce Department reported a 5.5 percent rise in orders to U.S. factories for big-ticket manufactured goods last month, much of that was due to a surge in demand for commercial aircraft. With transportation orders removed, durable goods orders fell 0.2 percent in May, the third decline in the past four months. Investors fear […]

Oil Shockwave Group Releases Detailed Findings from Global Oil Supply Disruption

(Press Release) The dependence of the U.S. on oil creates serious national security vulnerabilities that, if exploited, could result in widespread economic dislocation and increased global instability, according to former top government officials who gathered today to examine how the nation might manage an oil supply crisis. The findings of these leading experts comes amid […]

Goodbye to Oil

In an earlier column, I wrote that about 20 years ago the United States passed what is known as peak oil production, and that the rest of the world may have now reached that point as well. Passing “peak oil” means that more than half the world’s oil will have been removed from the ground, […]

Thai’s Told to Cut Back on Energy as Oil Prices Rise

Poster’s Comments: From the Guardian UK, Thai’s have been told to cut back on energy consumption to combat soaring oil prices, rising inflation and falling economic output. Is this the type of demand destruction that economic theory suggests? http://www.guardian.co.uk/oil/story/0,11319,1513348,00.html muhandis “…Officials have said that if energy consumption is not cut by 10% by the end […]

Unocal bid pours oil on China-U.S. political fire

By Paul Eckert, Asia Correspondent WASHINGTON, June 24 (Reuters) – Deep misgivings about China’s rising economic and political clout have helped fuel political resistance to a major Chinese oil company’s bid to buy U.S. producer Unocal, experts said on Friday. State-owned CNOOC Ltd.’s (0883.HK: Quote, Profile, Research) $18.5 billion bid for Unocal Corp. (UCL.N: Quote, […]

Famed Oil Tycoon Sounds Off on Peak Oil

In recent months, legendary oil baron, T. Boone Pickens has become increasingly vocal about his view that peak oil is upon us and high prices are here to stay.

Addressing the 11th National Clean Cities conference last month Pickens said, “Global oil [production] is 84 million barrels (a day). I don’t believe you can get it any more than 84 million barrels. I don’t care what [Saudi Crown Prince] Abdullah, [Russian Premier Vladimir] Putin or anybody else says about oil reserves or production. I think they are on decline in the biggest oil fields in the world today and I know what’s it like once you turn the corner and start declining, it’s a tread mill that you just can’t keep up with…So, when you start adding the reserves in these countries, you’re not even replacing what you’re taking out.”

http://www.resourceinvestor.com/pebble.asp?relid=10766

Volcanoes, Oil and Prophets

I live under what may be the most active volcano in the world — Kilauea on the Big Island of HawaiDissident Voice

Outcome Grim at Oil War Game

The United States would be all but powerless to protect the American economy in the face of a catastrophic disruption of oil markets, high-level participants in a war game concluded yesterday. The exercise, called “Oil Shockwave” and played out in a Washington hotel ballroom, had real-life former top U.S. officials taking on the role of […]

Iran’s oil reserves expected to outlive Saudi Arabia’s

At the current rate of production, Iran’s oil reserves will outlive those of Saudi Arabia, even though the kingdom’s official reserves are nearly twice those of Tehran’s, according to the London-based Economist magazine. Using BP’s latest Statistical Review of World Energy, the weekly calculated that Iran’s proven oil reserves of 132.5 billion barrels at the […]

Summer smog reaches dangerous levels as weather turns chaotic (UK)

From heat-haze and summer smog to outsize hailstones and flash floods: more topsy-turvy weather is on the way, Britain’s forecasters say. Air pollution has been worsening because of the current heatwave and reached potentially harmful levels yesterday in a number of locations across the country, especially in the South and East. Severe thunderstorms are likely […]

Energy execs say West could rival Saudi Arabia

Energy company executives told a House subcommittee on Thursday that Colorado, Utah, and Wyoming could become the next Saudi Arabia if they can find a way to extract the billions of barrels in oil shale, a porous rock containing petroleum. By tapping into oil shale, supporters say, the U.S. could replace all trans-Atlantic oil imports […]

Indian oil company finds gas off the coast of Andhra Pradesh

India’s State-owned Oil and Natural Gas Corp (ONGC) has made a significant gas find off the Andhra Pradesh coast in the south of the country. “ONGC has made a significant hydrocarbon find in shallow waters of Krishna Godavari Basin,” a company official said.

Oil price hits $60 for second day

Crude oil prices hit a record $60 a barrel for the second day on Friday, amid concerns that strong demand will continue over the coming months. US light sweet crude briefly touched the $60 mark, before dipping back to trade 29 cents higher at $59.71.

‘New era’ warning as petrol prices pumped up to new high (UK)

MOTORISTS were warned today of a “new era” of higher petrol costs after prices at the pump soared to a record high. Unleaded has now reached an average of 86.21p a litre, passing the previous record of 86.05p a litre on April 17 this year, according to the AA Motoring Trust.

Gazprom, Largest in Natural Gas, to Boost Oil Role

OAO Gazprom Chief Executive Alexei Miller said he plans to build the world’s biggest energy supplier, from oil and gas to electricity, as the Kremlin pays $7.1 billion to gain direct control of the company. Gazprom and its units have transferred 10.7 percent of the company to the government, which will pay cash for the […]

Nigeria energy: LNG goes from dream to reality

If the last few years have been about turning liquefied natural gas projects in Nigeria from boardroom dream to reality, the next few will be about taking advantage of huge international demand and making Nigeria one of the world’s leading exporters. Already, the country has set a target that gas revenues should match revenues from […]

OPEC second 500,000 bpd output hike won’t come until Aug 1 at earliest – source

OPEC’s discretionary second half-million barrel hike in output quotas will only take place on Aug 1 at the earliest, an OPEC source said. ‘The earliest it would appear will be the first of August or first of September,’ an OPEC source told AFX News about the timing of the second increase.

Bush cold-shoulders global warming plea

Unconvinced that the world is warming, President George W. Bush looks set to shun pleas by his main industrial allies to step up a fight against climate change at a Group of Eight summit next month. The July 6-8 talks will test how far other G8 nations, and big developing countries whose leaders will also […]

Carmakers Must do More to Cut CO2 Pollution

Car manufacturers need to step up efforts to meet their pledge to cut carbon dioxide pollution from vehicles by 2008, the European Commission said on Thursday. A report by the European Union executive said CO2 emissions from cars in the bloc fell by 11.8 percent between 1995 and 2003 in the 15 old member states, […]

High oil prices may derail Japan economy

The high price of oil could threaten Japan’s economic growth, the country’s economics minister said on Friday.

Peak Oil mentioned in the New South Wales Upper House

Yesterday crossbench members received a briefing about peak oil. This is the idea that the world’s supply of oil will peak sometime between 2007 and 2013, and that is as much oil as we will ever have. Our reliance on oil is increasing. The policies of this Government do nothing to identify and provide alternative […]

Unocal’s reserves take center stage

Oil industry pioneer Unocal Corp. was thrust this week into one of the hottest takeover battles in years, when China National Offshore Oil Company Ltd. decided to take on Chevron Corp. for ownership of the 115-year-old company’s assets. What’s at stake is Unocal’s vast portfolio of proven oil and gas reserves — most of them […]

THE CORE RATE

A caller into a Washington D.C. talk show asked a very pertinent question regarding the business of living.

EU gives green signal to Iran-India gas pipeline

The European Union, which will soon kick-off an energy dialogue with India, has said it is not opposed to a $4.16 billion pipeline project to pump gas from Iran to India through Pakistan. “Our position on Iran-Pak-India gas pipeline project is different from that of the United States,” which was against the project in the […]

British Gas mulls 15% price rise

British Gas has warned that its gas prices are likely to increase by around 15% over the coming year.The company’s owner, Centrica, said its electricity bills would also rise. The price rises were a “necessity” due to soaring wholesale prices, it said. BBC

Counting The Miles

Even when gas was cheap, Honda was driven to deliver miserly fuel economy. Now others are trying to keep up. Its top U.S. engineer explains the mileage mantra.Honda is so obsessive about having the best gas mileage on the road that Charlie Baker, its U.S. chief engineer, once crawled underneath a BMW at a car […]

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