Americans staying away from high gas prices

Another reason for government to give us a break from soaring automobile gas prices was highlighted this week, as the province’s tourism industry announced it is taking a hit. On Wednesday the provincial tourism industry spoke out, through the Council of Tourism Associations of B.C., saying that our skyrocketing fuel prices are forcing tourists in […]

When global oil production peaks

WITH oil prices hitting all-time highs and war raging in Iraq, serious concerns about ‘peak oil’ slowly have appeared on the public radar screen. Simply put, peak oil refers to a key turning point when global oil production peaks and then begins to decline, signalling a future of dwindling supplies. Analysts predict that the peak […]

U.S. steel industry falls on soft times

U.S. steel mills have trimmed production but continue to slog through a quarter that many companies say will be the low point of the year and a dramatic drop from the third quarter of 2004, when the market hit what many now see as an artificial high. Six weeks into the third quarter, steel makers […]

China to swoop on Iran oil field if Tokyo pulls support

On the brink of tapping into one of the world’s largest known oil reserves, Japanese companies are fretting over the possibility of further rivalry with China. Mining rights to Iran’s vast Azadegan Oilfield, secured in February 2004, are the fruit of three years of hard negotiations.http://www.tehrantimes.com/Description.asp?Da=8/20/2005&Cat=9&Num=3

Ecuador Threatens Troop Action Against Oil Protesters

Ecuador’s Government has warned that troops could open fire to quell protests that have crippled oil output and forced the country to ask Venezuela for a loan of crude oil so it can keep up exports. The protests in two Amazon provinces pushed US crude oil futures up $US2 above $US65 a barrel in New […]

Expert Warns That Venezuela’s Threats Could Be The Greatest Danger To Oil Prices

According to energy expert and frequent contributor to The Daily Reckoning, Kevin Kerr, if the two daily boats of Venezuelan oil head somewhere other than the United States, it would lead to big troubles for oil prices. Kerr warns, “Venezuela and the US eroding relationship couldn’t come at a worse time. This threat could easily […]

Global warming brings earlier spring thaw to Great Lakes

On 56 of the lakes the spring thaw showed an earlier trend, occurring two days sooner each decade on average. Though the thaw has been happening ever earlier since 1846, the calculations show the rate of change is now more than three times as fast as it was before 1975. Benson says the date of […]

OPEC Reveal Global Light Sweet Crude Peaked

The key point is that non-OPEC light sweet crude went from 41% of 66 mb/d to 34% of 70 mb/d from 2000 to 2004, a drop of 3.26 mb/d. OPEC added 1 mb/d of light sweet crude over the same period resulting in a global reduction of light sweet crude of over 2mb/d showing that […]

Conversations at an Oklahoma Gas Pump

The average price of a gallon of regular gas here in Oklahoma is $2.20, which is an all-time high. Lucky for us, the further north we drive, the higher gas prices become. Yesterday unleaded gas in Bartlesville, OK, hit the $2.49 mark, but the high prices don’t seem to be deterring people from driving. U.S. […]

German Biodiesel Sales Strong as Oil Prices Rise

German demand for biodiesel fuel made from rapeseed is rising as soaring oil prices make vehicle operators seek alternatives, Germany’s biodiesel industry association said on Thursday. “Biodiesel demand has significantly increased in the past few months as oil prices rose so high,” said Karin Retzlaff, of the association of German biodiesel producers VDB. There are […]

Save – energy ageement signed: Philippines

DoST assures alternative fuels are ready The Department of Energy (DoE) and the oil industry yesterday agreed to work closely together to ensure continuous and adequate supply of petroleum products, and prevent unscrupulous parties from taking advantage of the unabated oil price increases in the world market. …To allay the fears of the people of […]

Venezuela will build three new oil refineries, President Chavez says

Venezuelan President Hugo Chavez says the state oil company plans to build three new oil refineries in coming years, and that his government would be willing to discuss establishing a new OPEC price band for world oil prices. Vancouver Sun

High Energy Costs Hit Industries: Kenya

Industries have seen their costs of production increase due to high electricity charges. Manufacturing industry chiefs yesterday said that power costs in the country account for more than 50 per cent of production costs and now want the Government to subsidise the cost of electricity. …Bamburi Cement’s Group Controller Mr Albert Sigei said that if […]

Shell takes next step in oil shale testing project

Shell Oil is preparing the next phase of its multimillion-dollar effort to see if oil shale production is viable enough to crank up a large commercial facility. Shell has received approval from Rio Blanco County, state and federal officials to conduct a $50 million, two- to four-year study of a groundwater freezing process, company spokeswoman […]

EMS calls for reduction in energy consumption in the UAE

Energy Management Services (EMS), the leading energy management and energy conservation company in the Middle East, has urged owners of real estate properties, residential, industrial and commercial establishments in the UAE, to reduce their energy consumption by adopting various energy saving solutions. The call from EMS comes at a time when the real estate market […]

Dems urge Bush to open gas reserves

With gas prices still climbing, some Democrats are intensifying pressure on the president to unleash millions of barrels of oil from the nation’s vast underground reserves saved for national emergencies. A sudden influx of oil into the market from the salt caverns of the Strategic Petroleum Reserve along the Gulf of Mexico could lower gas […]

‘Oil, gas sector open to investors’

Federal Minister for Petroleum and Natural Resources Amanullah Khan Jadoon has said Pakistan’s oil and gas sector is completely open to local and foreign investors. He was talking to a delegation of the China Petroleum Engineering and Construction Corporation (CPECC) which called on him here on Friday and exchanged views on investment opportunities in the […]

China’s oil purchase fraught with woes

China is now contemplating the Japanese mode of oil reserve construction, which is composed of government and enterprise oil reserves. Japan’s government oil reserves mainly handle crude oil imports, while those of enterprises deal with both crude oil and finished oil products. China’s target is not as ambitious as the SPR or Japan’s strategic reserve […]

Ecuador to borrow oil as protests halt production

Ecuador has asked to borrow crude oil from Venezuela after days of violent protests in its oil-rich Amazon region forced the suspension of production by Petroecuador, the state oil company. Magdalena Barreiro, economy minister, said on Friday Ecuador needed Venezuela’s help “in order to be able to continue exporting normally” after attacks on installations by […]

Democrats Turn Up Heat on US Pump Prices

U.S. Senate Democrats turned up the heat on the White House on Friday to act in the face of record-high U.S gasoline pump prices. The same day, the Senate Energy Committee set a September 8 hearing on what’s behind the prices, which hit a record $2.55 a gallon this week.Reuters via Breitbart.com

The Oil Drum: Guess who opposes Cape Wind?

NBC Nightly News had an interesting segment on Cape Wind, the wind farm that, should opposition be overcome, will be built in Nantucket Sound. Obviously, there are a chorus of residents up in arms about the effect the farm will have on their precious view, but included in that group was a name I never […]

Making Peak Oil Understandable

I finally received my copy of “The End of Suburbia” from the Post-Carbon Institute and watched it earlier this week. I realize now why this is a good tool for educating the average person about peak oil. While the cheesy 1950’s films on suburbia are perhaps not the best way to open the film, within […]

Russia to Supply Finland with Electricity

Russia, Finland to build underwater power line – Industry and Energy Ministry An underwater power line will be laid along the floor of the Gulf of Finland (Baltic Sea) to supply electricity from Russia to Finland, the Industry and Energy Ministry said Friday. If the project is a success, the sales market for Russian electric […]

Indonesian outage leaves 100m without electricity

Some 100m Indonesians were without electricity on Thursday as power outages hit the country’s main grid, leaving office workers in Jakarta trapped in elevators and the state-owned power monopoly struggling for an explanation.Perusahaan Listrik Negara said power was last night being restored across most affected areas after a failure hit the Java-Madura-Bali inter-connection system at […]

Relief Is In Sight

I’VE CALLED THE TOP in oil so many times in this column it’s getting embarrassing. Yet here I go again. I continue to believe that recent record prices are way overdone, and that we’re due for a major and long-lasting retracement, probably all the way back into the 40s in benchmark crude. . . . […]

Fitzsimons in Dunedin to Launch Peak Oil Plan (New Zealand)

Green Co-Leader Jeanette Fitzsimons will be in Dunedin on Monday to publicly launch the Party’s plan to prepare for ‘Peak Oil’, the end of cheap oil. “The price of oil is now over $60 a barrel, two years ago it was $30. Petrol at the pump is now $1.40 a litre. We do not believe […]

Secretive China Keeps Market on Edge Over Oil Stocks

China’s erratic oil demand growth may offer more unpredictable twists and turns after this month as Beijing considers how and when to fill the first tanks of its newly built strategic reserves. Traders are less worried about the strain the eventual purchases will place on tight markets than the prospect of an opaque, stop-start stockbuild […]

IMF Sees Greater Oil Risk to World Growth

The International Monetary Fund sees record high oil prices as having become a bigger risk to global growth, a German newspaper said on Friday, citing a draft of the fund’s forthcoming World Economic Outlook (WEO). “All in all, the dangers have become greater,” business daily Handelsblatt quoted the WEO, due for publication in mid-September, as […]

Drilling debate turns to cleanup costs

Activists issue report citing burden to taxpayers SAN FRANCISCO – Environmental groups set off a war of words with energy companies by releasing a report that they said puts taxpayers on the hook for the cost of cleaning up after the Rocky Mountain region

EIA says: Oil demand will outstrip supply

So here it is: The EIA officially is stating that oil demand will outstrip supply in the fourth quarter of this year. And again in 2006. Just look at the forecasts in this pdf sheet:http://www.eia.doe.gov/emeu/steo/pub/3tab.pdf I wonder what it will do with the oil-price, as it is already going sky high, even as supply is […]

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