Lawmakers feel pressure on gas prices

But Capitol Hill has little to offer in relief President Bush and members of Congress are facing an uncomfortable political reality this summer: They have little to offer Americans to ease their pain at the pump. With gasoline prices nearing or topping $3 per gallon in some cities, Bush and lawmakers would be thrilled to […]

The Oil Drum: An op-ed in the Bergen County Record

Normally, an article including the words “Hubbert’s Peak” and explaining the concept of peak oil and referring to Deffeyes and Simmons wouldn’t be anything new for us. But this one’s a little different, I think. First, it’s an op-ed from the Bergen County Record, a relatively small paper in Northern New Jersey. Second, it’s written […]

Sailboats take to the wind as gas prices soar

Fuel costs appear to be curbing sales growth of motor vessels in Seattle Sailboats are looking better. Trips on the motor yacht might be getting shorter. Record fuel prices appear to be making an impact on the leisure-boat industry around Puget Sound. While sales continue to grow this summer due to low interest rates and […]

Rule No. 1 – Do NOT Threaten The Pusher

Iran produces 4 million barrels of oil a day. Every single cupful has someone’s name and address on it and, as supply dwindles, every cupful turns a shinier shade of gold. Any threat to Iran’s economic or physical security will be followed by a short phone call to all stakeholders (anyone who imports oil) with […]

Gas find in north part of North Sea

Hydro has found gas in exploration well 35/2-1 in the north part of the North Sea. The well has proven a large gas deposit and chances for a commercial development are considered good. Exploration well 35/2-1 was drilled in the Peon prospect, just west of the Agat field at a water depth of 384 meters, […]

What keeps driving oil prices higher?

With oil prices racing toward $70 a barrel, Answer Desk readers want to know what it will take to send prices lower again. Wyatt in Florida wants to know just how much more oil is out there. And Mark in San Francisco can’t see why oil speculators are allowed to bid up prices — and […]

Indonesia considers quitting OPEC

The government said it is considering to quit the Organization of Petroleum Exporting Countries (OPEC) as the country’s oil production has continued to decline to the point where it is barely enough to meet domestic requirements. A team has been forced to study the benefits and losses of remaining in the oil cartel, Energy and […]

Russia

Russia

Wall Street giants see oil rising

Wall Street giants Goldman Sachs and Merrill Lynch have revised upwards their predictions for the price of oil. Oil prices rose to a record of $67.10 a barrel last week on supply and refinery worries and there are fears that prices will not fall and may go even higher.

World Officials Want Global Warming Action

Environmental ministers and officials from 23 countries met Thursday near a glacier that is retreating at an alarming pace and agreed that governments must stop arguing over global warming and start acting. The meeting in the Arctic town of Ilulissat came at the end of a three-day trip by the officials through Greenland’s spectacular but […]

Fusion Research: What About the U.S.?

The site for the International Thermonuclear Experimental Reactor (ITER) has finally been chosen: southern France. Both the European Union and Japan were bidding to host ITER, and the selection of one of them opens the way to the scientific demonstration of controlled fusion energy production and removes perhaps the last major impediment to a project […]

Cebu plans ban on private cars amid oil crisis

CEBU CITY–Local officials and businessmen have come up with their own energy conservation program in the wake of a looming oil crisis. One of the measures was the plan of Mayor Tomas Osme MQ7

Syria signs oil exploration contract with Canada, Kuwait

Syria has signed an contract with Canadian and Kuwaiti oil companies to explore oil and gas in its central region of Palmyra, the official al-Thawra newspaper reported on Thursday. The 25-year contract worth 14.4 million US dollars to cover an exploration area of 50,051 square km, was signed on Wednesday by the Syrian Company of […]

We’re fast running out of puff, energy firms warn

Some of the world’s biggest wind energy companies have warned they could soon pull out of Australia because of a lack of Federal Government support for renewable power. Hundreds of jobs and billions of dollars worth of investment are at risk and farmers stand to lose over $19 million in landholder lease payments within the […]

Qantas warns oil price will raise fares, cut staff

Qantas has warned of higher ticket prices and more job losses, despite making a record profit. “We face a difficult 24 months because of the unprecedented cost of fuel, which we believe will stay at historic high levels,” Mr Dixon said. “This will involve some very difficult decisions.” The Australian

Ecuador troops move as protest hits oil exports

Ecuadorean troops took control of government buildings in two Amazon provinces and reinforced security at oil wells on Thursday as they moved to quell protests that have slashed crude production and exports, a senior officer said. Acting after President Alfredo Palacio declared a state of emergency in the provinces of Sucumbios and Orellana late on […]

Petrobras Makes Amazon Region Priority

Brazil’s federal energy company Petrobras (NYSE: PBR) has made the northern Amazon region one of its priorities for the expansion of its natural gas and light crude reserves, company officials told reporters during a tour of its operations in the region. …At the current output rate, says Murakami, the Urucu field will only last another […]

Oil May Fall as Record Fuel Prices Reduce Demand, Survey Shows

Crude oil may fall for a second week as record gasoline prices deter consumers, reducing demand, and global production increases, a Bloomberg survey showed. Thirty-three of 69 analysts and strategists surveyed, or 48 percent, said oil will decline next week. Twenty, or 29 percent, said prices will rise and 16 forecast little change. Bloomberg

Russia’s energy grip tightening

President Vladimir Putin is tightening his grip on Russia’s energy industry, creating state-run companies big enough to compete with Exxon Mobil and BP. Putin said last month he was aware Gazprom had held talks with Sibneft shareholders. “This is the next step toward state domination of the energy sector,” said Roland Nash at Renaissance Capital […]

Tar Sands Companies Try Balancing Oil Gains, Environmental Pains

Nobody said sucking 175 million barrels of oil out of sand was going to be easy or tidy. And it isn’t. Environmental challenges posed by massive operations that strip-mine forests and extract bitumen embedded in sand beneath are proving as vast as Alberta’s tar sands region, an area the size of Florida. Rigzone

Gas prices hit record high for tenth straight day

Hawaiian motorists, who pay the highest prices in the U.S., may get some relief as the state becomes the first in the nation to put a price cap on gasoline. The new law, which takes effect Sept. 1, allows the state Public Utilities Commission to set a maximum wholesale price for gasoline in Hawaii, based […]

Peak Oil Crisis: Peak Oil & Car Pools

If we had to rank essential uses for oil, transporting a single person to work would have to fall somewhere near the bottom. At the top would be fueling the tractors that plant and harvest our food. Food transport trucks, and a long list of other kinds of trucks and buses, would be listed before […]

Hybrid buses could cut fuel costs: Shanghai

Shanghai is developing hybrid-engine buses to put the brakes on rising fuel costs and cut exhaust emissions, industry officials said yesterday. The first two transit vehicles that can switch between a diesel engine and electric motor will start trial operation next year, according to officials at Dazhong Transportation (Group) Co Ltd, one of the city’s […]

Dreaming of a Blue Christmas?

As gas prices hit new levels, will retailers discreetly pass along the costs to consumers? NEW YORK (CNN/Money) – Consumers are pinched. Retailers are squeezed. Who’ll get bruised first by higher fuel prices as the countdown to the holiday shopping season gets underway? Some analysts say retailers will avoid passing along the higher costs of […]

More wind energy to power Nova Scotia

Nova Scotia Power has signed a deal to buy energy from a wind power project on the Tantramar Marsh on the province’s border with New Brunswick. It is hoped the Amherst Wind Energy Project will produce about 100 gigawatt hours of energy annually by 2007. That’s enough to supply 10,000 homes. The turbines will be […]

Goldman: Crude to stay high long term

Bank raises five-year outlook by $15 to $60 a barrel, says cost uncertainty is hindering investment. LONDON (Reuters) – Goldman Sachs raised its U.S. oil price forecast for the rest of this year Thursday by $13.50 to $67 a barrel as demand outstrips supply and the industry sits on billions of dollars it could invest […]

In U.S. heartland, anxiety over Iraq, oil

BROKEN BOW, Neb., Aug 18 (Reuters) – In the solidly Republican state of Nebraska, voters are expressing deep anxiety about rising gasoline prices and the war in Iraq, a possible early warning sign for President George W. Bush in one of his most reliable strongholds. When Republican Sen. Chuck Hagel traveled around his home state […]

Energy Prices Plummet as Demand Falls

Energy prices plummeted Aug. 18, but not to any bargain levels, as the American Petroleum Institute reported a big drop in US demand during July because of high fuel prices. Energy futures markets also were impacted by a US Labor Department report of a larger-than-expected increase in wholesale prices in the same month, signaling that […]

The Oil Drum: Gas Tax Increases…Destroy Demand NOW!

We should institute a $0.50-1.00 gas tax. This would help reduce demand and show that markets work. The tax would allow individuals to make decisions on how best to deal with higher gas prices. This would unleash the technical innovations that the U.S. is capable of and find alternatives to high oil as well as […]

World running out of time for oil alternatives

PETTEN, Netherlands (Reuters) – The world could run out of time to develop cleaner alternatives to oil and other fossil fuels before depletion drives prices through the roof, a leading Dutch energy researcher said on Thursday. Ton Hoff, manager of the Energy Research Center of the Netherlands, said it could take decades to make alternatives […]

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