Letters to The Guardian: High cost of oil addiction

Vincent Cable’s theory that the current rise in oil prices is only temporary is seriously mistaken (We have been here before, August 8). This time we are most likely to see an unprecedented fall in worldwide oil production while demand for oil is rising. Cable claims that Opec has 2m barrels per day of spare […]

Bush open to use of force in Iran

US President George W Bush has refused to rule out the use of force against Iran over the Islamic republic’s resumption of nuclear activities. In an interview with Israeli television, Mr Bush was asked if the use of force was an alternative to diplomatic efforts. Mr Bush replied: “All options are on the table.” ABC

Energy Ministry signs MOU for Floating Storage Oil

The Ghanese Ministry of Energy and Kampac Oil Company of the US have signed a 70-million dollar Memorandum of Understanding for a Floating Storage Oil (FSO) Unit, off the shores of Tema. Professor Mike Ocquaye, Minister of Energy, signed for Ghana, while Mr Charles Ampofo, Chairman of Kampac Oil, signed for his company. Mr Ampofo […]

Drought dries up much of France

More than two-thirds of France is suffering from a drought that has forced authorities to limit the use of water for agriculture and led to regional bans on filling pools, washing cars or running garden sprinklers, the ecology ministry said Thursday. Conditions were “severe” in areas in western France, the ministry said, adding that further […]

Venezuela-Shell tax row heats up

Venezuelan tax authorities have closed a Royal Dutch Shell office for 48 hours and asked for an injunction on some of the oil firm’s assets in a tax dispute. The row centres on a $131m (BBC

Ranking of Top Corporate Air Polluters: Toxic 100 Index

Researchers at the Political Economy Research Institute at the University of Massachusetts (PERI) announced that their ranking of top corporate air polluters will now be called the Toxic 100. “The Toxic 100 informs consumers and shareholders which US corporations release the most toxic pollutants into our air,” says James K. Boyce, director of PERI’s environment […]

EPA Issues Annual Fuel Mileage Booklet

The EPA has issued its annual fuel mileage guide with complete ratings for the 2005 car model year. The guide tells you each model’s mileage, what you can expect your annual fuel cost to be, and special information such as whether the model is subject to a gas guzzler tax, or conversely an alternative fuel […]

Errors Cited in Assessing Climate Data

Some scientists who question whether human-caused global warming poses a threat have long pointed to records that showed the atmosphere’s lowest layer, the troposphere, had not warmed over the last two decades and had cooled in the tropics. Now two independent studies have found errors in the complicated calculations used to generate the old temperature […]

Number of Hungry in Africa Will Grow without Changes in Policies

Tens of millions of Africans will continue to go hungry over the next 20 years unless major changes in trade and aid policies are enacted, a research institute said Thursday. More than 38 million children will suffer from malnutrition in 2025 if trends continue, and current policies will do little to improve long-term prospects, the […]

Researchers Share Results of Massive Air Study

NASA scientist Stephanie Vay spent last summer chasing bad air. Aboard a DC-8 loaded with instruments, she and other researchers trolled the sky for 10 hours a day, measuring the atmosphere. Vay’s data from those trips showed an unusual pattern — near the top of the troposphere carbon dioxide existed in varying concentrations. Scientists generally […]

Better Ask Santa For Gasoline

There are still 135 shopping days until Christmas, but smart shoppers may want to put gasoline futures at the top of their list now. Crude oil, heating oil and gasoline futures all are trading at record highs on the New York Mercantile Exchange, and there are strong signs that runaway gains won’t be reined in […]

S Korean Officials Seek IEA’s Help To Stem Oil Price Rise

With oil prices setting fresh record highs daily, some South Korean government officials want the International Energy Agency to take a more active role in bringing them under control. “There’s more than enough supply now, but prices keep going up. This is a strange phenomenon – nobody really knows why the prices keep rising. The […]

EIA: Oil Prices Driven by ‘Very Tight’ Mkt, Terror Fear

Oil prices are being driven higher by “very tight” market fundamentals, and there are no “magic” solutions to push them lower, the government’s top oil market analyst said Thursday. The comments by Guy Caruso, chief of the Energy Information Administration, the statistics arm of the U.S. Department of Energy, suggest that the government views the […]

Will America Be Ready When Oil Supply Peaks?

BUDGET DEFICITS explode. Inflation rules. Stock markets plunge. Houses foreclose. Great powers clash. This may be our future if we do not take more serious steps on energy than those offered in the energy bill that President Bush recently signed. With oil prices hitting all-time highs and war raging in Iraq, serious concerns about “peak […]

High Oil Prices Affect You, Believe It

As of this writing, the price of oil has reached a record $66 a barrel, with analysts predicting it will continue to rise the remainder of the year. But despite the astronomical climb in prices this year alone, a number of analysts and soothsayers are still trying to convince us the additional costs “aren’t affecting” […]

Report: Power snag shuts down Memphis Premcor refinery

A power outage has stopped production at the Memphis Premcor refinery, according to Reuters. A company spokesman said she had no details about what caused the outage, and would not provide information about when the refinery would be back online.Memphis Business Journal

The Oil Drum: Shepherd Bliss on Peak Oil and Fear

Upon first hearing about Peak Oil, a few years ago, I doubted it. Much more with Shepherd after the jump at The Oil Drum.

Oil Rises to Record $66.50 on Concern Supplies are Inadequate

Aug. 12 (Bloomberg) — Crude oil rose to a record for a fifth straight day, touching $66.50 a barrel in New York on speculation that increased fuel demand may outpace production capacity. “There are concerns that supply is peaking,” said Kyle Cooper, an analyst with Citigroup Inc. in Houston. “Demand is still good and we […]

Is the world’s supply of oil starting to run out? Yes.

As agriculture in the United States and Europe matured, the need for fertilizer grew exponentially. Guano, or sea bird droppings, was the answer. There were small guano sites in the Carolinas and other Southern states. But the mother lode was concentrated on the islands off the Peruvian coast, where light rainfall and thousands of years […]

Poll: Gas prices a growing pain

The pinch at the pump is starting to feel more like a punch for a growing number of Americans. With gas prices soaring, almost two-thirds of those surveyed for an AP-AOL poll expect fuel costs will cause them financial hardship in coming months. That was sharply higher than in April, when about half felt that […]

Thai Airways hits air pocket

Loss-making Thai Airways International Plc (THAI), one of the largest airlines in Asia, has stripped its president of power and set up a new management committee to run the company. The dramatic corporate shakeup comes just days before the national carrier is expected to post quarterly losses of about seven billion baht (US$171 million) – […]

Texans blame gas prices on greed

Report: Survey for state oil group also reveals that 55 percent believe industry is underregulated. Even Texans are blaming corporate greed among the nation’s oil industry for rising energy prices, according to a published report. The Houston Chronicle reported Friday that a survey conducted among 753 Texans late last year for the Texas Alliance of […]

Island looks to hydrogen to solve job woes

Unst, in Shetland, Britain’s most northerly inhabited island, is hoping to lead the country by developing an economy based entirely on hydrogen. The community of 700 which has just been dealt a blow with the announcement of the closure of the RAF Saxa Vord early warning station, a relic of the cold war, hopes to […]

Trade deficit up as oil imports hit high

America’s trade deficit increased sharply in June as surging oil prices pushed petroleum imports to an all-time high. The politically sensitive deficit with China also set a record. …More than half of the trade deterioration in June reflected America’s surging foreign oil bill, which hit a record high of $19.9 billion, an increase of 9.8% […]

The Oil Drum: Pictures are sometimes worth more than a 1000 words…

This is a picture of some EIA data that, well, you can send to folks who might have a hard time “getting” peak oil. It doesn’t get any easier than this to understand. The point is: demand will grow and supply ain’t gonna grow much more, if at all. More after the jump at The […]

Singapore wants to help Indonesia develop oil and gas industry

Singapore hopes to help Indonesia develop its oil and gas industry, Singapore’s Trade and Industry Minister Lim Hng Kiang has said. At the Indonesia-Singapore Forum in Singapore on Friday, Mr Lim said both countries should leverage on each other’s economic resources for growth. Said Mr Lim, “This is a very huge resource. The market is […]

Vegetable oil fuel becomes a reality for Galway

A Galway company is recycling used vegetable oil from Galway restaurants into a fuel which will supply the bus and truck fleets of two city companies. …However, meeting all of Galway’s fuel needs in this way is still some distance off. “Recycled vegetable oil is a small resource. If you used all the vegetable oil […]

Coal-Based Fuel Cells: A Giant Leap

The Department of Energy today announced the first two projects selected under the Department’s new Fuel Cell Coal-Based Systems program. The projects will be conducted by two research teams—one led by General Electric Hybrid Power Generations Systems and the other by Siemens Westinghouse Power Corporation—and they share the same goal: to develop the fuel cell […]

Ethanol’s fuel additive benefits continue to spark debate

Ethanol is a growing business for Midwestern corn farmers, who can make more money growing an additive for gasoline than raising food for people and animals. But even as corn-laden trucks rumble into the Adkins Energy LLC plant, and tanker trucks bearing the colorless liquid roll out, destined for gas stations, scientists have never fully […]

Fuel prices set to cripple businesses

Hauliers in West Norfolk are calling on the Government to lower fuel duty or face a possible repeat of fuel protests staged five years ago. Companies’ profit margins have been squeezed this year as oil prices have soared to around $64 a barrel, up 40 per cent on last year. A spokesman for one of […]

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