U.S. firms fear revenge after China’s lost oil bid

When China National Offshore Oil Corp., the Chinese-government-owned oil company, dropped its bid to buy Unocal earlier this month, it said that political opposition in Washington had scuttled the plan. The question that U.S. oil companies now face is whether they might someday suffer similar political retribution in their own dealings with foreign governments. “It’s […]

Seoul, defying U.S., backs North on use of nuclear power

South Korea objected Thursday to a vital American stance in deadlocked nuclear disarmament talks on North Korea, saying that the North should be allowed to run a nuclear program so long as it is for peaceful use. The South Korean view defies Washington’s insistence that North Korea end all of its nuclear programs without exception […]

Depletion and Advanced Methods of Extraction

Some around here have been talking about production technology and revising HubbertMuch more interesting technical discussion after the jump at The Oil Drum. (The comments are especially good in this post.)

OPEC Shipments Seen Up 150,000 B/D To Aug 27 -Consultant

Oil shipments by the Organization of Petroleum Exporting Countries are expected to rise by 150,000 barrels a day in the four weeks to Aug. 27, a leading European tanker tracker said Thursday. Crude oil exports from OPEC are due to rise to 24.38 million b/d, up from 24.23 million b/d for the same period four […]

BP Chemical Plant Exploded

ALVIN, Texas — A small explosion and fire forced the evacuation Wednesday night of employees at a chemical plant owned by a subsidiary of BP. All the employees had been accounted for and there were no injuries, officials said. Newsday

Fuel Cell Motorbike to Hit U.S. Streets

A sleek, almost silent, nonpolluting fuel cell-powered motorcycle is set to begin gliding down U.S. streets by the end of 2006. The bike is dubbed the ENV (pronounced “envy”), short for Emissions Neutral Vehicle. The London-based company Intelligent Energy decided to develop the bike itself after years of cool reception to its fuel cell technology […]

In U.S., Climate Change May Hit Southeast Hardest

Climate experts say the continuing rise in global temperatures could affect some regions of the United States more than others. The low-slung, storm-whipped coastal areas from the Carolinas to Texas are most vulnerable. But no region is completely safe. National Geographic

Hundreds Of Truckers block Florida turnpike

MIAMI — More than 600 truckers gathered in their big rigs Wednesday to protest the rising gas prices in South Florida, NBC 6’s Hank Tester reported. The trucks, which included tractor-trailers, dump trucks and box trucks, gathered at the intersection of Okeechobee Road and the Florida Turnpike in Miami-Dade County. NBC 6

Iranians united on bid to go nuclear

IRAN’S right to nuclear energy and defiance of the West over its nuclear ambitions is the first issue since the 1979 Islamic Revolution that has galvanised all political factions, classes and public opinion in the country. Young and old, conservatives and reformists, regime supporters and regime haters are united in believing that Iran must not […]

Crude Oil Rises to a Record $66 as the IEA Cuts Supply Estimate

Crude oil rose to a record $66 a barrel in New York after the International Energy Agency reduced its estimate of output by Russia and other non-OPEC producers. The IEA cut its non-OPEC supply forecast by about 200,000 barrels a day, prompted by shutdowns in the Gulf of Mexico and the North Sea. Production will […]

Motorists driven to cheap fuel site

A website offering Dutch motorists a comparison of the prices at petrol stations in their region has had one million visitors in two days. Car leasing company Athlon in Almere set up the site and says the difference in fuel prices can be as high as 12 cents per litre, newspaper ‘De Telegraaf’ reported on […]

The Oil Drum: Discussing Prices and Demand

Over on Econbrowser there is a discussion going on relating to the Hirsch report, which we last discussed here. It is very much an economist’s discussion, but contains within it the continued question as to why, if the supply of oil in the world is drying up, haven’t we seen higher prices than we currently […]

U.S. prepared to grab oil-rich province after saturation bombing of Iran

According to sources within the German Federal Intelligence Service (Bundesnachrichtendienst – BND), the Bush administration has drawn up plans to hit Iran’s nuclear, other WMD, and military sites with heavy saturation bombing using bunker buster bombs and tactical nuclear weapons. (…) The Bush war plans for Iran also entail quickly seizing Iran’s southwestern Khuzestan Province, […]

Tropical Storm Irene reforms in Atlantic

Tropical Storm Irene reformed in the Atlantic and could eventually become a hurricane, the U.S. National Hurricane Center said on Thursday. The center said the chances of the 9th tropical storm of an unusually busy Atlantic hurricane season striking the United States remained uncertain, but Irene appeared to be on a course that could take […]

2005 Hurricane Season Will Be Stronger Than Projected

U.S. coastal residents already on edge because of two powerful and unprecedented July hurricanes are getting bad news today—the 2005 hurricane season is probably going to be worse than expected. In May, hurricane forecasters William Gray and Phil Klotzbach of Colorado State University predicted eight hurricanes would form this season. Of those storms, four would […]

Russia to supply 15 million tons of oil to China

Russia plans to deliver 15 million metric tons of hydrocarbons to China in 2006, Russia’s new ambassador to China said in a newspaper interview published Thursday. In an interview with Vremya Novostei, Sergei Razov said Russian crude oil exports to China by rail had tripled in the last few years. RIA Novosti

Interview: Solar Sunny Days

Solar energy is finally getting its day in the sun, buoyed by renewable-energy incentives and snowballing economies of scale. Former Stanford University professor Dick Swanson, the founder and CTO of Sunnyvale, CA-based SunPower, says there’s still an important place for the industry’s incumbent technology: crystalline silicon. …Government incentives are clearly still a key element. We […]

Oil Has Yet to Hit Problematic Height

The oil price turmoil spilled over into the stock market. The Dow Jones industrial average, up more than 100 points earlier Wednesday, finished down 21 points at 10,594 amid growing concern oil could reach $70 a barrel. At some point, high oil prices have to matter,” says David Briggs, head of global equity trading at Federated […]

Canada May Be Target for More Investments

Record high oil prices are boosting the allure for a country that holds the world’s second-largest pool of proven reserves after Saudi Arabia. That’s fueling the economy’s expansion and sparking a two-month jump in the Canadian dollar. Kinder Morgan’s $3.1 billion purchase of Terasen Inc., a Vancouver-based pipeline and natural gas company, brings the value […]

Pakistan fires new cruise missile

Pakistan says it has fired its first cruise missile, describing the launch as a “milestone” in its history. The Babur missile is capable of carrying nuclear and conventional warheads and has a range of 500km (310 miles), a military spokesman said. BBC

Iran warns the US and Europe

Iran has warned it would be a “grave miscalculation” for the US and EU to refer Tehran to the UN Security Council over its nuclear programme. ..Mr Nasseri rejected the criticism. “It is absolutely wrong to consider that only a few states in the world, the US and a few states in Europe, plus Russia, […]

Perils at the pump

Oil prices hit yet another record this week, on fears of political instability in the Middle East and refining problems in America. So far, the world economy has managed to chug along without much ill effect. But how long can consumers go on paying ever more at the pump without cutting back elsewhere? And why […]

Nuclear clean-up cost up to

Decommissioning the UK’s ageing nuclear power stations will cost billions of pounds more than originally expected. In its first report, the Nuclear Decommissioning Authority estimates that BBC

Asia’s oil demand growth story loses the plot

Oil’s surge past $65 a barrel this year has often been pinned on the notion that soaring Asian fuel demand is straining global supply. Asia’s physical markets, more in touch with fundamental oil flows than speculatively driven futures markets in London or New York, beg to differ. Demand across the barrel has deflated this summer, […]

Wind power to be China’s most promising renewable resource

China should boost wind power utilization, as the country is rich in wind resources and the technology for wind power generation is relatively mature, said Zhang Guobao, deputy director with the State Development and Reform Commission(SDRC),at China Power 2005 Forum held in Beijing Wednesday. The law on renewable energy resources will take effect as of […]

Oil giant to move into wind power

Plans have been unveiled for the erection of four 85 metre high wind turbines at the Total refinery site, Milford Haven. This is part of Total’s response to those conservationists who have long been warning of the negative effects of greenhouse gases, exacerbated by the burning of fossil fuels, and to other experts who warn […]

IEA cuts non-OPEC oil supply growth forecast

Non-OPEC nations are failing to deliver as much oil as expected this year despite record high crude prices, the International Energy Agency said on Thursday. Non-OPEC countries are set to pump only 675,000 barrels per day (bpd) of fresh oil this year, sharply down on the additional 1.1 million bpd in 2004, the energy watchdog […]

How to Live Without Oil

The conventional wisdom is that $50-a-barrel oil has made alternatives to fossil fuels economically viable. But the truth is that they were viable back when oil was $25 a barrel. The arguments in favor of phasing out oil have now merely become overwhelming.That’s true everywhereEnergyBulletin

Symbols, slogans and spin

The recent OnlineJournal report on Bilderberg 2005 confirms the intent and complicity of our leaders and the transnational corporations and banking interests they serve to create a One World Government using the UN, or similar institution, and to further diminish America economically and to ultimately abdicate US sovereignty and the Constitution to a Regional and […]

Chavez uses oil to wield influence in the south

Cheap oil, contracts for a state-owned shipbuilding yard and concessionary credits for workers’ co-operatives were all on the agenda yesterday as Hugo ChFinancial Times

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