Arab Gulf oil wealth to be spent on foreign assets

Arab Gulf oil producing countries will embark this year and next on a “massive accumulation of foreign assets” as they cash in on record oil prices and soaring worldwide petroleum demand, a new report says. The region will buy about $360bn (€290bn, Financial Times

Kuwait clears oil project with foreign participation

A Kuwaiti parliamentary committee has approved a controversial project to develop the country’s northern oilfields with foreign companies’ participation, local newspaper Kuwait Times reported yesterday. The parliament’s Financial and Economic Affairs Committee has approved the plan for foreign contractors to develop four oil fields in northern Kuwait after a series of meetings with Energy Minister […]

Soaring oil hits Japanese trade

Japan’s normally buoyant trade balance is experiencing a slide as the soaring cost of oil hits home. New figures show the current account surplus – a broad measure of exports and imports of goods and services – falling by 15.3% in June. The biggest factor behind the smaller current account surplus is higher oil prices […]

Rosneft Plans to Become Russia’s Top Oil Producer by 2008

The president of state-owned Rosneft Oil Company Sergei Bogdanchikov told Russia’s President Vladimir Putin that by 2008 his company plans to overcome Lukoil oil major in terms of production and become the country’s top oil producer. The meeting between Bogdanchikov and Putin took place on Wednesday, Aug 10. Vedomosti business daily reported that Bogdanchikov told […]

Europe getting hotter, WWF warns

A new report from the Worldwide Fund for Nature (WWF) warns that temperatures in Europe’s major cities are rising.

S African proposal to halt Iran N-crisis

South Africa has proposed a compromise to break the diplomatic crisis over Iran’s nuclear programme, after Tehran on Wednesday removed United Nations seals from a uranium conversion facility in order to resume work on producing nuclear fuel. Pretoria’s intervention came as an emergency board meeting of the International Atomic Energy Agency adjourned without agreement on […]

The End is Nigh

Kunstler’s thesis is straightforward: Malthus was right, but cheap oil has postponed the day of reckoning, creating a century-long “artificial bubble of plenitude” and generating a host of intractable problems partly or entirely related to our prolonged energy spending spree. These problems include serious damage to our agricultural infrastructure, global climate change and the reorganization […]

Warming hits ‘tipping point’

A vast expanse of western Sibera is undergoing an unprecedented thaw that could dramatically increase the rate of global warming, climate scientists warn today. Researchers who have recently returned from the region found that an area of permafrost spanning a million square kilometres – the size of France and Germany combined – has started to […]

Explosion at BP plant near Alvin comes on heels of Texas City closing

BP Amoco firefighters are battling a blaze that broke out tonight after an explosion inside a chemical plant in Brazoria County. There were no initial reports of injuries from the explosion about 9:15 p.m. at the BP Amoco Chocolate Bayou plant on FM 2004 near Alvin, officials said.Houston Chronicle

Diesel alert and fears for stockpile push oil to new record

Oil prices soared to record highs yesterday as news of a fall in American gasoline stockpiles caused by strong demand from drivers spooked traders and a leading energy consultant warned that Europe faced a severe shortage of diesel within 10 years. The price of a barrel of crude on the International Petroleum Exchange for delivery […]

Iran Aide Warns Higher Oil Prices If Crisis Reaches UN-TV

Iran’s chief delegate to the International Atomic Energy Agency has made a thinly veiled warning that Western nations would see even higher crude oil prices if they pursue their threat to refer Iran to the U.N. Security Council over its uranium conversion program, CNN reported Wednesday from Vienna. However, the Iranian delegate, Sirus Nasseri, didn’t […]

MTBE Phase-Out will Stretch US Gasoline Supply-EIA

US refiners’ attempts to phase out a water-fouling gasoline additive could mean “transition pressure” for gasoline prices next summer, the US Energy Information Administration said Tuesday. Some refiners will phase out use of methyl tertiary butyl ether, or MTBE, because of liability concerns, the EIA said in its monthly supply and demand report. The chemical […]

Australian scientists use plastic to make steel

Australian scientists have developed a technique to use waste plastic in steel making, a process that could have implications for recycling scrap metal that accounts for 40 percent of steel production. Professor Veena Sahajwalla of the University of New South Wales has won a prestigious Australian science award for what she calls “the hottest research […]

Cash and moral benefits from the green car

I have been driving an environment-friendly hybrid car since March and the more I use it the harder it is to understand why more people are not doing the same. I reckon that my Toyoto Prius has halved my fuel costs and saves me The Times

US contingency plan for a Venezuela oil cut off

United States Congress has begun considering consequences of a potential Venezuelan petroleum cut off given the country’s “political instability”. The study looks at the effects on the U.S. economy of a possible interruption in petroleum supply, contingency plans, and how to cope and mitigate the negative impact of such an action said Robert Robinson, Managing […]

Oil will not run out in the near future

Basically it boils down to three factors. The first is that oil companies are struggling to meet heavy demand, not only from oil-short China but from the United States, with refinery capacity problems. The Organisation of Petroleum Exporting Countries is being co-operative. Yesterday OPEC increased production by 300,000 barrels a day, bringing its total daily […]

Indonesia urged to raise fuel prices

Indonesia’s vice president said Wednesday the government will experience “problems” if it does not raise fuel prices before the year’s end. The government hiked prices by nearly 30 percent in March to reduce the impact of fuel subsidies on the budget, and another increase would be hugely unpopular. Business Week

Number of missing miners in China coal mine flood rises to 123, survival hopes s

The number of miners missing in a flooded coal mine in southern China rose to 123 as hopes faded of finding any of them alive, China’s official news agency reported Wednesday. China suffers more than 5,000 deaths a year in floods, fires and other disasters in coal mines despite repeated government promises to tighten enforcement […]

Airlines Face Growing Fuel Shortage Risk

Lost luggage, bad weather and now … no fuel? While fliers haven’t yet had to add that problem to the list of headaches associated with air travel, it may not be far away. Airports in Arizona, California, Florida and Nevada recently came within a few days – and at times within hours – of running […]

Japanese firms interested in gas lines

In a major development, mainstream Japanese companies have shown interest to invest in laying down the structure of proposed gas pipelines from Iran, Qatar and Turkmenistan besides showing an interest in Pakistanhttp://www.tehrantimes.com/Description.asp?Da=8/11/2005&Cat=9&Num=020

60 jobs go at wind turbine plant

Sixty people could lose their jobs at a wind turbine factory after it announced it was closing due to irregular orders. Cambrian Caledonian at Llandygai near Bangor, which makes steel towers to support the turbines, will stop production next month.BBC

Roundup Is Killing Off Amphibians, Ecologist Says

Worldwide, amphibians are dying. And University of Pittsburgh ecologist Rick Relyea said he knows one way to kill them: Spray them with a little Roundup, the best-selling weed killer from St. Louis-based Monsanto. In a new study from Relyea, published in this month’s issue of the journal Ecological Applications, Roundup killed 98 percent of tadpoles […]

The Iranian nightmare

 1998, neo-conservative theorist Robert Kagan enunciated what would become a foundational belief of Bush administration policy. He asserted, “A successful intervention in Iraq would revolutionize the strategic situation in the Middle East, in ways both tangible and intangible, and all to the benefit of American interests.” Now, over two years after Baghdad fell and the […]

EPA Proposing Radiation Exposure Limits at Yucca Mountain for One Million Years

Conceding there’s no way to know what life will be like in a million years, the Environmental Protection Agency nevertheless proposed limits Tuesday on how much radiation a person should be exposed to from a nuclear waste dump in that distant time. The proposal would limit exposure near the proposed Yucca Mountain facility in Nevada […]

Carbonfund.org Makes it Possible to Offset Business, Home and Travel Climate Foo

As a socially responsible business or individual concerned about climate change, what do you do after you’ve changed your lighting, heating and other energy-using appliances? You are saving energy and money but are still producing pollution that causes climate change. Now you can eliminate your remaining climate footprint with Carbonfund.org. Carbonfund.org purchases and retires carbon […]

Iraqi experts call for national oil policy

Iraq needs a comprehensive law governing its oil industry and must encourage its private sector to participate in developing the country’s oil wealth, according to a draft proposal released Tuesday. The draft was issued at a seminar sponsored by Iraq’s former planning minister, Mehdi Hafedh, who said “the problems of Iraq are connected with the […]

Reserve Judgment In Deal for Unocal, Chevron Gambles On High Oil Prices

Chevron’s decision to swallow Unocal comes amid an increasingly tense debate over whether the world’s oil supplies have hit a peak and are about to start running out. If so, that will mean sky-high oil prices and a race for control of companies such as Unocal that own proven reserves. Some leading oil companies, including […]

Japan Asks China to Stop Drilling Gas in Disputed Waters

The Japanese government suspects China has begun drilling gas in the East China Sea along a disputed sea border, and has asked Beijing to stop, officials said Wednesday. Japan and China have been feuding over claims to undersea gas deposits in the East China Sea and the delineation of their exclusive economic zones in the […]

OPEC Pres: OPEC Ready to Pump More Oil if Mkt Needs It

The Organization of Petroleum Exporting Countries stands ready to pump more oil “as and when the need arises,” its president said Tuesday. Sheikh Ahmad Fahad Al Sabah, who is also Kuwait’s oil minister, said in a statement OPEC’s total output is 30.4 million barrels a day and rising.Schlumberger

Oil Surges to Record on Gasoline Worries

Oil prices surged a dollar on Wednesday as dealers focused on tightening U.S. gasoline stockpiles amid strong demand from summer drivers and a spate of recent refinery problems. Prices also gained on worries over possible supply disruptions from the Middle East after the United States closed its diplomatic missions in Saudi Arabia this week due […]

« Previous Page — Next Page »

LATEST NEWS HEADLINES

• Why the IEA is Wrong About Peak Oil Demand
• Did we inadvertently speed global warming?  
• Venezuela’s Oil Monopoly Eases
• Why Germany is Choosing Natural Gas Over Nuclear Power
• U.S. coal-fired electricity generation decreased in 2022 and 2023

• America Cracks Down on Methane Emissions from Oil and Gas Facilities
• Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
• Is It Time To Refill America’s Strategic Petroleum Reserve?
• Oil prices set to end year 10% lower as demand concerns snap winning streak
• What’s Driving America’s New Oil and Gas Boom?
• China’s peak oil demand bombshell eviscerates Danielle Smith’s energy strategy