Economic Damage from Katrina

WASHINGTON

Old, fuel-guzzling jets tax Northwest

Complicating matters for Northwest Airlines as it struggles through its mechanics’ strike: The USA’s No. 4 carrier flies very old planes. Northwest’s planes average 18.2 years, by far the oldest fleet of any major U.S. airline, according to industry tracker Back Aviation Solutions. Its oldest planes are nearly 40 years old.The older planes, designed and […]

The Oil Drum: Refineries, Rigs, Pipelines, PF and the LOOP, what next?

The Oil Drum is back online (ISP problems this morning) and putting up posts as we speak on damage report aggregation and other energy, rigs, refineries, and the like.We are still working on our DNS addressing mechanism too, so come in through the front door of The Oil Drum.

$100 oil and how to profit from it

For those banking on higher oil prices, trading currencies instead of oil may be a more profitable endeavor as it generates both capital appreciation and interest income. And the currency pair to bet on is the Canadian dollar-Japanese yen duo. If oil ever hits $100, CADJPY will too.

Korea, India oil firms win Nigeria sites

Korea National Oil and India’s ONGC Videsh won oil and gas production rights to two Nigerian offshore blocks, the first time companies from the two Asian nations have had stakes in Africa’s largest crude producer. …The two blocks – officially known as 321 and 323 – have, according to seismic data, the most promising oil […]

Russian, Italian leaders eye closer energy ties

Russian President Vladimir Putin and Italian Prime Minister Silvio Berlusconi expressed their readiness to expand bilateral cooperation in the energy sector during their talks on Monday. Russia and Italy have “very serious plans” to develop relationsin the energy sector, Putin told a joint press conference with Berlusconi after their talks in the Black Sea resort […]

Natwar to visit Iran next month to discuss pipeline

Indian Foreign Minister Natwar Singh will visit Iran in September for talks with new President Mahmoud Amedinejad that will likely include a proposed $7.4 billion gas pipeline between Iran and India, media reports said on Sunday. His three-day visit from September 2 follows a trip to Iran in June by Indian Oil Minister Mani Shankar […]

Oil : Canada produces less

June 2005 (preliminary) Crude oil production declined 4.6% compared to the same month last year, continuing the downward trend observed since the beginning of the year. Production fell 6.3% during the first six months of the year compared to the same period a year earlier. Read more

Iraq war is not winnable, says expert

Like Vietnam, the war in Iraq is not winnable because there are no clear military targets to achieve, says an article published in The Washington Post on Sunday.The author, Lewis M. Simons, an ex-Marine who covered the Vietnam war for the Associated Press and the Post, says that he had an

Peru’s glaciers in retreat

Soon, like many other glaciers in Peru, will have disappeared almost completely. At about 5,000m, or just over 16,000ft, it is one of the glaciers worst affected by climate change in Peru. And Peru, in turn, is one of the countries worst affected by climate change in the world.BBC

Gas prices squeeze some small firms

NEW YORK The USA’s more than 20 million small companies have been especially hard hit, as pump prices soared to an average $2.60 a gallon last week, up 39% from a year ago, AAA says. With less capital, they can’t always invest in new equipment or take other steps to boost energy efficiency. Small companies […]

Katrina cuts oil output by a third

This is even before the hurricane has done any significant damage to oil infrastructure. This loss is due only to evacuations. Whatever damage is done by the storm itself may, in some cases, take a year or longer to repair. God knows how many billions that will cost or whether repair crews will even be […]

Could Katrina Be Bush’s ”Perfect Storm”?

We hate to use the “perfect storm” clichHurricanes give presidents the chance to look presidential, and Bush has ordered up a lot of federal aid for the region; after the storm blows through, we’ll see if he tours damaged areas. But gas prices have plagued Bush throughout August. Along with Iraq, they dragged on his […]

Katrina, high oil prices strain ailing airlines

Storm forces some carriers to cancel flights at busy Atlanta airport ATLANTA – The one-two punch of Hurricane Katrina and oil prices briefly topping $70-a-barrel is giving the beleaguered major airlines just what they donThe result could mean more pain for Atlanta-based Delta Air Lines Inc., a major carrier to the area affected by the […]

White House Says ”Too Early” for SPR Oil Decision

The White House said on Monday it was considering whether to use the government’s emergency oil stockpile in response to any disruptions caused by Hurricane Katrina’s rampage through the Gulf of Mexico, but that it was “too early” for a decision. “Obviously the Strategic Petroleum Reserve is there for emergency situations, and that would include […]

Oil firms fear offshore damage

Hurricane may have damage Gulf of Mexico platforms, undersea pipelines NEW YORK – Hurricane Katrina paralyzed the oil industry in the U.S. Gulf of Mexico Monday, raising fears that damage to offshore platforms and pipelines could trigger a supply crunch in the worldThe U.S. Coast Guard said Monday it received early reports of oil platforms […]

Auto worker union boss goes hybrid

UAW head owns hybrid Ford SUV and worries about effect of gas prices on demand for “Big 3″ trucks. DETROIT, (Reuters) – Unlike most owners of fuel-sipping gas-electric hybrid vehicles, United Auto Workers President Ron Gettelfinger acknowledged Friday that he is concerned about high U.S. gasoline prices. That’s because the UAW, which has failed to […]

NYMEX: ‘Force Majeure’ on gas contracts

August ‘05 contracts are operating under the consideration because of a pipeline shutdown. NEW YORK (CNN/Money) – The New York Mercantile Exchange said Monday that delivery obligations for natural gas futures contracts for August are operating under “Force Majeure” considerations due to the shutdown of a major pipeline in Louisiana. The NYMEX said in a […]

Crude Surges, Gasoline Seen Higher

Crude oil prices, as well as wholesale gasoline prices, are on the rise as the markets react to Hurricane Katrina’s trek through the Gulf of Mexico. ….. The Bush administration is expected to announce later Monday whether it will tap the nation’s emergency stockpile of crude.KXAN.com

OPEC to Propose 500,000 bpd Output Hike

OPEC President Sheikh Ahmad al-Fahd al-Sabah said on Monday he will propose the cartel raise its output by 500,000 barrels per day when the group meets in September in an attempt to help cool oil prices at record highs. Sheikh Ahmad, also Kuwaiti oil minister, said he will also propose a 500,000 bpd increase in […]

Greenspan: End of home boom inevitable

U.S. home prices could fall as the housing boom “inevitably” slows, Federal Reserve Chairman Alan Greenspan said on Saturday as he cast doubt on central banks’ ability to sway such asset values. (…) In unusually explicit terms, the central bank chief gave his reading of challenges he sees facing his still-unknown successor and laid out […]

Asia under pressure to curb oil usage, citizens resistant

As oil prices edge ever higher, Asian governments are under pressure to reduce consumption and explore alternatives, but for many citizens, car ownership remains a holy grail and calls for change are being ignored. .. there is little evidence to show that rising oil prices — which last week hit a record 68 US dollars […]

Spain Aims to Double Energy from Renewable Sources

Spain approved measures on Friday aimed at nearly doubling its production of energy from renewable sources like wind, sun and water over the next five years. The plan aims for investment of 23.5 billion euros ($29 billion) in the renewable sector from 2005 to 2010, with private companies footing the majority of the bill. The […]

The deepening climate crisis

The category four storm threatening to cause havoc around the Gulf of Mexico is another example of the way global warming is altering the world’s weather systems, environmental campaigners say. As Hurricane Katrina bore down for a second time on Florida – with New Orleans in Louisiana also in its sights – parts of central […]

Pioneering effort aims to tackle global warming

In the north of Scotland, preparations are under way for a power station that will test the limits of science in attempting to tackle global warming. The plant, planned by BP and Scottish and Southern Energy, the UK energy companies, would convert natural gas into carbon dioxide and hydrogen. Electricity can be generated from the […]

Stepping on the gas on Caspian oil

Petroleum minister Mani Shankar Aiyar’s plans to link oil and gas supplies from Russia and Caspian Sea to Asian markets is finally taking shape with GAIL (India) Limited proposing a joint working group with Botas of Turkey. The proposed group would conduct a feasibility study for laying an oil pipeline connecting Baku (a port in […]

Dhaka mulls five-day week, fuel price rise

Bangladesh may move to a five-day work week and raise fuel prices to control soaring energy costs that have strained the economy of one of the world’s poorest countries, the official BSS news agency said yesterday. The nation of 140mn people currently has a six-day work week. Finance Minister M Saifur Rahman told the news […]

Energy challenge: more options than we realise

International oil prices are in the news every day. The Indian bureaucracy is doing a great job running around the world competing with China to lock up future supplies of oil and energy. But, unfortunately, a great job is not good enough here. If we do procure enough supplies and our personal and governmental budgets […]

Dollar Drops as Oil Prices Surge to Record on Hurricane Concern

The dollar fell against the euro in Europe on speculation a surge in the price of oil to more than $70 a barrel will further erode U.S. consumer confidence. The U.S. currency extended last week’s 1.1 percent drop as Hurricane Katrina disrupted oil production in the Gulf of Mexico, adding to concern rising gasoline prices […]

Carpooling for Katrina?

I feel rather helpless watching Katrina bear down on Southern Louisiana, the great city of New Orleans and the entire state of Mississippi. This could be an enormous disaster that ripples well beyond the directly affected disaster zone. Indeed, the port of Southern Louisiana handles a significant percentage of US oil imports from abroad. There […]

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