The ”Super Spike” in Oil Prices

The recent spike in prices at the pump has been “shock and awe” for the American driver MEMRI

China’s Kazakh prize: The expert opinion

Success is not yet assured for the Chinese National Petroleum Corporation’s bid for the Canadian oil company PetroKazakhstan (PK). That will require a two-thirds vote by shareholders at a meeting to be held in October, and probably the approval of the Kazakh government, which has had tense relations with PK in the past. India’s OME […]

The Oil Drum: The Peak of Light Sweet Crude?

Vital Trivia recently made a fascinating claim that light sweet crude has passed its peak production. If true, this is a very significant milestone in the peak oil story, and strong evidence for the idea that there is a near-term peak in total liquids production. But is it true? Let’s take a closer look.Unfortunately, public […]

Chinese takeaway is going nowhere

…But concerns about China’s energy deals are overblown. It is immaterial who owns oil reserves as sooner or later the oil ends up on the world market. If China decides to hoard oil from one of its foreign reserves, say in Kazakhstan or Sudan, it frees up a barrel of Saudi oil for the world […]

It’s Now or Never for the Arctic Refuge

U.S. activists: The Arctic National Wildlife Refuge is facing its most serious threat ever. Congressional proponents of drilling are planning to use a backdoor maneuver in the federal budget-setting process to try and authorize drilling. Tell Congress not to drill in the Arctic Refuge. Increase your impact: add your own thoughts to your message by […]

Fuel Hardy

Drivers set to pay any price for gas WASHINGTON – Everywhere thirsty cars, appalled drivers. The remarkably precise signs displaying prices change daily. New records have been set nearly every day for the last two weeks in the Washington area, the first time that’s ever happened.…Unlike the older cities of Europe, American cities and suburbs […]

China’s oil thirst worrisome

China’s growing thirst for oil will place a greater strain on the world’s top supplier, Saudi Arabia, at the very time doubts are being raised about the kingdom’s ability to substantially increase production. Should output falter in Saudi Arabia and other Middle East countries, some analysts warn of growing tension – or even conflicts – […]

Oil production in Russia to slow next year

Russia

India to seek to bid jointly with China for oil assets worldwide

India will seek to jointly bid with China for energy resources in other countries after losing out to its giant neighbour in a bid for Kazakhstan’s third-largest oil producer, a report said Wednesday. The loss of the bid “underlines the need for China and India to adopt a collaborative approach in bidding for oil and […]

Venezuela’s Chavez Squeezes Oil Companies With Taxes, Raids

On July 14 in the western city of Maracaibo, Venezuelan government tax auditors and a prosecutor went to the offices of Chevron Corp., the second-largest U.S. oil company. They seized boxes of records to build a case that San Ramon, California-based Chevron and 21 other energy companies owe Venezuela $3 billion in back taxes. The […]

Venezuela Vice President Slams Robertson

Venezuela condemned American religious broadcaster Pat Robertson for suggesting President Hugo Chavez should be killed, saying he committed a crime that is punishable in the United States. Officials in Washington distanced themselves from Robertson, saying his statements did not reflect the position of the U.S. government. Vice President Jose Vicente Rangel said Venezuela was considering […]

Don’t expect China to be ethical on oil – until the US is

This week’s Dollars 4.18bn (Pounds 2.3bn) bid by state-owned China National Petroleum Corp (CNPC) for PetroKazakhstan, the Canada-based central Asian oil group, helps to illustrate two important truths about the world energy business today. First, China’s eagerness to buy access to foreign oil and gas for its growing economy has not been in any way […]

New energy policy creates worry

The energy policy of a country is a vital document. For it guides many things such as energy supply or availability, production of energy, its utilization patterns, its conservation, etc. But the major concern of a national energy policy ought to be also in relation to the environment. …According to press reports, the government of […]

Indian Companies Should Aggressively Bid for Foreign Companies

India’s state-owned oil companies should aggressively bid for overseas ventures to boost the country’s energy security, Petroleum and Natural Gas Minister Mani Shankar Aiyar said Wednesday. Indian companies have been focusing on oil exploration assets abroad to meet the needs of the fast-growing economy. “If we want to be a global player, we have to […]

Jamaica Signs on to Venezuela’s Oil Plan for Caribbean

Jamaica became the first Caribbean nation Tuesday to finalize an agreement with Venezuela on a new plan for the South American nation to supply oil to countries throughout the region under below-market terms. Prime Minister P.J. Patterson emerged from a private meeting with Venezuelan President Hugo Chavez to announce the details of Jamaica’s participation in […]

Nine US states plan to cut power plant emissions

Officials in New York and eight other Northeastern states have come to a preliminary agreement to freeze power plant emissions at their current levels and then reduce them by 10 percent by 2020, according to a confidential draft proposal. The cooperative action, the first of its kind in the nation, came after the Bush administration […]

Coal-powered plant told to get clean or shut down

A coal-burning power plant on the Potomac River that has been polluting Virginia’s air for years could shut down tonight if state-ordered remedies cannot be implemented. Mirant Corp.’s Potomac River plant in Alexandria, which has been a target of state enforcement and environmentalists for years, was told Monday by the Virginia Department of Environmental Quality […]

Coal Burning Man?

As thousands of Bay Area residents head out to Nevada’s Black Rock Desert this week for the Burning Man festival, an energy company has other intentions for the land around this ancient lake bed: construction of a massive, coal-fueled power plant. “It’s such an incredible place,” says Justin Miller, a Burning Man participant and a […]

Coal-import terminals planned

Saying someone was “carrying coals to Newcastle,” a city near English coal mines, was a once-common way to call someone foolish. Now, energy companies, including some in Virginia, are readying to do their own version of coal-carrying, but it doesn’t sound all that foolish. Times Dispatch

Proven gas, oil reserves of Tahe Oilfield tops 500 mln tons

The proven geological reserves of crude oil and gas at the Tahe Oilfield in northwest China has reached 543 million equivalent tons of petroleum, said a source with the Northwest Company of the China Petroleum & Chemical Corporation. The reserves rank the Tahe Oilfield, located in the northern Tarim Basin in Xinjiang Uygur Autonomous Region, […]

Is natural gas China’s next oil?

China’s voracious energy appetite has already helped drive crude oil to record levels and now the country threatens to do the same to natural gas as it strives to replace dirty coal with the cleaner-burning fuel. A senior Chinese energy researcher said this week that his country will accelerate its move away from coal because […]

Surge in oil prices worries Saudi Arabia

The world’s top oil exporter Saudi Arabia said yesterday it was concerned by a rally that took oil prices to all-time highs this month. Foreign Minister Prince Saud Al Faisal also warned that high price levels would last until refinery capacity constraints were addressed. “We are preoccupied by the quick rise in crude prices … […]

Renewable Energy Brings Water to the World

In the future, few things will be more important than ample supplies of clean water to ensure economic success, good health and political stability across the globe. Every day solar and wind energy systems are saving billions of gallons of clean water around the world and the opportunity exists to save much more water. Fittingly, […]

China’s Rising Oil Needs May Lead to World Tension

China’s growing thirst for oil will place a greater strain on the world’s top supplier, Saudi Arabia, at the very time doubts are being raised about the kingdom’s ability to substantially increase production. Should output falter in Saudi Arabia and other Middle East nations, some analysts warn of growing tension – or even conflicts – […]

The Oil Drum: The Growth of Peak Oil

In a prior post a couple of months ago, I was beating my head against a wall (figuratively, of course) because peak oil coverage was not growing…actually flatlining, especially in comparison to “climate change” and “global warming.”Well, the last couple of months, that’s changed. Here’s the graphic that SB linked us to that shows a […]

China May Allow State Oil Cos to Build Fuel Reserves in South

South China may allow state-owned oil companies to build strategic fuel reserves in the country’s south as a cushion against future shortages and price rises, the Wen Wei newspaper reported, quoting a senior Shenzhen Municipality official. Shenzhen Development and Reform Bureau vice-director Shen Yi was quoted as saying that PetroChina and Sinopec, China’s largest oil […]

Chavez Offers To Sell At Cut Rate Oil To Poor In US

Venezuelan President Hugo Chavez offered Tuesday to sell his country’s oil at cut rate prices to poor people in the U.S. who can’t afford the price of gasoline, the Cable News Network reported. Chavez, who provided no more details, made the comment in Havana where he is winding up a visit.NASDAQ

The fuel behind Iran’s nuclear drive

Much of the argument over the intentions of Iran’s nuclear program revolves around a single proposition that goes like this. Given that Iran has huge oil and gas reserves, it has no need for nuclear power for domestic energy needs and thus its nuclear program will be used for nuclear weapons. Like much so-called conventional […]

Bad Policy Fuels High Prices

As millions of Americans hop in their cars for vacation, the average price for a gallon of gas has spiked to $2.60 — and many people are paying more than $3.00 per gallon to fill their tank. While most everyone is feeling the pinch, “for many lower-income people — often those who work in service […]

Kazakh oil coup for China, India cries foul

China National Petroleum Corporation (CNPC), China’s largest oil and gas producer, reached an agreement with PetroKazakhstan Inc on Monday to buy the Canadian-registered company for US$4.18 billion. If the deal closes as expected in October, it would become the largest-ever overseas acquisition for a Chinese firm, breaking the record set when Lenovo acquired IBM’s PC […]

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