Some oil money is up to no good

In case $3-per-gallon gas isn’t depressing enough, consider what your gas money pays for: A bull market in Saudi stocks. Handouts for Fidel Castro. And weapons for anti-American terrorists.Oil-producing states haven’t seen a windfall like this since the twin price shocks of the 1970s. Persian Gulf countries this year will earn about $291 billion in […]

Petrol Dollar = Canadian Dollar

Reported in the Harris Nesbitt (Bank of Montreal) Andrew Busch update for Aug 22nd: “…Now there is a compelling case to be made that energy is a key driver of the loonie [Canadian Dollar]…. A rough and ready estimate suggests that the currency rises by five cents (US) for every US$10/barrel rise in oil prices. […]

It’s All About the O; Oil

I flew to Chicago over the weekend for a bachelor party. And while I’d love to give you all the dirty detailsof Saturday night’s exploits, I’m afraid that the information could “get into the wrong hands,” if you know what I mean. In any case, as I was waiting at O’Hare for my flight to […]

New Fuel Economy Rules Unveiled

The Bush administration announced new fuel economy rules Tuesday that require improved mileage for the sport/utility vehicles and other light trucks that have captured a majority of U.S. auto sales. Speaking from Atlanta, Department of Transportation Secretary Norman Mineta and Jeffrey Runge, the current administrator of the National Highway Traffic Safety Administration, said that under […]

Gas gripes: readers speak up

Readers weigh in on how rising prices at the pump have taken a toll on their lives. NEW YORK (CNN/Money) – Whether the effect of surging gas prices has been a minor daily inconvenience or a major life change, it’s clear people are looking for a place to vent their frustration. The nationwide average price […]

The Oil Drum: DOE US Oil Demand by Product %

I know we’ve heard and written here a million times before that transportation accounts for nearly 70% of our national oil consumption, and this image really hits that home.The posting of this image was prompted by a discussion of whether it might be easier to ask people to turn their thermostats down a degree or […]

Costly gas won’t mean empty roads

AAA says more drivers will hit the road this Labor Day, but increase will be smaller than usual. NEW YORK (CNN/Money) – Drivers will still own the road this Labor Day, but the increase in car travel from a year ago is expected to be the smallest in about two years as gasoline prices hover […]

NPR: Peter Maass on ”The Breaking Point” for Gas Demand (Audio)

The government of Saudi Arabia — the world’s largest oil exporter — says the country can keep up with global oil demand for 30 to 50 years. But experts dispute that claim, especially since demand continues to grow in the United States and China. Journalist Peter Maass traveled to Saudi Arabia to examine the country’s […]

OPEC Not Bothered About Quotas For Now – Daukoru

Edmund Daukoru, minister of state for petroleum, said constrained refinery capacity was the main reason for record high oil prices and all producers could do was ensure crude was available when additional refineries are installed. “We are so far from worrying about quotas. I think for now OPEC will be happy for any member who […]

National Iranian Oil Company to turn into one of world’s top two oil companies

National Iranian Oil Company is set to become one of the world’s top two oil companies once a master plan for improvement of systems and promotion of productivity at the Company is completed. Head of the International Institute for Energy Studies Mehdi Assali told IRNA on Tuesday that the first phase of the master plan […]

The Oil Price Mirage

The recent run-up in oil prices drew interesting reactions. Some analysts have tried to explain how reductions of crude demand by refineries can push crude prices up![1] Proving that even corporate economists donVonMisesInstitute

Pat Robertson calls for assassination of Hugo Chavez

VIRGINIA BEACH (AP) Venezuela is the fifth largest oil exporter and a major supplier of oil to the United States. The CIA estimates that U.S. markets absorb almost 59% of Venezuela’s total exports. Venezuela’s government has demanded in the past that the United States crack down on Cuban and Venezuelan “terrorists” in Florida who they […]

Energy Risks and the Economy

…But hereMorgan Stanley

The $10,000 Question

I don’t share Matthew Simmons’s angst, but I admire his style. He is that rare doomsayer who puts his money where his doom is. After reading his prediction, quoted Sunday in the cover story of The New York Times Magazine, that oil prices will soar into the triple digits, I called to ask if he’d […]

Aren’t there alternatives to oil?

MSNBC.com answers your questions on business, personal finance The relentless rise of gasoline prices has readers asking about a variety of solutions to the problem — including alternative energy sources. Michael in Virginia thinks it’s time for a crash program to convert to a “hydrogen economy.” Marian in Arkansas thinks tax breaks for hybrids will […]

Indian oil firm mulls PetroKazakhstan bid

Oil and Natural Gas Corp. was outbid by China National Petroleum NEW DELHI – India’s biggest state-run oil company, Oil and Natural Gas Corp., may make a counteroffer for PetroKazakhstan Inc., the chief executive of the Indian company said a day after it was outbid by a unit of China National Petroleum Corp. “We lost […]

Rising gasoline prices spur thefts, violence

Many station owners switching to prepay policy to deter crime MONTGOMERY, Alabama – The death of an Alabama service station owner illustrates the point that a gasoline industry group makes over and over to its members: Losing money during a drive-off isn…

An Oil ‘Crisis’?

What should our government do?

We will be lucky if they do nothing. But, with Congressional elections coming up next year, that is very unlikely. Candidates for Congress next year, and politicians hoping to run for President in 2008, are virtually guaranteed to come up with all sorts of “solutions.”

GOP USA

Constitution drafted; Sunnis not on board

Shiite and Kurdish politicians beat a midnight deadline yesterday and submitted a draft constitution to Iraq’s National Assembly, but legislators postponed voting on the document for three days in a final bid to gain the support of skeptical Sunni Arab leaders. After months of negotiations and a one-week extension, legislators had been expected to either […]

Oil, China, and India

Although China and India have just announced an agreement, which will see their countries combining efforts to bid on energy assets, they are still pursuing their own targets as well. They are not limiting themselves to just oil fields either. Anything connected to the petrochemical field is considered essential; plastics are of special importance. At […]

Japan firms scurry for oil concessions in Middle East, Russia, Brazil

Major Japanese trading firms are scrambling to secure rights to exploit oil and natural gas deposits in the Middle East, Russia, Brazil and other regions, seeing these concessions as key to expanding their earnings, a leading financial daily here reported Tuesday.Marubeni Corp. has won a concession on an oil field in Qatar, while Mitsui and […]

Refineries to Play Major Role in Oil Pricing

Nowadays, economic growth is bonded with the oil industry through petroleum refineries and petrochemical plants. Since this bond recently become a usual headline for debates, it is crucial to the oil industry to globally contain such update in the economical growth. The issue of petroleum refineries and its capability is one of several strategies appointed […]

Iran in the Crosshairs

Starting in 2006, Iran will start up an “oil bourse”, or a stock exchange for trading energy, that will be based on the euro, not the US dollar. While this may seem innocuous, it will be a grave risk to continued American global hegemony.RaisetheHammer

Why aren’t 350 bombs exploding simultaneously big news?

I truly don’t like the way that relations are shaping up. On one hand you have the United States (and maybe Britain). On the other you have the China complex. Is the flap about Iran about Iran, or is it about China, or is it about oil? Are we seeing the alignment of a major […]

The Railroading of Amtrak

Although government support of rail is necessary–since passenger fares seldom cover the full cost of train service–this subsidy pales in comparison to the hidden costs of road travel. For example, in the United States, few people realize that direct taxes on automobiles and gasoline barely cover two thirds of the cost of road building, maintenance, […]

Riding Down the Curve: How Cities Can Survive the Energy Crisis

Barring some major disruption to the oil supply, prices will probably fall over the next three weeks as the summer “driving season” winds down and demand for gasoline eases temporarily. However, even as the cyclical aggravator fades, the underlying supply constraint will come back to haunt prices every time either demand cycles up toward the […]

Manila sees high oil price hitting GDP growth

Record-high oil prices have forced the Philippine government to scale down its economic growth expectations for 2005 to about 5 per cent compared to its official target of 5.3 per cent, Budget Secretary Romulo Neri said today. Neri, who was the economic planning chief before his appointment to the budget department last month, said the […]

IMF report to warn of oil price threat to global economy

Oil prices spiralled to over $67 a barrel earlier this week and many analysts have cautioned the economy could be headed for a recession if such high prices continue.Yesterday the price of oil jumped $1 to above $65 a barrel after news that rockets hit two US warships docked in Jordan and another in southern […]

Oil prices and the Rule of Bigness

The largest retailer in the world, Wal-Mart, reported last week that sales and profits for the three months ending July 31 were a little worse than expected because “our consumer continues to be impacted by higher gas prices.”The New York Times could barely contain its delight. The economy is slowing down because of soaring energy […]

Iraq oil flow halted by sabotage

Saboteurs triggered a cascade of blackouts that halted Iraq’s entire oil export capacity for most of Monday, a move that cost the country almost $60 million in lost exports and rattled already jittery world markets.Government officials blamed the outage on insurgent attacks that toppled key power pylons in central Iraq and darkened broad swaths of […]

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