Oil Rises First Day in Four on Expected Decline in Inventories

Crude oil rose for the first day in four in New York on expectations a report today will show U.S. fuel inventories plunged after Hurricane Katrina shut production in the Gulf of Mexico and closed refineries. Five refineries remain shuttered and Gulf oil output is 57 percent lower than before the hurricane struck the coast […]

CNOOC Chief Economist Predicts $90 Oil

Oil will peak at $90 per barrel by March of next year, CNOOC Dep. Chief Economist Zhang Weiping said at conference discussing China’s energy needs in Beijing on Monday. Zhang also expected global oil production to peak at 94-100 mb/day during the next five years. “High oil prices will have adverse affects on China’s economy,” […]

Consumers face chill from winter heating bills

Heating oil, natural gas prices jump months before cold weather sets in Already reeling from a surge in prices at the gas pump, American consumers are also confronting sharply higher winter heating bills. At a time when the energy industry is typically busy building stockpiles for winter, Hurricane Katrina knocked out roughly 10 percent of […]

U.S. oil production to return by November

DOE: Recovery depends on pace of repairs to damaged rigs, refineries WASHINGTON – Domestic oil production and refinery output should return to pre-hurricane levels by November, the Energy Department said Wednesday, as repairs are made to damaged oil rigs and Gulf coast refineries. The departmentBut barring an unusually slow pace of repairs, the agency said […]

$3 gas — is it here to stay?

Experts say retreat from record oil prices is near, but relief could be modest, and brief. NEW YORK (CNN/Money) – The pain of $3 at the pump could end soon for many Americans, but the respite in gasoline prices may be modest — and only temporary, energy experts said Wednesday. In any event, gasoline prices […]

Search for gas in Mississippi a daily odyssey

BILOXI, Mississippi (AP) — Pamela Brooks had to have gasoline — even if it was only a few gallons and the price was ridiculous. On the hurricane-battered Mississippi coast, gasoline means getting around and surviving.CNN

Oilcast #22 – Katrina, the oil business and mypoic markets

Oilcast.com returns after its summer break with a look at the effects of Hurricane Katrina on the oil business. Whilst the mass media trumpet wild speculation and conjecture Oilcast.com looks at the reailty. Myopic markets, basic truths and analysis that is not driven by panic… Listen here now Oilcast.com is now a member of http://www.prx.org/

The Oil Drum: Field by Field on CERA

I thought it might be interesting to check on some of their projects. For those who might be interested in doing their own “field by field” study on the supplies of oil that can be anticipated over the next five years I have copied the list from the CERA presentation discussed earlier and will give […]

Al-Qaeda and the house of Saud: Eternal enemies or secret bedfellows?

The United States is dependent on Saudi oil, but the Saudi regime is dependent on the US for its survival. Current US policy toward the kingdom should use that leverage to call for genuine reform, rather than just supporting the royal family in the belief that it will keep terrorists at bay. If the US […]

Swift says oil and gas flowing at Piakau well (NZ)

Houston-based explorer Swift Energy said today that oil and gas were flowing at its Piakau North A-1 well in Taranaki. The well had tested at rates of up to 7 million cubic feet of gas and 400 barrels of condensate and was undergoing long term production testing, it said. NZ Herald

India’s appetite for energy is unlikely to be curbed soon

Professor Sumit Ganguly, Professor of Political Science and Director of the India Studies Program Indiana University, Bloomington, made this speech as an expert witness at a Senate panel hearing convened by Senator Richard Lugar on the energy needs of India and China and its implications for the US. He was recently named head of the […]

China firm refines Kazakh oil deal

China National Petroleum Corp (CNPC), which last month triumphed in a bidding war to buy a strategically important oil company with operations in neighbouring Kazakhstan, is in talks to sell up to half the US$4.18bil acquisition to Kazakhstan’s state-owned oil firm even before the first deal is closed. The Star

Senate doesn’t agree on next step for steep gas prices

Pump prices should drop to an average $2.60 a gallon this quarter and fall another 20 cents next year, Guy Caruso, administrator of the federal Energy Information Administration, told a hearing of the Senate’s Energy and Natural Resources Committee. Energy Committee Chairman Sen. Pete Domenici, R-N.M., and ranking Democrat Sen. Jeff Bingaman of New Mexico […]

Left threatens protest against oil price hike

India’s Prime Minister Manmohan Singh seems to have got only partial success in his efforts to secure the endorsement of the Left parties for a petroleum and diesel price hike, as the Left parties announced today that the government had not acted on their directions on the issue and therefore they were launching a countrywide […]

India and Indonesia react to oil price rises

India on Tuesday made a long-awaited move to increase retail prices of diesel and petrol. Indonesian officials also indicated they were considering bringing their own price rise forward to as early as October 1, following disappointment in financial markets over a vague plan unveiled last week. The shift by two of Asia’s biggest economies signals […]

Eurozone ‘at risk from oil price shock’

The eurozone economy is suffering chronically weak demand, is more vulnerable than the US to an oil price shock, and could be at risk from deflation, the Organisation for Economic Co-operation and Development warned yesterday. In his latest global economic assessment, Jean-Philippe Cotis, the OECD’s chief economist, said signs of a pick-up in European economic […]

US warns China on Iran oil

China will be increasingly in conflict with the United States if it continues to pursue energy deals with countries like Iran and is unlikely to gain the energy security it seeks, a senior US official said on Tuesday. ..He said Beijing’s ties to what the United States considered troublesome states — the list also included […]

World

The world is in the grip of a major oil ArabTimes

Alternative Energy Search Renewed

Fuel cells, solar power, wind power and other alternatives generally remain more costly than oil, gasoline and natural gas despite the recent increases in the price of crude oil and other fuels. Solar, wind and fuel cell markets grew from $9.5 billion in 2002 to more than $16 billion last year, according to Clean Edge, […]

Teck digs itself into oil sands

Teck Cominco Ltd. will be the first mining company to take a major role in the oil sands, paying $475-million for part of the Fort Hills project in a deal that also sets a new benchmark for asset prices in the booming region. Teck’s acumen in open-pit mining in harsh climates means Petrocan and UTS […]

India joins search for petroleum in Cuba

India will join efforts to search and drill for petroleum in the largely unexplored Gulf of Mexico waters off Cuba’s coast. We are also negotiating an agreement with Repsol,” he said, referring to the Spanish petrochemicals firm Repsol YPF. Canadian company Sherritt also is exploring off the island’s coast. SifyNews

Gasoline near historic high as Congress struggles to respond

With Americans now paying $3.06 a gallon on average for regular gasoline – up 45.9 cents from a week ago, according to new government figures – Congress returned to work Tuesday in a frenzy to attack price gouging and pursue new legislation to encourage both oil drilling and energy conservation. YahooNews

China and Australia partner to address global warming

The Australian government is encouraging corporations to enter the Chinese renewable energy market under more than AUS$1 million dollars worth of new projects announced Monday by Environment Minister Senator Ian Campbell. ENS

Senator wants price gouging protection

Asking fellow senators to put finger-pointing over Hurricane Katrina’s devastation aside, the head of the Senate Energy Committee called Tuesday for a gasoline and oil act to protect citizens from price gouging. CNNMoney

Giant grasses could replace fossil fuels in next decade

WITHIN the next ten years, fields across Europe and North America could be dense with the dancing fronds of elephant grass, a crop with a serious chance of replacing coal and oil in electricity generation. New trials of Miscanthus giganteus in Illinois show that giving over just 10 per cent of the arable land to […]

Report: Oil Peak between 2010-2015

Foundation Peak Oil Netherlands have made an analysis based on new oil projects, declining oil production, future discoveries, possible increases from the existing decling base and technological increases. Their conclusion is that oil production will peak between 2010 and 2015. A first draft version of this analysis can be found at this weblink: http://www.peakoil.nl/images/oil_production_outlook_2005-2040.pdf Comments, […]

Vegetation growth may quickly raise Arctic temperatures

WASHINGTON — Warming in the Arctic is stimulating the growth of vegetation and could affect the delicate energy balance there, causing an additional climate warming of several degrees over the next few decades. A new study indicates that as the number of dark-colored shrubs in the otherwise stark Arctic tundra rises, the amount of solar […]

Manchester develops new wave energy device: The Manchester Bobber

The University of Manchester and the University of Manchester Intellectual Property Limited (UMIP) in partnership with Mowlem plc and Royal Haskoning, are developing an innovative and patented new wave energy device known as the ‘Manchester Bobber’. The Manchester Bobber’s inventive features utilise the rise and fall (or ‘bobbing’) of the water surface. This movement transmits […]

Oil companies advance recovery efforts

U.S. energy industry’s desperate push to recover from Hurricane Katrina began to pay dividends on Tuesday, as nearly half of the refineries fully or partially closed by the storm returned to service. MSN Money

Chaos as Iraq limits driving to save fuel

BAGHDAD, Iraq (Reuters) — The country with the world’s third largest oil reserves should not run out of fuel. But Iraq has come perilously close to doing just that. To save fuel, and to general confusion, the government has ordered half the capital’s car fleet off the roads on any given day.Tuesday was the first […]

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