EU to help China curb coal-fired emissions

China and the European Union are on the verge of announcing a big investment into new technology for reducing the greenhouse gas emissions from coal-fired power stations. The announcement, expected to come from the EU-China summit on Monday, is significant as it could help cut the carbon dioxide produced by China. Financial Times

Kuwait donates $500 million in oil to U.S.

KUWAIT – Wealthy OPEC nation Kuwait said on Sunday it is donating $500 million in oil products and other humanitarian aid to its ally the United States to ease severe shortages caused by Hurricane Katrina. He said the aid gesture was a duty towards a friend by the tiny Gulf Arab state which was liberated […]

The Oil Drum: The Global Nature of Oil and CERA/Yergin Redux

In good news, it appears they are getting some refineries on line faster than earlier anticipated. In bad news: concerns that the US need for European supplies will drag on for more than a month, are already being expressed. And $100 a barrel oil is no longer an unmentionable in the news media. This concern […]

Peak Oil Gets Some Political Attention

Luke Crawford was interviewed in the latest edition of theWatt Weeky Podcast (mp3 download here, interview starts at 14:40min). Luke is the first person in Canada to run for a political position on a peak oil campaign. He ran in the most recent provincial election in British Columbia in Canada for the Green Party. He said that he is disturbed by the fact that no government has any plans whatsoever for peak oil and he expects it will be chaotic when peak oil does hit. Although he didn’t win his riding, he raised the issue many times and had ads in newspapers stating that the number one issue is energy depletion.

Iranian oil well blasts cut production

LONDON – Iranian oil ministry officials were Saturday assessing how much crude oil had been affected after five of the country’s crude oil wells were shut down following blasts early Thursday. “Things are still being assessed. It is not exactly clear as to how much oil has been affected or for how long,” one Iranian […]

Air fares to rise after Katrina creates a jet-fuel shortage

British Airways and Virgin Atlantic are set to increase the fuel surcharges on their flights as a jet fuel shortage in the US is threatening to ground flights. The situation in the wake of Hurricane Katrina is so bad that some airlines – such as Continental – have taken to carrying extra fuel on board […]

White van man to go green

White van man, the scourge of town and city centres across the country, is the latest surprise candidate to join the green revolution. A British engineering company is preparing to unveil the most advanced electric delivery vehicle to date. Capable of 50mph, it outpaces an older, more cumbersome generation of electric vans – often blamed […]

Britain on course for lasting pain at the petrol pumps

Katrina’s effect on the oil price may have been short and sharp – pushing crude to a $72 peak on Tuesday before it fell back to $67 by the end of the week – but the impact on petrol prices shows signs of lasting longer. Last week some Americans were already paying more than $3 […]

Oil at $70 a barrel? It’s no big deal – yet

Oil prices have soared, and petrol is up 14 per cent since January. But no angry motorists are venting their spleen on garage forecourts. Neither do many economists believe the world faces recession as it did in 1973, when oil prices shot up following an Opec embargo in response to an Arab-Israeli war.The Guardian

All washed up

Oliver Morgan looks at the economic consequences of Katrina’s fury leaving the US offshore oil industry in ruins With a death toll in the thousands, widespread flooding, rampant looting, a million people evacuated from their homes and the declaration of a public health emergency, Hurricane Katrina has already been called America’s worst natural disaster – […]

Big oil groups prime pumps for

The oil giants Royal Dutch Shell and BP are to spend millions upgrading their petrol pumps and station forecourts to allow them to charge higher prices. …Industry sources estimate that up to 70% of the country London Times

Biofuels: Fill your tank with nature

You may not have noticed, but BritainThis is the vision of the biofuels lobby, until recently dismissed as being as far-fetched as El Dorado. But the biofuels solution to eco-motoring is gradually becoming a reality. While hybrid petrol-electric motors such as the Toyota Prius hog the headlines, many believe the environmental benefits of hybrids have […]

Cost of warm, stocked house surges

It’s in everything from sandwich bags, microwaves and stereos to DVDs, cars and computers. Even the adhesive on shampoo labels and the caulking around bathtubs across America depends on it. Oil and natural gas are the base materials for chemicals and raw materials that show up in more than 90 percent of the consumer goods […]

Energy saving plan proposed

Alarmed by surging oil prices, the Korean government said yesterday it will announce compulsory energy-saving measures that include restrictions and mandatory holidays in the service industries if prices rise further. At a meeting with the governing Uri Party, the Ministry of Commerce, Industry and Energy shared plans to combat worsening oil supply conditions. The ministry […]

Hundred-dollar oil no longer unthinkable in wake of Katrina

..”If we have supply disruptions in Saudi Arabia, Iraq or Venezuela or Nigeria, then it could be even worse,” said Tony Nunan, manager for energy risk management with Mitsubishi Corp’s international petroleum business in Tokyo. “We could easily have a bigger problem if this sort of thing (labour strike) or terrorist attack occurs in a […]

Soaring oil prices won’t ground Asian flyers, but carriers may suffer

Soaring oil prices are unlikely to ground Asian travellers ahead of the year-end holiday season but airlines could see profits sharply eroded by escalating jet fuel bills, analysts say. A wider range of choices, including cheaper tickets from low-cost airlines, would still encourage air travel but long-haul destinations to Europe and the United States may […]

Fuel Price Hike: Uniben Students Threaten to Storm Abuja in Protest

Students of the University of Benin (UNIBEN), yesterday, vowed to storm the Federal Capital Territory, Abuja, to register their protest over the recent increase in the prices of petroleum products, warning that the Federal Government should be held accountable for any crisis that may engulf the nation if the increase is not reverted, vowing to […]

US must find an alternative to oil guzzling – fast

Seldom can a political leader have spoken more counter-intuitively than when President George W Bush appealed to his fellow citizens that they should “only buy gas if you absolutely have to”. Not only his own career, but that of the dynasty that spawned him, has been built on precisely the opposite advice – use as […]

Why the oil price is a hurricane in a teacup

“WHEN the oil price was $US30 a barrel last year the general view was that it was a really bad thing and that if the price got to $US40 we’d all be rooned. When it got to 40 the consensus agreed that this was very bad indeed, and that 50 would be a global disaster. […]

Special Report: Hurricane Katrina Damage Assessment

Thus far, the effects of Hurricane Katrina on the upstream industry in the Gulf of Mexico have seemed light compared with the problems inflicted on onshore refining and transport facilities. But when put in perspective with the problems caused by last year’s Hurricane Ivan, Katrina proves to have packed quite a punch.Rigzone

Amid Drawdowns, DOE Plans SPR Expansion to 1 Bln Bbls

While the oil market is gripped by the impact of plans to release emergency crude oil supplies in the wake of Hurricane Katrina, the U.S. Department of Energy is in the early stages of a move to boost the Strategic Petroleum Reserve by 38% to 1 billion barrels. Currently, the SPR holds a record 700.5 […]

The Oil Drum: This is only a breathing space, will it be used?

There is additional information on the oil that will come from Europe and other sources. The loss in production, and from the oil imported through the LOOP is more than 2 mbd, and while the LOOP (Louisiana Offshore Oil Port) is operational, the situation down near where Katrina first came ashore is not that good. […]

Spot Shortages of Gas Reported Around Country

Less than a week after Hurricane Katrina severely disrupted energy supplies, spot gasoline shortages were reported yesterday at service stations in New York City and across the country heading into the three-day Labor Day weekend. If consumers do not heed warnings to refrain from panicked buying, industry officials and analysts said, the situation could worsen. […]

OPEC Looks at Boosting Products Output

OPEC members could reschedule refinery maintenance or release products from commercial stocks to help ease supply problems caused by Hurricane Katrina, Acting Secretary-General Adnan Shihab-Eldin said on Saturday. “Some OPEC countries that have export refineries, like Kuwait … and others, are looking if they can help … maybe by operating their refineries at full capacity, […]

IEA Chief Warns of Global Energy Crisis

The head of the West’s energy watchdog said in an interview on Saturday that Hurricane Katrina could spark a worldwide energy crisis if damage to U.S. refineries led to a big increase in U.S. purchases of European petrol. “If the crisis affects oil products then it’s a worldwide crisis. No one should think this will […]

Iran Official: Blasts at Oil Wells ‘Terrorist Operations’

Explosions at oil wells around the southwestern Iranian city of Ahwaz were of a terrorist nature, an official of the Khuzestan province governor’s office told Dow Jones Newswires Saturday. The explosions Thursday were “terrorist operations” against Iranian oil interests, and a number of people have been taken onto custody, said Gholam-Reza Shariati, deputy governor-general in […]

Iraq’s Kirkuk Crude Oil Exports Halted

All exports of Iraq’s Kirkuk crude oil through a major pipeline to Ceyhan on Turkey’s Mediterranean coast were stopped on Saturday after a bomb blast set the pipeline on fire, an oil ministry source said. “The blast halted all exports, it stopped them completely,” the source told Reuters.Reuters

Abandon the car for free transport

West Midlands drivers are being offered free public transport if they forego their car as part of an international green campaign. The region’s public transport executive Centro is calling on people to support “In Town Without My Car Day” later this month with the offer of free travel cards – which can be used on […]

Industrial nations to release oil stockpiles

Petrol futures prices on Friday fell more than 10 per cent as the world’s industrialised countries agreed to release 60m barrels of oil and petroleum products from their emergency reserves. The US will shoulder half of the burden, releasing 30m barrels of crude oil over the next month from the strategic petroleum reserve (SPR). European […]

APEC ministers plan oil coordination

Asia-Pacific finance ministers at their meeting next week will call for increased policy coordination between oil-producing and -consuming states, including the launch of annual dialogue in the International Energy Forum, to curb surging oil prices, according to a draft joint statement. The ministers from the 21-member Asia-Pacific Economic Cooperation forum will also call for ensuring […]

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