A disaster waiting to happen: oil spills in Norway’s Arctic waters

Concerns about high oil prices and instability in the Middle East have meant that the Arctic — home to a quarter of planet’s untapped oil and natural gas — has become one of the final frontiers for natural resource exploration and exploitation. In 2004, some 12 million tons of oil were shipped from northwest Russia […]

China- Saudi Arabian oil deal on the rocks

A 20-mln-ton oil depot project between Saudi Arabia and China in the southern province of Hainan has been suspended, due to hesitation on the Saudi side, an official with the Hainan provincial government told Interfax on Thursday. In the run up to an official visit by Saudi King Abdullah specualtion has been rife as to […]

Anglo-Irish Sellafield row in EU legal limbo

A high-ranked legal advisor to the European Court of Justice (ECJ) has said Ireland breached EU law by taking a case about the UK’s Sellafield nuclear power plant to the United Nations. ECJ advocate general Miguel Poiares Maduro announced on Wednesday (18 January) that the Sellafield case should be dealt with in EU courts, not […]

EU seeks new supply routes in wake of Russia-Ukraine gas row

The EU should seek to diversify its gas supplies away from Russia and look for new transport routes in the wake of the Russia-Ukraine row, Austria’s Economic Minister, Martin Bartenstein, said at a debate in Parliament on 17 January. Austria, which is currently holding the rotating EU Presidency, has put energy supply issues high on […]

Iran benefits from thirst for oil

The nations of the world cannot afford to impose an embargo on Iranian oil exports as a way of punishing Teheran for its suspected pursuit of nuclear weapons, a leading oil market researcher has concluded. “The U.N. Security Council would be hurting the world more than it was hurting Iran if it restricted Iranian oil […]

Bangladesh finds huge oil reserves nearby Burmese water

Bangladesh has immense potential of having huge oil reserves in and around the offshore Island of Saint Martin, situated at mourn of Naff River, close to Burma, said a report of an oil company in Bangladesh. During the hectic seismic survey near gas blocks 17 and 18 and in the Bay of Bengal around the […]

Cloudy with a chance of chaos

A disturbing consensus is emerging among the scientists who study global warming: Climate change may bring more violent swings than they ever thought, and it may set in sooner. Lately John Browne, the CEO of BP, has been jolting audiences with a list of proposed solutions that hint at the vastness of the challenge. It […]

India losing the gas war

Just as Indian Petroleum Minister Mani Shankar Aiyar was about to jet off to Beijing, the Myanmar generals announced that gas would not be flowing north and west. It would instead go east – to China, to Kunming. Nine years of planning went up in smoke, in an instant. This cannot be brushed off as […]

The Oil Drum: GSP, VMT, and education…

Here’s some multivariate regression results predicting gross state product. What’s the takeaway? Stuart’s right: states with higher vmts have lower gsp/cap, even after controlling for education and population density.More after the jump to The Oil Drum.

Global warming – the blame is not with the plants

In a recent study (Nature, 12 January 2006), scientists from the Max Planck Institute for Nuclear Physics, Utrecht University, Netherlands, and the Department of Agriculture and Rural Development for Northern Ireland, UK, revealed that plants produce the greenhouse gas methane. First estimates indicated that this could account for a significant proportion of methane in the […]

Profit and loss for two US flyers

Budget US airline Southwest has reported a 53% rise in profits, outshining its rival American Airlines, whose losses soared by 56%. A key factor in the contrasting results for the fourth quarter of 2005 was the fuel-buying policy of both airlines.Southwest saved $258m (

Qantas hedges 100 percent of fuel costs

MELBOURNE, Jan 19 (Reuters) – Top Australian airline Qantas Airways Ltd. has hedged all of its fuel costs for the rest of this financial year at US$55 a barrel, the Australian Financial Review reported on Thursday. “We’ve locked in our crude fuel prices for the fiscal year ending June 2006 at $55 a barrel,” Qantas […]

Iran fears stir commodity prices

World commodity prices have been boosted by concerns over Iran’s nuclear programme, with gold and other precious metals surging to new highs. Also underpinning the search for “investment havens” are worries about the state of the US economy and dollar. The price of gold surged as far as $564.30 an ounce, its highest since 1981, […]

Fuel prices hit US consumer costs

US consumer prices rose by the highest rate for five years in 2005 after a surge in energy costs, said a closely watched report by the Labor Department. Its Consumer Price Index was up 3.4% for the whole of last year, equalling the increase seen in 2000. The rise was led by a big jump […]

Italy hit by Russian gas shortage

Italy has had to dip into its gas reserves to make up for a shortfall in supplies from Russia, Italian energy group ENI said on Wednesday. It says it had to use four million cubic metres of gas from reserves because supplies were 5% below demand.Russia has denied reports that it is holding back gas […]

New Study Confirms Kyoto’s Impotency

A new study published in the British journal Nature suggests that the biggest ozone offender may literally be in our own backyard — trees. National Center For Policy Analysis (NCPA) Senior Fellow H. Sterling Burnett states that the study proves the ineffectiveness of the Kyoto Protocol. The study suggests that while trees do soak up […]

BP’s Browne says UK gas supply shortage fears ‘exaggerated’

John Browne, chief executive of oil giant BP PLC, believes the UK is getting enough gas from the North Sea and elsewhere to meet domestic demand, calling fears of a possible supply shortage “exaggerated”. Gas prices in Britain have risen dramatically since late last year due to concerns over dwindling supply, prompting British Gas and […]

OPEC Output Down 250,000 Barrels Per Day in December, According to Platts

OPEC crude production fell by 250,000 b/d in December to average 29.8-mil b/d over the month as Iraq’s output and export difficulties intensified and pipeline sabotage shut in some Nigerian production, a Platts survey of OPEC and oil industry officials shows. A 50,000 b/d decline in Saudi production also contributed to the decline from November’s […]

Moscow on ”Strict” Energy Conservation as Freeze Deepens

Moscow switched to a “strict” energy conservation program and another two people froze to death as overnight temperatures plunged below minus 30 C (minus 22 F) in the capital and to substantially colder levels elsewhere in the country. Students at state primary schools were allowed to stay home at parents’ discretion and the stalwart Kremlin […]

Nuclear energy ‘too uneconomic’

No more nuclear power stations should be built as they are “hopelessly uneconomic” and would create vast amounts of waste, say the Lib Dems. Environment spokesman Norman Baker said any expansion “would divert essential funding” from renewable sources, such as water and wind farms. The government is conducting a review of the future of the […]

Talisman reports gas finds

Talisman Energy (TSX:TLM) announced Tuesday the discovery of several “high-deliverability” natural gas wells in the Canadian Foothills and the nearby Deep Basin, along with oil discoveries in Peru and the North Sea. The North American drilling results “demonstrate our successful deep gas strategy,” chief executive Jim Buckee said in a release. “We are looking for […]

Ex-Chevron Scientist Sees Opportunity in Oil at $100 a Barrel

The world isn’t running out of petroleum, he says: “There is plenty of oil left in the ground to last us many decades, if not longer.” Unfortunately, he adds, demand is accelerating even as the world is running short on the best grade of petroleum, light sweet crude. In making this distinction, Tertzakian treads a […]

Buffett Issues Warning Over Trade Deficit

The U.S. trade deficit is a bigger threat to the domestic economy than either the federal budget deficit or consumer debt and could lead to “political turmoil,” billionaire investor Warren Buffett warned. “Right now, the rest of the world owns $3 trillion more of us than we own of them,” Buffett told business students and […]

Norway Oil Minister: Oil Development Possible in Closed Areas

Environmentally friendly oil and gas development is possible in the closed Lofoten areas off the Western Norway, Oil and Energy Minister Odd Roger Enoksen said Tuesday. The Norland VI and VII blocks surrounding the Lofoten Islands are one of the most sought-after oil and gas acreage – where the last giant fields are suspected to […]

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A Toronto company is teaming up with a Mglobeinvestor

Fuel Cell Today 2005 Worldwide Survey

As always over the last twelve months the Fuel Cell Today team has kept you up to date in market developments through the publication of our market surveys. These reports, which cover small stationary, large stationary, light duty vehicles, infrastructure, military and portable applications have been compiled for a third consecutive year into this survey […]

Nigerian Militants Say Every Oil Producer At Risk

ABUJA (Reuters) – Militants behind a string of attacks aimed at disrupting the Nigerian oil industry said they intended to target all producers in the country in a message where they singled out U.S.-based Chevron. The Movement for the Emancipation of the Niger Delta, which has caused major disruption at Royal Dutch Shell and is […]

Qatar on cutting edge of an alternative to oil

In this tiny emirate near the border with Iran, the world’s largest oil companies are betting billions of dollars on an obscure method for making diesel fuel that stems from South Africa’s aggressive efforts to wean its economy off imported oil during the apartheid era. No one is angling for oil here. Instead, they are […]

Home takes sustainable living to the next level

The home of Jonathan and O’Malley Stoumen encompasses sustainable design and architecture unlike any other in the Truckee-Tahoe area. Jon Stoumen, a part-time Truckee resident, designed and is building the 3,000-square-foot home on the west shore of Donner Lake that is at once comfortably modern and unabashedly eco-friendly. Stoumen’s home takes green building to the […]

Like Playing Russian Roulette with an Automatic

HOUSTON–(BUSINESS WIRE)–Jan. 17, 2006–”Energy trading is now poised to become an integral part of broader financial markets,” writes Dr. Craig Pirrong, energy markets director of the Global Energy Management Institute and professor at the University of Houston, in the January issue of World Energy Monthly Review. This assertion is evidenced by new players such as […]

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