Oil imports fuel record trade gap

Suring oil imports have propelled Britain’s trade deficit with the rest of the world up faster than expected, to a new record for November. The trade gap in goods and services widened to The November figure was more than

NAM Expects GDP To Grow 2.6% in 1ST Qtr.; Cites High Gas Prices

Downshifting from Cruise Control Hurricane-induced rise in energy prices exacerbates already tight energy supplies and slows the economy in the winter months. Energy prices then moderate somewhat as more Gulf Coast production resumes in the spring, but remain much higher than normal. Historically high energy prices, especially natural gas, remain a thorn in the side […]

The U.S. seeks ”excuses and pretenses” to block research, an Iranian official

Kevin Sites discusses the country’s nuclear development program with a key leader in the Iranian parliament, Kazem Jalali, during a recent trip to Iran. Jalali is also a spokesman for Iran’s Foreign Policy and National Security Committee. ..KAZEM JALALI: In the name of God, we’re a country who signed the Nuclear Nonproliferation Treaty, therefore we […]

What Will Trigger the Great Meltdown of 2006?

OK, so the collapse is coming, that’s a given in his scenario. But still, two crucial uncertainties remain: When will it start? And what will trigger it? My prediction: There’s an 86% probability that America will collapse into a major economic recession and a sustained bear market in 2006, far worse than the dark days […]

Al-Qaeda’s new targets

AL-QAEDA leaders have circulated a 12-page list targeting oil and gas installations in the West and the Middle East. It names specific targets in the US, Iraq, Afghanistan and Turkmenistan, and claims that al-Qaeda could cripple the US economy by attacking its dependence on imported oil. thesun

Earth’s Circulatory System

New scientific findings are strengthening the case that the oceans and climate are linked in an intricate dance, and that rapid climate change may be related to how vigorously ocean currents move heat between low and high latitudes. Major s findings build on research reported in 2004 suggesting that when the rate of the Atlantic […]

U.S. Sees Iraqi Oil Production Choked for Years

Iraq has vast hydrocarbon potential that could rival major producers such as Saudi Arabia and Russia, but U.S. government analysts are predicting that Iraqi oil production development will remain thwarted for years to come. Its enormous reserves of an estimated 115 billion barrels of proven crude are the world’s third largest after those of the […]

Uncertain Landscape Awaits New Offshore Drilling Efforts

Backers of wider offshore drilling, stymied in 2005, are planning new legislative efforts this year to tap more oil and gas on the outer continental shelf as lawmakers, industry and activists brace for renewed battle on the issue. Supporters of new access will likely argue that high winter heating bills bolster their case, especially with […]

Asia: As demand rises, East Asia learning to cooperate over oil

SPRATLY ISLANDS–Flying westward about an hour off Palawan Island in the Philippines, you come to a large, rusting ship lying grounded on a sandbank in the South China Sea. The ship is derelict, but Filipino soldiers stand guard, making a public show that this part of the hotly disputed Spratly Islands is Philippine territory. On […]

California Solar Initiative Expected to Pass

What could well be the most significant U.S. solar news for all of 2006 is likely to happen this week in California as state regulators are expected to pass the largest solar energy policy package ever seen in this country. On Thursday the California Public Utilities Commission (PUC) is widely expected to vote to approve […]

Mitsubishi CT Concept: Electric-Dominant Series/Parallel Hybrid

As promised, Mitsubishi Motors North America (MMNA) unveiled the Concept-CT in-wheel gasoline-electric series/parallel hybrid (earlier post) at the Detroit auto show. The Concept CT is electric-dominant, obtaining the majority of its drive torque via the electric in-wheel motors, which are powered by a 1.0-liter genset and Li-ion batteries in a conventional series-hybrid configuration. At constant […]

Whole Foods Switching to All Wind Power in U.S.

Whole Foods Market Inc. is going all green on electricity. The company is buying enough wind power credits to cover energy use at all of its U.S. stores, bakeries, distribution centers, regional offices and its Austin headquarters. The deal makes Whole Foods the biggest corporate user of wind power in the country.Statesman.com

Biodiesel guru sees fuel joining mainstream

Josh Tickell, who looks like a young version of the movie director Ron Howard in a banker’s blue shirt, appears out of place in his Venice Beach neighborhood, which is best known for its hippies, hipsters and long stretches of sand. But the 29-year-old biodiesel expert, as much as anyone around this eco-conscious community, is […]

Bush Borrowed More Than All Previous Presidents Combined, Group Says

President Bush and the current administration have borrowed more money from foreign governments and banks than the previous 42 presidents combined, a group of conservative to moderate Democrats said Friday. Blue Dog Coalition www.house.gov/tanner/blue.htm, which describes itself as a group focused on fiscal responsibility, called the administrations borrowing practices astounding. However, this past year America […]

Alberta oil sands will be world’s largest source of new crude oil by 2010: CIBC

Alberta’s oil sands will become the most important source of new oil in the world by 2010 as conventional crude dries up, CIBC World Markets says in its latest monthly report. …He added that conventional oil production around the world apparently peaked in 2004.Rubin found that total oil supplies around the world grew by less […]

Germany’s Energy ‘Wake-Up Call’

Russia’s gas conflict with Ukraine has revived a debate over the German energy supply. Dependence on oil and gas is rising, both coal and atomic energy are limited, and alternative energy sources can’t pull up the slack. How vulnerable is Germany to energy shortages and Russia’s political capriciousness? spiegel

Smaller Finds, Higher Costs to Boost Oil Prices

Harsh and difficult working conditions and shrinking pools of hydrocarbons could boost the cost of finding crude oil by up to 60% a barrel over the next five years, Bernstein energy analysts said Tuesday. “The marginal cost of supply is rising over time because the average (oil) field size is falling and costs per unit […]

Natural Gas Experts Predict Dire Price Consequences

Without a considerable increase in natural gas production in the U.S., the resulting tighter supply levels and higher prices will continue to undercut the bottom line of farmers and ranchers, according to industry experts at a conference at the American Farm Bureau Federation

Natural gas price crisis continues

Natural gas supplies from Russia to Moldova have remained suspended for the seventh straight day on 9 January in the latest gas price row between Moscow and three European nations. Russia’s state-owned gas monopoly Gazprom has indicated its intention to impose sharp price hikes on Bulgaria, Moldova and Turkey. Bulgaria immediately denounced the move and […]

Gasoline accelerates over week

The price U.S. motorists paid for gasoline jumped nearly 9 cents over the past week as crude oil prices hovered near three-month highs, the government’s top energy forecasting agency said Monday. The national price for regular unleaded gasoline averaged about $2.33 a gallon, up 53 cents from a year ago, based on the Energy Information […]

Russian, Kazakh leaders set to discuss energy cooperation

Energy will dominate talks between the leaders of Russia and Kazakhstan after Vladimir Putin flies into the Central Asian republic Tuesday for the president’s inauguration, a Kremlin source said. According to the source, Putin will hold detailed discussions during his two-day working visit with his Kazakh counterpart Nursultan Nazarbayev, who was reelected to his post […]

Oil giants pursue natural gas

ONCE neglected, natural gas has won top billing from oil majors that are pouring billions into projects to meet booming demand for clean-burning fuel. Oil will continue to reign supreme because of its dominance in the transport sector, but gas will find a home at power stations, overtaking dirty coal.

US sees Iraqi oil production choked for years

Iraq has vast hydrocarbon potential that could rival major producers such as Saudi Arabia and Russia, but United States government analysts are predicting that Iraqi oil production development will remain thwarted for years to come. Its enormous reserves of an estimated 115-billion barrels of proven crude are the world’s third largest after those of the […]

Russian oil production up 2.4 percent in 2005

Russia pumped 470 million tons of oil in 2005, up 2.4 percent year-on-year and hitting its highest level in five years, the Industry and Energy Ministry said on Tuesday. Crude oil exports declined one percent to 251 million tons last year, but these are in line for a boost with the construction of the East […]

House of cards: Soros warns of US recession

Having reached a peak, if “housing continues to cool”, then “it could turn into a hard landing. That’s why I expect a recession to happen in 2007, not 2006.” High US housing prices have been a key reason why rising energy costs did not derail economic growth last year. Buoyant housing prices almost “exactly outweighed […]

CNOOC Steps Up Exploration

China National Offshore Oil Corp (CNOOC) Monday said that it had put into operation another oilfield in the South China Sea shortly after announcing its discovery of a new oil reserve of up to 200 million cubic metres in Bohai Bay. This newly operational oilfield has been named Lufeng 13-2 and is located in the […]

Will We Have Enough Oil And Natural Gas?

Secretary of Energy Samuel Bodman has asked THE question. Will we have enough oil and natural gas to keep our economy going? In a letter to Lee Raymond, Chairman of the National Petroleum Council (NPC), Bodman has asked the Council to predict the future: 1. “What does the future hold for global oil and natural […]

Iran nuclear standoff escalates

Iran’s dispute with the UN and Western countries has deepened after Tehran resumed nuclear research. As Iran removed UN seals from equipment at Natanz facility, UN nuclear chief Mohammed ElBaradei said Tehran would start small-scale nuclear enrichment. The move was condemned by the US and European countries, which fear Iran is seeking to produce atomic […]

‘Gold soars while china threatens to strangle the dollar’

“It’s the death blow to the US dollar,” said Peter Grandich, editor of the Grandich Letter. On Thursday, The People’s Republic of China fired off the first volley in what could turn out to be economic Armageddon. China announced that it would begin to diversify its foreign-exchange reserves away from US dollar. Gulp! Smirking Chimp

Take a leap into hyperspace

Every year, the American Institute of Aeronautics and Astronautics awards prizes for the best papers presented at its annual conference. Last year’s winner in the nuclear and future flight category went to a paper calling for experimental tests of an astonishing new type of engine. According to the paper, this hyperdrive motor would propel a […]

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