US, World Face Lower Oil Demand Growth to June: EIA

U.S. and world oil demand will be lower than expected through June as petroleum prices stay high, the government’s top energy forecasting agency said on Tuesday. The projections of lower demand, particularly for the second quarter, come as OPEC ministers meet in Vienna this week to review their production policies and could justify concerns of […]

Chevron to Boost Oil, Gas Production

Chevron Corp. said Tuesday its oil and natural gas production would rise by 600,000 barrels per day by 2010 slightly below some analysts’ expectations and it announced plans for a possible major expansion of a Mississippi refinery. Chevron CEO David O’Reilly also estimated that Gulf of Mexico production snags related to last summer’s hurricanes would […]

EIA: OPEC February Output Falls 50,000 B/D Vs Jan

OPEC’s oil output slipped in February, declining a negligible 50,000 barrels a day against January, the U.S. Energy Information Administration said Tuesday. In its Short-Term Energy Outlook, the EIA estimated OPEC output slipped to 29.55 million b/d, with the OPEC-10, which excludes Iraq, pumping some 150,000 b/d less at 27.85 million b/d.NASDAQ

Revving up the MPG Prize

After SpaceShipOne captured the $10 million X Prize for private spaceflight in 2004, the X Prize Foundation shifted gears to target other types of innovation for future prizes “The X Prize is about changing paradigms,” Goodstein said in today’s release. “The current paradigm is that it’s perfectly acceptable to drive a car that only gets […]

The Oil Drum: Life in a (Switch)Grass House

Scouring the web with an eye toward understanding a bit more about the use of biomass-based ethanol as a replacement for gasoline, it has become apparent to me that there are a substantial number of “urban legends” emerging regarding the use of switchgrass as a feedstock for ethanol. More properly, these misconceptions are “rural legends,” […]

10 stocks that win with $60 oil

The price isn’t just a number. It’s shorthand for permanently high costs and soaring global demand. That means big opportunities for companies that can develop new resources efficiently. Sixty-dollar-a-barrel oil. It’s different this time. And investing as if this was just another temporary hike in the price of a barrel of oil isn It

OPEC Oil Ministers Focus on Terrorism

VIENNA, Austria – OPEC oil ministers, most resolved not to cut production levels amid stubbornly high prices, focused Tuesday on political instability, terrorist threats and other factors shaking confidence in the world’s crude markets. Worries over Iran’s nuclear ambitions, militant threats in Nigeria and attacks on Middle East facilities With consensus building among the Organization […]

Construction Begins On Hawaii Ethanol Plant

Ethanol To Be Added To Gasoline In April HONOLULU — Construction on Oahu’s first ethanol plant could begin in three to four months. That means ethanol could soon be going into your car. Over the next few weeks, Hawaii’s gasoline industry will begin adding ethanol to everyone’s gasoline. It’s an effort to reduce the state’s […]

Saudi Aramco Khurais Oil Project Takes Major Step

…”The Khurais Crude Increment Program is the largest crude increment undertaken in the history of Saudi Aramco and is one of the largest industrial projects being executed in the world today,” said Mohammed H. Rabeh, manager of Khurais Projects. “It’s a key strategic program that will help us meet our commitment to the world’s growing […]

Districts find fuel prices bust budgets

Cost guesstimates fall shy Here’s a math problem giving school districts a headache: If energy prices rise 20 percent to 50 percent and districts budgeted less than that, who makes up the difference? Cha-ching, taxpayers. Get ready to foot the bill. The price of diesel fuel hit $2.90 a gallon this year. New federal legislation […]

Kuwait denies report on lower oil reserves

KUWAIT CITY – OPEC-member Kuwait denied a report which claimed its crude reserves were less half of the official figure of 99 billion barrels. The authoritative industry newsletter Petroleum Intelligence Weekly (PIW) reported in January that Kuwait’s oil reserves stood at 48 billion barrels, based on internal Kuwaiti records seen by the newsletter. The PIW […]

Japan, China resume gas dialogue

China and Japan are meeting in Beijing for a fourth round of talks on a dispute over the development of oil and gas fields in the East China Sea. The two countries have been feuding over claims to undersea gas deposits in the area, and the delineation of their off-shore border. It is the latest […]

The best energy solution is right here at home

In his recent State of the Union address, President Bush outlined a recovery plan for breaking America America

Driving habits changing to cope with fuel prices

Rising fuel costs have forced Australians to change their driving habits, an international survey shows. The AC Nielsen Online Consumer Opinion survey, which questioned 500 Australians as part of a survey of more than 23,000 people in 42 countries, found 84 per cent of Aussies have felt a hit to the hip pocket because of […]

Power Outages Threaten Industrial Capacity

The crushing impact of acute electric power shortage in the country brought about by militant attacks on upstream petroleum industry has started weighing heavily on the real sector, with supply period to producers now less than 10 hours a day…President of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Chief John Adeyemi […]

Petro Dollars Pour Into SA

South Africa is attracting billions of rands in investment from oil-rich Middle Eastern countries that are shifting money away from the US and Europe – where they have been made to feel unwelcome. Talal Jassim Al-Bahar, chairman and managing director of IFA Hotels & Resorts, said on a visit to South Africa this week that […]

Iraq’s Oil Development: In Search Of Balance

The following paper was presented by Tariq Shafiq, Director, Petrolog & Associates and Founding Director Iraq National Oil Company to PLATFORM/Crisis Action briefing for journalists on Iraq’s Oil Future in London on 13 February. ..Iraq’s oil reserves could be on a par with world leader Saudi Arabia; its oil resource base is not far behind. […]

Ontario seeks way out of energy policy turmoil

The province of Ontario, Canada’s industrial heartland, is on the brink of an energy crisis, in spite of exhaustive efforts to decide on its future energy supplies. Over the past two years, three high-level commissions have proffered advice. Responding to the most recent report, the Liberal government last month organised public meetings in 12 cities. […]

EU Seeks Wider Energy Controls

European Commission President Jose Barroso plans to demand more powers over fuel imports and electricity and natural gas markets in Europe, seeking to loosen the grip of national governments over energy policy. The commission, the 25-nation European Union’s regulatory arm, will plead for authority to negotiate EU-wide energy pacts with suppliers such as Russia, manage […]

Energy, Iran Spur Turkey’s Revival of Nuclear Plans

Turkey is reviving its long-deferred quest for nuclear power, pressed both by serious energy shortfalls within its own borders and by strident nuclear ambitions in neighboring Iran that threaten to upset a regional balance of power. “The rise in oil prices and the need for multiple sources of energy make our need for nuclear energy […]

Russian approves disputed oil pipeline along Lake Baikal

Russia’s environmental watchdog said on Monday it had approved a controversial pipeline that will take oil to Asian markets, but that green groups say could severely damage the world’s deepest lake, Lake Baikal. The Eastern Siberia-Pacific Ocean pipeline has the full backing of President Vladimir Putin and would allow the world’s No. 2 oil exporter […]

China to drop rigid ambitions for growth

China is abandoning most numerical economic targets from its decades-old planning system as part of an effort to change the country Ma Kai, the commission chairman, said at the annual meeting of the National People

Kuwait announces major natural gas discovery

Kuwait announced on Monday that significant natural gas and light crude oil fields have been discovered in northern Kuwait. The reserves at the discovered free gas fields in Sabriya and Umm Niqa areas were estimated at one trillion cubic meters, Kuwaiti Energy Minister Sheikh Ahmad Al-Fahad Al-Ahmad Al-Sabah said. people

Opec expected to keep pumping flat out

Oil fell nearly US$2 to below US$62 on Monday as the UN’s nuclear watchdog said it was hoping for a deal with Iran and Opec ministers called for Wednesday’s meeting of the group to keep near-maximum output. “Saudi Arabia and most Opec members continue to pump at high to near-full capacity utilisation, but production is […]

DOT head supports high-speed rail

“I got involved in the rail issues about a year after I took over the department. Because when you get involved with DOT and see the amount of dollars that’s going just to road projects, it makes you stop and think – especially as gas prices continue to creep up.” …”And, you know, I’ve had […]

Stopping the next extinction wave

Conservationists are being urged to focus on prevention rather than cure. A scientific study pinpoints 20 areas in the world where animals are not at immediate risk of extinction, but where the risk is likely to arise soon. “It’s widely recognised among conservation practitioners that wherever we have the opportunity we should get ahead of […]

Scientists Say Sun’s Next Cycle Stronger

A new computer model suggests that the next solar cycle will be more active than the previous one, potentially spawning magnetic storms that will be more severe and disruptive to communication systems. The cycle will also begin a year later than expected, in late 2007 or early 2008, and peak around 2012, said Mausumi Dikpati […]

Join Brazil in planting oil

The 21st century will be marked by a crucial debate: how can we make economic and social development compatible with the preservation of our natural environment? When I began my term of office, the rate of deforestation in Brazil had been increasing by an average of 27% per year. From the second half of 2004 […]

New Zealand’s primary fuel options

The National Energy Strategy will draw on various scenarios to explore New Zealand’s energy options. The government accepts, of course, that some thermal power from fossil fuels will be needed in our energy system at least in the short to medium term. However, we must also recognise that, at some point, world oil and gas […]

Construction Slated to Starton Major Solar Power Plant

An energy company is scheduled to break ground today on the first big U.S. solar thermal power plant in 15 years, and analysts expect that similar plants soon will be built around the Southwest and Mediterranean. Solargenix Energy, a company controlled by Spanish-company Accion, is starting construction on Nevada Solar One, a 64- megawatt, solar […]

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