Consumer Prices Surge on Energy Costs

WASHINGTON (AP) — Consumer prices rose sharply in March, reflecting higher costs for everything from gasoline to clothes and hotel rooms. Perhaps most troubling, core inflation, which does not include energy and food, rose at the fastest pace in a year. Analysts said the increase in core inflation was worrisome because it was so widespread […]

World economy ’set to accelerate’

The world economy is expected to accelerate in 2006, despite setbacks caused by recent natural disasters and fears over the surging price of oil. In its latest analysis of global growth, the International Monetary Fund forecast that the world economy would expand by 4.9% this year. The prediction marks an upward revision of a previous […]

Oil costs growing concern for world economy – IMF

WASHINGTON (Reuters) – The impact of higher oil prices on the global economy is a growing concern, the International Monetary Fund said on Wednesday. “Looking ahead, limited excess capacity in the oil sector is likely to persist well beyond 2006 and prices will continue to be susceptible to geopolitical events,” IMF said in its semiannual […]

US jitters push oil to new peaks

Oil prices briefly raced to new peaks before quickly running out of steam as US data showed demand for fuel was rising at a slower rate than last year. In the US, light sweet crude jumped to $71.80, the highest since trading began in 1983, before dipping back to $70.90.President Bush also refused to rule […]

Summer Forecast Doesn’t Hold Water

A dire weather forecast issued Monday calls for a hot, dry summer across the Plains reminiscent of the 1930s LJWorld.com

Government Warned Energy Costs Are Killing Industry

SPIRALLING energy costs are crippling British industry and threatening thousands of jobs, a senior union leader was due to warn at a conference in Edinburgh today. Derek Simpson, general secretary of Amicus, was expected to call on the Government to give a clear indication of its policy following the completion of its energy review.Scotsman.com

Inflation Is On The ‘March’ Again

Consumer prices shot up in March, reflecting higher costs for gasoline, clothing and hotel rooms, with core inflation rising by the biggest amount in a year. The Labor Department reported that its closely watched Consumer Price Index rose by 0.4 percent, far higher than the modest 0.1 percent gain in February. The inflation surge was […]

Iran’s President: Oil Has Not Reached ‘Real Value’

Iran President Mahmoud Ahmadinejad said Wednesday that crude oil prices are still below their “real value,” and developed countries are benefiting the most from high oil prices, state-run Tehran radio reported. “The global oil price has not reached its real value yet. The products derived from crude oil are sold at prices dozens of times […]

Oil set to hit new peaks this year

LONDON (Reuters) – A blistering four-year rally in crude oil shows no sign yet of running out of steam and crude could top $80 a barrel this year, boosting fuel costs for consumers and businesses, analysts said on Tuesday. London’s Brent crude hit an all-time high of $72.20 a barrel on Tuesday and U.S. crude […]

China’s reality is both boom and gloom

A flight into Beijing these days begins the descent into a kind of hell. It It

China’s Oil Needs Are High on U.S. Agenda

WASHINGTON China’s appetite for oil also affects its stance on Iran, where a growing confrontation with the United States over nuclear programs has already unsettled oil markets. China has invested heavily in Iran, and as a permanent member of the Security Council, its position on the question of sanctions is crucial. Even as Mr. Hu […]

Energy costs eroding middle class

Widespread conservation a must, warns state Public Service Commission head Stories of an elderly woman with a $1,300 utility bill and toddlers living in a home with $700 in unpaid electric bills over six months weren

Oman oil futures success hinges on Saudi support

SINGAPORE – Oman’s endorsement of a new Middle East sour crude futures contract offers the best hope yet for an overhaul of Asia’s beleaguered oil benchmark, although the true measure of its success lies not in Dubai but Riyadh. Saudi Arabia, the world’s biggest exporter, now prices its 5 million barrels per day (bpd) of […]

Legislature Discusses Monday’s Power Outages

It’s another day of record-breaking heat across Texas, but Tuesday, the lights are staying on after Monday’s rolling blackouts. Now some state lawmakers are charged up over the energy crisis. People at the Texas Capitol were able to shed some light on why parts of Texas went dark Monday. Some are demanding a full investigation […]

Energy crisis managers on top of situation

MANILA, PHILIPPINES – Following the abrupt shoot-up of oil price in the world market due to the existing tension between US and Iran, and the current insurgency in Nigeria, Malaca Bunye, who is also the Presidential Spokesman, pointed out that the nation has gone through the intermittent problem in the past and that it will […]

A fate worse than global warming?

While we temporize about global warming – some would say dither – its long-term dangers may be overtaken by a related, but more acute, crisis: The depletion of the fuels that power the way we live on the planet, especially hydrocarbons like oil and coal. Eventually they will be exhausted. This fact should be unsurprisingly […]

Chad Wants to Use Oil Funds for Defense

N’DJAMENA, Chad – Chad has felt stymied by an agreement with the World Bank requiring it to spend its oil wealth on improving the lives of its impoverished people The pressure facing one of Africa’s newest oil producers was illustrated Thursday, when rebels

Oil: the party is over

Welcome to the world of US$70-per-barrel oil. That’s if there is no crisis in the Gulf over Iran’s nuclear ambitions. If there is, then get ready for US$140 a barrel. Oil briefly breached the US$70 barrier eight months ago, but this time it is going up for good. Exactly one year ago the investment bank […]

Global Warming Sparks a Scramble for Black Gold Under Retreating Ice

The biggest boom could be oil and gas. The US Geological Survey surprised some experts when it declared that a quarter of the world’s undiscovered reserves lay under the Arctic Ocean. As the ice retreats, oil companies are scrambling to open a new frontier. ..Environmental campaigners are viewing the creeping development of the Arctic with […]

It’s not an easy road being green

Kiwis wanting to save at the pump have few options. Driving efficiently can save up to to 25 per cent in fuel, the Automobile Association says. But this is a tough ask. Hybrid driver Peter Neilson, who is also chief executive of the New Zealand Business Council for Sustainable Development, said some businesses wanted to […]

A stark message in deathly white coral

SOMETHING TERRIBLE happened last summer beneath the startlingly blue Caribbean seas off the island of Tobago, where we have just been staying. The Buccoo coral reef, home to one of the richest marine ecologies in the world, turned a brilliant white. “It looked as if it had been bleached,” said my brother-in-law, a marine biologist. […]

Coal dominates plans despite greenhouse angst

International power companies are increasingly worried about energy security and greenhouse emission, but still plan to build much of their future on coal, according to PricewaterhouseCoopers’ Utilities Global Survey 2006. The concerns of global companies have changed dramatically over the past two years, with security of supply issues (for fuel) topping the 2006 list of […]

UK scientist queries role of oil firms in US climate survey

The US Geological Survey is lining up a project with the firms BP and Statoil to find oil and gas in the Arctic Ocean under the auspices of a flagship scientific initiative intended to tackle global warming. But the head of the British Antarctic Survey, which coordinates UK activity at the poles, has said he […]

Faith-based frenzy that unites Iran with the oil speculators

Iran’s government is becoming isolated in the diplomatic world and is losing access to international banks but it still has a few allies who share a fanatic, faith-based approach to this world’s problems: oil speculators… So Iran is long crude and short refined product. Just like the speculators, it needs a high and rising oil […]

Iraq’s Kurds Aim for Own Oil Ministry

Leaders of Iraq’s Kurdish north have unveiled a controversial plan to consolidate their hold on the region’s future petroleum resources, raising concerns about how the ethnically divided nation will share its oil revenue. The Kurdish parliament will be asked to vote on the creation of a Ministry of Natural Resources that would regulate potentially lucrative […]

German Producer Prices Increase on Energy and Raw Materials

Oil prices averaging more than $60 a barrel since the middle of last year have boosted energy costs for companies, increasing concern they may feed through to consumer prices. The European Commission cut its euro area growth forecast on April 12 as rising oil prices force consumers to spend more on energy. “German companies are […]

Motorists braced for

Should a crisis develop, petrol rationing and military convoys are among a raft of emergency measures in the Government’s armoury. It would effectively put the Government in control of the nation’s forecourts, refineries and road tanker fleets. Police are also on standby with new powers to physically remove blockades of refineries which threaten supplies to […]

Scientists condemn US as emissions of greenhouse gases hit record level

The United States emitted more greenhouse gases in 2004 than at any time in history, confirming its status as the world’s biggest polluter. Latest figures on the US contribution to global warming show that its carbon emissions have risen sharply despite international concerns over climate change. The figures, which were quietly released on Easter Monday, […]

Ex-Exxon CEO: Oil prices will fall as demand adjusts down

Oil prices eventually will fall as demand adjusts, although consumers are still in for a rough ride through a volatile commodity cycle, the former chief executive of Exxon Mobil Corp. (XOM) said Tuesday. High gasoline prices – both in futures markets and at the pump – have accompanied, and at times led, the rise in […]

California and Wyoming Sign Agreement on Development of Clean Coal Technology

“All of our states need clean, abundant sources of energy that can power our economy and protect our environment,” said Governor Schwarzenegger. “The Western Regional Transmission Expansion Partnership will help us get wind, solar, geothermal and clean coal power delivered to the places where it’s needed most. It will also help us reach our targets […]

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