Cheney puts Moscow to the hardness test

…Cheney was putting Moscow to a “hardness test”. To what extent will Moscow accommodate US business interests in the Russian energy sector? Will Moscow persevere, no matter what it takes, with efforts to be an influential player on the world stage? Will it persist in its present course of broadening and deepening its strategic partnership […]

Oil and gas dominate EU-Latin trade summit

Bolivia’s Evo Morales and Hugo Chavez of Venezuela were heading today to a European summit amid criticism of recent moves making it tougher for foreign energy firms to do business in their countries. Energy, trade and Europe’s anxiousness to secure its fuel supplies from Latin America are the focus of this week’s talks in Vienna […]

The Peak Oil Crisis: Powerdown or Collapse?

It is relatively easy to foresee what is likely to happen in the early APO (after peak oil) years. Few will disagree that $5-10+ gasoline will result in a major reduction in personal automobile travel and explosive growth in mass transit, alternative vehicles and ride sharing. The substantial increase in the cost of transporting goods and raw materials will result in unprecedented price increases, high interest rates, and an economic downturn.

Falls Church News

Philippines Says Oil Tanker Explodes Off Coastline

Reuters AlertNet – The Philippine coastguard said on Thursday an oil tanker had exploded off the coast of Bataan province, west of Manila. George de Jesus, a member of the Philippine coastguard, told Reuters rescue operations were underway.Reuters AlertNet

The Oil Drum: Google and Peak Oil Searches (Some Interesting Results)

You might have seen us play with blogpulse in past posts. Well now, google has a new tool that looks at trends in google searches. Here’s a link to the ‘peak oil’ search, and here’s a link to the ‘peak oil’ versus ‘gas prices’ search. Click around between the two, and you will notice a […]

Inflation spike forecast dashes rate-cut hopes

The Bank of England today dashed any remaining hopes of a cut in interest rates this summer as it predicted that inflation will spike above its target in the short term on the back of higher energy and import prices. According to the Bank’s Inflation Report, the rate-setting Monetary Policy Committee expects consumer price inflation […]

GM considers 1,000 job cuts in UK

General Motors (GM) has confirmed that it is considering axing 1,000 jobs in the UK this year. The group hopes to cut production of the Vauxhall Astra model at its plant in Ellesmere Port, Merseyside, GM Europe chief Carl-Peter Forster said. On Monday, GM said it was reviewing production capacity across its three Astra plants […]

Chinese growth to remain strong

The World Bank has upgraded its 2006 economic growth forecast for China to 9.5%, as it said more measures were needed to cool the economy. It said it had upgraded its forecast from 9.2% to 9.5%, after faster than expected growth at the start of 2006. China’s economy grew by a surprising 10.2% in the […]

Labor Shortages in the Resource Sector

Demographic data show that the majority of the resource related workforce is in the 40-60 year age group. There are very few resource professionals in the 20-40 year age group (and that age group is skewed towards environmental expertise) and it is expected that 40% of professionals will be retiring over the next 10 years. Enrollments in resource related university programs have been at low levels for decades.

KWR International Special Report

US

Each time when oil prices rise on US controlled International Petroleum Exchange (IPE) of London and New York Mercantile Exchange (NYMEX), more dollars are needed in the world. [17] As 85 percent of the oil trade takes place outside the US, for each extra dollar needed inside the US, seven dollars are needed outside and […]

Petroleos de Venezuela May Buy 18 Chinese Oil Tankers

Bloomberg – Petroleos de Venezuela SA said it may buy 18 oil tankers from China for $1.3 billion as Venezuelan President Hugo Chavez follows through on his promise to send more crude oil to Asia and less to the U.S. Preliminary orders for the tankers were placed with China State Shipbuilding Corp. and China Shipbuilding […]

OTC: Weather Experts See ‘New Era’ of Hurricane Activity in GOM

Oil & Gas Journal – The US portion of the Gulf of Mexico is in a “new era” of increased hurricane activity that likely will continue “for at least another 15-20 years,” said the lead hurricane forecaster for ImpactWeather Inc. at the annual Offshore Technology Conference in Houston. “Hurricanes are basically heat enginesOil & Gas […]

Want to Change the World? Make Gas $10 a Gallon

San Francisco Chronicle – No wait, not 6. To hell with that. Make it 10. Ten bucks a gallon, no matter what the going rate for a barrel of light, sweet crude. That would so completely, violently, brilliantly do it. Revolutionize the country. Firebomb our pungent stasis. Change everything. Don’t you agree?San Francisco Chronicle

Winners – Beyond Peak Scenarios Contest

Congratulations to the winners of the First Annual Beyond Peak “Things Might Get Better” Peak Oil Scenario Competition, and our thanks to everyone who submitted an entry. It was encouraging to see how much thought and creativity is out there. Before we send out a press release… We

Peak Oil Discussion on UBC Radio CITR

Bryn Davidson was recently invited to be part of an hour-long discussion on peak oil on CITR radio (at the University of British Columbia). Joining him were Justin Roller (fuel cell researcher) and Frank Lopez (DemocracyNow! digital media wiz). The show is now available for download (1 hour, including musical breaks, is ~50mb). Dynamic Cities […]

Oil jumps 2 percent on U.S. refinery worries

NEW YORK, May 10 (Reuters) – Oil jumped 2 percent on Wednesday as refinery problems in the United States added to gasoline supply concerns ahead of the summer driving season. U.S. light crude prices last traded up $1.46 at $72.15 a barrel and gasoline futures gained more than 12 cents to trade at $2.17 a […]

US oil executive shot dead in Nigeria

PORT HARCOURT, Nigeria (Reuters) – A gunman on a motorcycle shot dead a U.S. oil executive in an apparently planned assassination in Nigeria’s oil heartland on Wednesday, authorities said. Militants who have been waging a five-month-long campaign against the oil industry said they had no hand in the killing of the executive, who worked for […]

Airline Lufthansa’s losses triple

Shares in Lufthansa slipped after it revealed operating losses tripled in the first three months of 2006 to 75m euros ($95.3m, In March, Lufthansa said it expected its operating profit for 2006 to at least equal last year’s 577m euros. That was despite expectations that fuel costs would rise by 22% over the year. The […]

The Second Most Famous Oil Geologist

(FinancialSense) – Deffeyes was born in the oil fields of Oklahoma during the Great Depression. He spent decades as an oilman with Shell and just retired from a full-time teaching position at Princeton. Now he spends his days lecturing investment bankers and brokers on peak oil. By 2010, Deffeyes thinks global oil production will be […]

The Oil Drum: Peak Oil and the Environment Day 2, Part 1

So how was the last day? It began with the Hon. Mona Sahlin, Swedish Minister for Sustainable Development and a member of a Government with the intent to “increase social happiness” as a goal rather than “filling the gap” between projected available oil and gas and supplies. And so Sweden will move towards independence from […]

Venezuela To Double Taxes On Foreign Oil Corp.

(LWN) – According to an article issued today by Britain’s Daily Telegraph newspaper, Venezuela’s congress is likely to approve an increase in taxes on foreign oil corporations which would make the taxes twice as high as they are now. The article indicated that Venezuelan President Chavez had announced on his television program that he intends […]

Putin proposes creation of ruble-denominated oil, gas exchange

MOSCOW, May 10 (RIA Novosti) – President Vladimir Putin said Wednesday that a ruble-denominated oil and natural gas stock exchange should be set up in Russia. Speaking before both chambers of parliament, cabinet members, and reporters, Putin said: “The ruble must become a more widespread means of international transactions. To this end, we need to […]

Bush’s legacy at the gas pump

With little time left in office, President Bush needs a big foreign-policy success. Iraq may not be it. Rather, his legacy may lie in a new strategy for stable oil supplies. A superpower can’t afford to be superdependent on fickle oil sources. A near tripling of oil prices in three years, caused in part by […]

US farm economy revs up ethanol-fueled engines

CHICAGO (Reuters) – The burgeoning ethanol industry is changing the economic landscape of rural America, as companies pour billions of dollars into production plants in a race to meet demand and ease America’s addiction to gasoline. Ethanol backers foresee vast vistas of corn fields churning out feedstock for the clean burning fuel additive running millions […]

Gasoline prices fuel discontent

Unemployment is at a near-historic low of 4.7%, and economic growth in the first three months of the year was a healthy 4.8%. And views of the economy? They’re not so rosy. By 2-1, Americans rate economic conditions as fair or poor, not good or excellent. The top reason: gas prices. “If gas prices get […]

Violent protest rally over power outage

100 hurt, 100 vehicles damaged BANGLADESH – Leaders and activists of youth front of Awami League-led 14-party alliance yesterday staged a violent protest in the city over inadequate power supply to the residents of the metropolis. The areas covering from Paltan crossing to Dainik Bangla intersection turned into a battle field from 11-15 to 12 […]

Are You Ready for the Energy Crash?

The biggest obstacle to getting our petro-dependent society to change its wasteful ways is collective insanity. While most of us are preoccupied with the astronomical price of gasoline, a far bigger energy catastrophe is brewing that will make pricey gas seem like a walk in the park. It’s “peak oil” — the term for the […]

Lack of supply reduces hybrid sales

Just when sky-high gas prices should be raising demand for fuel-efficient gas-electric hybrids, Toyota and Honda are selling fewer of the hottest models than a year ago. They blame supply shortages for sales declines on Toyota Prius and Honda Civic hybrids in April from April 2005. “We sold down our inventory. We’re down to a […]

Corrosion Leads to Shut Down of Pipelines

ANCHORAGE, Alaska – Two oil pipelines on Alaska’s North Slope are being shut down because of internal corrosion Together, the pipelines account for 22,000 barrels of the approximately 825,000 barrels that flows each day down the trans-Alaska pipeline to Valdez, where the crude is loaded onto tankers and taken to West Coast refineries. At Tuesday’s […]

Oil, Gas, Lies and Corruption – Profiting from Unscrupulous Governments

PHOENIX (Winston As investors, the fragile nature of Saudi Arabia

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