OPEC official warns of ‘new price era’

VIENNA, Austria – High and volatile crude costs may signal “a new price era,” a senior OPEC official said Tuesday, insisting that the 11-nation cartel is doing all it can to bring prices down to more reasonable levels. Mohammed Barkindo, acting secretary-general of the Organization of Petroleum Exporting Countries, defended the group’s decision Monday to […]

Will Oil Stay Soft?

With expected disruptions so far absent and U.S. consumers cutting down on consumption, some experts think lower prices will stick For the last few years, being an OPEC oil minister has been one of the world’s easiest jobs. With prices rising and the money rolling in, the ministers might as well have spent their time […]

Horse Hollow wind energy center now largest wind farm in the world

FPL Energy, LLC, a subsidiary of FPL Group had completed 662MW of the Horse Hollow Wind Energy Center in Texas making it the largest wind farm in the world as of the end of August. When the last phase of the project is complete later this month, the Horse Hollow Wind Energy Center will have […]

Cuba oil prospects cloud US horizon

The discovery of potential deep-water oil and gas reserves off Cuba’s northern coast has caught the eye of the world’s energy-hungry nations. India’s state-run oil firm ONGC, already signed up to exploration in the area, has just upped its stake – the latest to place its bets on a Cuban oil rush. The 44-year-old US […]

Oil’s rout deepest in 16 years

SINGAPORE (Reuters) – Oil prices have fallen as much as $16 from their peaks, their steepest reversal in 16 years, in a correction that traders say may be harder to shake off than past setbacks over the market’s four-year rally. In real terms Brent has fallen $16.02 since it hit a high of $78.65 on […]

Refinery bottlenecks to dog oil industry until 2010

VIENNA (AFP) – High oil prices are still being propped up by a shortage of refinery capacity and there is little sign of the bottleneck easing until 2010, industry executives and officials discussing OPEC’s future have warned. That potential respite relies on the unlikely prospect all 66 refineries planned by oil companies and producers being […]

Cheaper winter-blend gas will bring pump relief

Gas stations will begin to switch Friday from summertime fuel blends ATLANTA – Already falling due to increased production and a boost in imports, gasoline prices could dip even more as refiners start selling less-expensive winter fuel blends later this week. Gas stations nationwide will begin Friday to switch away from the summertime fuel blends […]

Saudi executive: Only 18% of oil supplies tapped

The world has tapped only 18 percent of the total global supply of crude, a leading Saudi oil executive said Wednesday, challenging the notion that supplies are petering out. Abdallah S. Jum’ah, president and CEO of the state-owned Saudi Arabian Oil Co., known better as Aramco, said the world has the potential of 4.5 trillion […]

Iraq, Iran to sign deal on shared oilfield-Shahristani

Iraq and Iran plan to develop oilfields that straddle their border and Iraq will pump crude to its neighbour’s refineries, deepening commercial ties between the two oil producers, Iraq’s oil minister said on Tuesday. Iraqi Oil Minister Hussain al-Shahristani told Reuters in an interview that an agreement between Iraq and Iran will be signed in […]

US accused of pushing GM cassava for biofuels from Africa

In a saga that has been raging for a while now, controversy has deepened over a multi-million dollar USAid-supported cassava research programme, which proponents had said would help boost millions of East Africans’ food security, but which critics have dismissed as an attempt by the United States to develop alternative sources of starch overseas, from […]

‘Confidential’ Documents Show Airline’s Plan for Peak Oil

Over the weekend I managed to get my hands on two documents marked “CONFIDENTIAL” that outline a well-known airline’s plan for continually increasing oil prices. These documents include: 1) a presentation that calls for action and offers a viable solution to high oil prices and; 2) a discussion draft of a congressional legislation proposal seemingly […]

New Dell Desktop Cuts The Power

For computer makers, sometimes less is more. That’s the position Dell took today at a technology event here, announcing the company’s first business desktop computer designed to help corporations slash energy costs associated with using PCs. Dell rivals IBM, HP and Sun Microsystems have already unveiled servers, fans and chips that aim to keep power […]

EU to tackle oil habit with energy-savings plan

The Commission will tell EU countries that they can cut their energy bill by €40 billion annually from 2012 if they follow the recommendations of an energy-efficiency action plan to be unveiled on 20 September. It would also reduce CO2 emissions by 180 million tonnes annually and help the EU meet its Kyoto target on […]

Energy Crisis Impacts Ghana’s Mining Industry

In Ghana, mining companies are being forced to cut energy use by 50 percent to help the country through its worst energy crisis in nine years. The country’s bulk electricity supplier, the Volta River Authority, says the cuts in the mining industry are needed as part of a nationwide power-rationing program. The cuts are expected […]

Biofuels hype ignores challenges: Rabobank

Australia’s biofuels industry – which has a number of Western Australian entrants – faces big challenges to becoming a strong, stable, cost-effective source of alterative energy. The report says the future of a sustainable biofuel industry in Australia will depend on a number of factors including consumer acceptance, motor industry and fuel industry cooperation, the […]

New Zealand: Govt biofuel targets predicted to raise domestic petrol prices

Shell New Zealand says biofuel quotas would substantially increase the cost of petrol. The company says a Government proposal to introduce minimum sales targets for biofuels could push the price of petrol up by 5 cents a litre. Shell says major infrastructure modifications would be needed to meet the proposed biofuel sales requirements. It says […]

IMF warns on US slowdown and oil risks

International Monetary Fund (IMF) head Rodrigo de Rato said yesterday fuel prices should be raised in countries such as the US and China, the two largest consumers, as current costs discouraged conservation and resulted in damage to the environment. The wealthy benefited disproportionately from lowered fuel costs, said De Rato. Governments should stop subsidising fuel […]

Japan faces deadline on oil field

The government of Japan said Tuesday that it would enter talks with Iran to resolve a dispute over delays at the $2.5 billion Azadegan oil drilling project operated by the Japanese state-run firm, Inpex Holdings. Iran is struggling to compensate for the depletion of its older oil fields through new discoveries. The country needs to […]

Beware the oil trap

Energy stocks are great long-term investments, but you should buy them very carefully. NEW YORK (MONEY) — Seems like only a couple of weeks ago, everyone was worried that oil was on its way to $100 a barrel. Since then, the oil price has fallen 15 percent to below $66. It’s fairly clear that the […]

Coming soon: Hydrogen-powered BMW

Luxury sedan will burn both hydrogen and gasoline. It will be provided to selected drivers. NEW YORK (CNNMoney.com) — BMW has announced that it will produce a limited number of hydrogen-powered luxury performance cars in 2007. The BMW Hydrogen 7, based on the company’s high-end 7-series luxury sedan, will be powered by a 260-horsepower 12-cylinder […]

U.S. Agency Still Sees $70 a Barrel Oil for the Rest of ‘06

CNN Money – Despite a drop of over $10 in the price of oil over the last few weeks to around $65 dollars a barrel, the government predicts crude will still average near $70 for the rest of 2006, according to a report released Tuesday. In its monthly short-term energy outlook, the Energy Information Administration […]

Report: Chevron may avoid $1B in payments

Incomplete lease agreements could allow oil giant to avoid paying royalties to federal government on new oil field, newspaper says. NEW YORK (Reuters) — A group of oil companies led by Chevron Corp. that last week announced the discovery of a huge oil field in the Gulf of Mexico could avoid more than $1 billion […]

BP gets ‘first step’ OK for bypass line

ANCHORAGE, Alaska – BP PLC has received permission from a state agency to use a bypass line to possibly restart some production from the shuttered eastern side of Prudhoe Bay. However, other agencies also must approve the plan, and BP hasn’t decided whether to even use the bypass system, spokesman Steve Rinehart said Monday. The […]

OPEC quota cut comes into view as prices fall

VIENNA (AFP) – OPEC oil ministers decided to maintain their oil output ceiling at a near 25-year high, but attention quickly switched to when the cartel might cut production to stem falling prices. The cartel has been pumping at near full capacity in a bid to cool the overheated oil market, but prices hit five-month […]

World pesticide use soars

The use of pesticides worldwide has risen dramatically from 0.49 kg per hectare in 1961 to 2 kg in 2004 and with this the export of pesticides has touched an all time high of $ 16 billions, the World Watch Insititute (WWI) has said. The increase in the use of pesticides is attributed mainly to […]

Canada oil production down 2.3%, profits up 50%

Canada’s oil production dropped in 2005 for the first [time] in six years as conventional supplies wane, but that should change as oilsands operations continue their rapid ramp-up. According to a Statistics Canada report released Monday, companies pumped out 858 million barrels of crude last year, down 2.3 per cent from the year before.[..] Canada’s […]

Al Gore ridiculed in Australian parliament

Industry Minister Ian Macfarlane has dismissed Al Gore’s climate change documentary, saying he would not be taking advice from an unsuccessful presidential candidate. Mr Gore has urged Prime Minister John Howard to join the fight against the growing environmental problem. But Mr Howard has said he will not be meeting Mr Gore during his Australian […]

Ethanol Will Be Compulsory for Nigerian Fuel

President Olusegun Obasanjo has said the Administration would make the use of ethanol in fuel compulsory, like the cassava flour in wheat for bread. “Nigeria has the capacity to produce ethanol from both cassava and sugarcane, so we will take advantage of these natural endowments to provide jobs and cheaper fuel”, he added.All Africa

Clean technology key to French coal revival

Surging demand for energy, coupled with high oil and gas prices have revived France’s enthusiasm for coal but it may be short-lived without fast development of carbon capture and storage (CCS) technologies. Jean-Francois Mayeur, an official of state coal producer Charbonnages de France, warned that a revival of domestic coal mining could only be marginal.ABC […]

Asian nations wary of greenhouse gas limits

European and Asian leaders called yesterday for a redoubled effort to tackle global climate change, but emerging Asian powers shied away from any firm commitments to cut greenhouse gases. Asked about their willingness to accept mandatory caps on greenhouse gas emissions, both South Korean President Roh Moo-hyun and Indonesian President Susilo Bambang Yudhoyono stressed their […]

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