Rich nations blamed for global warming

SINGAPORE – Developed countries are hypocritical for criticizing China’s greenhouse gas emissions while using the country’s cheap labor to power industries that pollute, Asian business and government leaders said Monday. “This is green imperialism,” Nor Mohamed Yakcop, Malaysia’s deputy finance minister, told a panel discussion on global warming at the World Economic Forum on East […]

Peak Oil is Snake Oil!

Friday of last week I had occasion to do brief battle on CNBC Morning Call with Steve Andrews co-founder of what is considered the most influential organization supporting “peak oil ” the Hubert curve theory which predicts future oil availability. Surprisingly there is more than one such organization. And why should that be? The Wall […]

Chavez predicts resistance war with U.S.

CARACAS, Venezuela (AP) U.S. officials reject claims that Washington is considering a military attack. But the U.S. government has expressed concern over what it perceives as a significant arms built-up here. Chavez

Gulf to collectively act on dollar peg

Basel: The UAE will not drop its currency peg to the US dollar without other Gulf nations doing the same, the country’s central bank governor said yesterday. Six countries in the GCC are planning a single currency by 2010. However, this deadline is in doubt after Oman said it would not meet the target. The […]

The Clusterfuck Nation Chronicle

I get lots of letters from people in various corners of the nation who are hysterically disturbed by the continuing spectacle of suburban development. But instead of joining in their hand-wringing, I reply by stating my serene conviction that we are at the end of the cycle — and by that I mean the grand […]

Frenzy as Zimbabwe dollar plummets

ZIMBABWEBusinessday

Over an oil barrel

Are high gasoline prices the result of soaring world demand, as oil companies contend, or are there other causes? The answer seems to be both. And among the “other” causes are the oil companies themselves. Besides citing the cost of foreign oil, and how that cost must be passed through to the consumer, the oil […]

Stormy Weather Ahead for Oil Prices

Two down, 15 to go; that’s this year’s bleak tropical storm outlook. Two years ago, Hurricane Katrina wreaked havoc on the economy. By comparison, thank goodness, our two named storms this year, Andrea and Barry, have been relative powder puffs. But commodities tracker Sean Broderick cautions that the weather so far could well be the […]

Fidel Castro: Our Species Has Never Before Faced as Serious a Threat

Cuban President Fidel Castro warned that human species has never before faced as serious a threat, owing to the combination of society’s political underdevelopment and the fruits of technology, which appears limitless and whose capacity for self-destruction is beyond reason. “Genocidal wars, climate change, hunger, thirst, inequality are everywhere we look,” said the Cuban Revolution […]

Venezuela First in Crude Reserves

Venezuela has ratified its potentials to become the country with the largest crude reserves worldwide, as certification of Carabobo bloc, one of the four fields in the Orinoco Oil Belt, was completed. State-run Petroleos de Venezuela (PDVSA) reported that international company Ryder Scout certified 129.14 billion barrels of original crude oil in situ, with the […]

Iran fuel import budget likely to run out soon: Officials

Iran will exhaust its annual budget for petrol imports by August 1, more than seven months before the financial year ends, if fuel consumption continues at the same pace, officials said in remarks published yesterday. OpecThePeninsular

Kuwait oil minister faces axe but policy to stay

Kuwait’s oil minister could be removed from office after a grilling by opposition MPs Monday, but the Organization of Petroleum Exporting Countries (OPEC) member’s oil policy is not expected to change dramatically, analysts said Sunday. “I don’t think there will be an immediate policy change in the short term, especially with regards to oil production […]

US House votes to deny all aid to Saudi Arabia

The US House of Representatives has voted to deny all aid to Saudi Arabia, despite repeated assurances by the Bush administration that the desert kingdom is cooperating in its “war on terror.” The ban is contained in a little-publicized amendment quietly slipped by a bipartisan group of lawmakers into a 34.2-billion-dollar bill that finances US […]

Petrol fixing penalty brings down prices

The price of petrol in Australia has hit a seven-week low today as motoring groups called for anyone found guilty of fuel price fixing to be jailed. “So I think a 10-year penalty wouldn’t be out of the question. If you rob a bank of a few hundred thousand, you go to jail for a […]

Coal still has a role

Deutsche Bank analyst Mark Lewis told ABC TV the coal industry still has a future, despite a global push towards other cleaner energy. “There is no way in which the world can generate the energy it needs realistically over the next 50 or even 100 years without coal still being a significant part of the […]

Thailand to Buy Power From China in Next Decade to Meet Demand

Thailand, Southeast Asia’s second- biggest economy, plans to buy electricity from China for the first time starting in 2017 because the country isn’t building its own plants fast enough to meet an expected surge in demand. The Thai government has signed an initial agreement to buy about 3,000 megawatts of electricity from hydropower plants in […]

Australia: Gas shortage seen as symptom of wider energy woes

The peak body representing Australia’s energy users says a gas shortage which is affecting large commercial users in the New South Wales Hunter Valley is just the symptom of a growing energy crisis across the country. Last week, the manager of the gas pipes network, Alinta, was forced to ask 400 of its top industrial […]

Kuwait oil company plans to hike output of heavy crude

The KOC’s Deputy Managing Director for Administrative and Financial Affairs, Ali Al-Shimiri, stated during an honorary celebration of media figures late on Saturday, that the company seeks developing its production output to reach 50,000 barrels per day by 2011, 250,000 barrels per day by 2015, and the final target is 700,000 barrels per day by […]

Shhh . . . There Is Corruption in Iraq

Senior Iraqi cabinet members over a six-month period blocked investigations and prosecutions of corruption within their ministries valued at $35 million, using a Saddam Hussein-era law meant to shield officials from political abuses of the justice system, according to a recent memo by an official at the U.S. Embassy in Baghdad.The quashed CPI probes included […]

China targets energy hogs in offices, cars

Under heavy pressure to cut energy consumption, China is now turning the spotlight on construction projects, the transport sector and government buildings. China’s legislature yesterday began deliberating a draft amendment to the national energy conservation law that details measures to reduce energy waste in the three areas to improve efficiency and cut pollution.China pledged to […]

China focuses on oil, not Sudanese needs

Sudan’s oil production averages 536,000 barrels a day, according to estimates by the Paris-based International Energy Agency. Other estimates say it is closer to 750,000 barrels a day. And there is an estimated 5 billion-barrel reservoir of oil beneath Sudan’s 1 million-square-mile surface, almost all of it in the south of the country, an area […]

Lawmakers ask for natural gas regulation

Lawmakers seeking tougher oversight of commodity exchanges assert in a report that “excessive speculation” dealt a fatal blow to Amaranth Advisors LLC, which helped drive up heating bills last winter before it lost some $6 billion on its natural gas bets. The hedge fund at times last year controlled 40 percent or more of the […]

About Those Predictions If We Leave

Do we have some responsibility to the Iraqi people, now that we have broken their country? Absolutely. Can we own it? Absolutely not. Can we fix it? Absolutely not. Only a genuinely multinational peace-keeping force sponsored by the UN or NATO can prevent continued civil war and genocidal violence. HNN

Global warming and economic growth

The California governor has recognized that by taking the lead on global warming, California can reap enormous economic benefits, potentially saving $2,500 a year for every household in the state. Last year, venture capital investors took note of his progressive climate policy and directed more than $1 billion to the California clean technology sector. Of […]

Russia Is World’s Energy Supply Leader

Presidents of Albania, Bosnia and Herzegovina, Bulgaria, Montenegro, Macedonia and Russia spoke at the energy summit in Zagreb. Russia is the world javno

The emerging alliance between Turkey, Azerbaijan and Georgia

Back in 1992 the international community had still to discover that Russian oil or gas could have origins in Azerbaijan, Kazakhstan or Turkmenistan. Nevertheless when it did happen, the Caspian region immediately turned into a focus of international attention and the US administration announced it a zone of special interest. American energy experts have quickly […]

BP Looks to Emerge From Rough Few Years

Today, oil production is in steady decline – about 6 percent a year – but the North Slope’s largest operator, BP PLC, remains bullish about the future because of the region’s untapped resources. BP says the region is teeming with enough natural gas and heavy crude oil to keep production going for another 50 years. […]

Oil Price Surge a Risk as Non-OPEC Production Peaks, BIS Says

Oil prices have a “substantial” risk of surging higher and boosting inflation because non-OPEC production may soon peak, the Bank for International Settlements said in its annual report. “The short-run risks of sharp increases in oil prices remain substantial,” the Basel, Switzerland-based BIS said in its 77th annual report today. “The impact of oil price […]

Japan, Saudi Arabia Heighten Relations

Japan arabnews

Qatar’s economic boom continues

In its brief on economic and financial developments in Qatar, International Bank of Qatar (IBQ) noted the country’s impressive performance for a fourth consecutive year, even as it continued to face resource constraints exacerbated by the rapid pace of growth. Nominal gross domestic product (GDP) expanded by 24% in 2006, after averaging an impressive 30% […]

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