CNPC shuns Canada for ‘friendly’ Venezuela

China has abandoned its Canadian energy strategy out of frustration with federal policy and with the country’s oilsands producers, turning its attention instead to “friendly Venezuela” as a way to feed new Chinese refineries. A senior executive with state-owned China National Petroleum Corp. (CNPC), Asia’s largest company, said CNPC has scrapped its involvement in a […]

Economics 101: Oil Rises On Supply Questions

Some analysts point out that as the oil supply tightens and the price rises, the demand for crude doesn forbes

Coal is the enemy of the human race: James Hansen edition

The most important time-critical action needed to avert climate disasters concerns coal. Consider: one-quarter of fossil fuel CO2 emission remains in the air for more than 500 years, conventional oil and gas reserves are sufficient to take atmospheric CO2 at least to the vicinity of the “dangerous” level, and it is impractical to capture their […]

California to build the world largest solar energy farm

As a leading US state in environmental protection and alternative energy, California wants to build a large, effective and state-of-the-art solar energy farm in the central Californian city of Fresno. bellona

Europe is losing to Russia in struggle for energy

Russia yet again has triumphed by relying on Europe’s propensity for going multiple ways at once. Meanwhile, Chevron and Exxon Mobil have held steady against Russian pressure to back an oil pipeline spur meant to diminish U.S. influence in the region: oilandglory

China complains of cold shoulder from Canada on oil deals

OTTAWA (AFP) – Chinese companies coveting Canada’s oil patch are unhappy about the chilly reception they are getting from Ottawa, a top Chinese oil executive told media Friday, after withdrawing from a Canadian pipeline project amid delays. Song Yiwu, vice president of China National Petroleum Corp., the parent of PetroChina, said Ottawa should have done […]

U.S. man convicted of pipeline, energy attack plan

SCRANTON, Pennsylvania (Reuters) – A Pennsylvania man was convicted on Friday of plotting to blow up U.S. oil pipelines and energy installations and of attempting to enlist al Qaeda militants on the Internet to help carry out his plan. A federal jury of six women and six men took a little more than an hour […]

GM exec cool on diesels

NEW YORK (CNNMoney.com) — In a video posted to his official General Motors blog Thursday, GM vice chairman Bob Lutz took pains to point out that fuel-efficient diesel engines, popular in Europe, will not provide an easy an easy answer to America’s petroleum dependence. “Do not assume that the diesel engine is a panacea and […]

The Oil Drum: Net Oil Exports and the ‘Iron Triangle’

As Matt Simmons pointed out several years ago, the critical problem with post-peak exporting regions is that we would have two exponential functions (declining production and generally increasing consumption) working against net exports. From the point of view of importers, it is quite likely that we are facing a crash in oil supplies. In my […]

”Peak oil” advocates blast U.S. industry study

Proponents of “peak oil” — the theory that global crude oil production has hit its zenith and is headed for a steep decline — are steamed with a U.S. oil industry group’s findings that the world has plenty of oil. Next week the U.S. National Petroleum Council — a board of high-level U.S. oil industry […]

Demand for oil predicted to outstrip supply within 5 years

NEW ZEALAND – Oil reserves are running out even faster than previously predicted. For the last 30 years they have said oil reserves are not in crisis now in a massive u-turn, the International Energy Agency says demand driven by exponential growth will outstrip supply within 3 to 5 years. The government is putting plans […]

The Effects of Peak Oil: Panic from the Oil Crunch

The reality of peak oil will set in over the next few years. But once the world realizes the serious effects it’ll have, the real panic will start. The first sentence from the IEA’s latest oil market report is sobering: “Despite four years of high oil prices, this report sees increasing market tightness beyond 2010, […]

Peak Oil, Global Economy Shifts Away From US Towards Asia

Some questions about Peak Oil from a reader. And by the way, while we donWe sense some circularity in this logic. Do oil reserves really expand as oil prices go up? Well, rising prices do make previous projects economically viable. Projects with high costs make more economic sense when you can sell the finished product […]

Argentina: Energy crisis hits citrus

The energy crisis in Argentina is affecting the citrus sector and will have an impact on lemon exports, sector leaders warn. A lack of rainfall is being blamed for shortages of hydro electricity, while extraction and transport problems and lack of supply are having an impact on natural gas availability in the South American country. […]

Iraq: of course it’s about oil

THE PRIME MINISTER’s hasty retreat from the admission that oil has anything to do with the US-led invasion and occupation of Iraq is both puzzling and revealing. Defence Minister Brendan Nelson was stating the obvious when he remarked last week that the Middle East was an important supplier of energy and that protecting oil supplies […]

Brookside farmers point the way to post-oil world

Both Jason Bradford and Christoffer Hansen, who are working full-time at Brookside Farm, are firm believers in an apparently rapidly approaching phenomenon known as Peak Oil which they and other believe will mean the end of cheap fossil fuel energy. Consequently they believe that people will have to localize, that is, create the essentials of […]

Iran Asks Japan to Pay Yen for Oil, Start Immediately

(Bloomberg) — Iran asked Japanese refiners to switch to the yen to pay for all crude oil purchases, after Iran’s central bank said it’s cutting holdings of the U.S. dollar. Iran wants yen-based transactions “for any/all of your forthcoming Iranian crude oil liftings,” according to a letter sent to Japanese refiners that was signed by […]

T. Boone Pickens on Oil and China

Oil is edging toward $73 per barrel this morning after the International Energy Agency predicted in its monthly report that oil demand will grow more quickly in 2008 than this year. The IEA also said higher production and refinery capacity should ease pressure on supply. Texas oil man Boone Pickens made a new prediction on […]

Police impound buses, gas shortages spur commuter chaos in Zimbabwe

HARARE, Zimbabwe: Harare police have impounded minibus taxis and fined drivers who had not complied with government orders to cut fares, stranding commuters on the way to work, state media reported. At least 100 taxis had been impounded since Wednesday, state radio said, in the latest crackdown since the government ordered price cuts of about […]

What they didn

The theory of Peak Oil is simply that world production will peak and plateau at a undefined point in time and then begin to decline while demand continues to rise. This will happen when all the world

Ethanol mix opposed by auto industry

The auto industry has stepped up its efforts against putting more ethanol in regular gasoline, joining a coalition of vehicle and engine makers calling for more studies of how much damage such fuels could cause. The Alliance for a Safe Alternative Fuels Environment (AllSAFE) won a victory last week when a U.S. House committee approved […]

PetroChina pulls out of Canadian oil sands pipeline development project

PetroChina is pulling out of a US$3.8 billion (IHT

Rising food and oil prices may hit consumer spending (Ireland)

Rising food costs and high oil prices could put pressure on consumers’ pockets later this year, economists warned yesterday, as new figures showed a slight fall in inflation last month. The annual rate of consumer price inflation fell to 4.9 per cent in June, down from 5 per cent in May, according to the Central […]

Global oil demand to grow in 2008

World oil demand will grow more quickly in 2008, although higher production and refinery capacity should ease pressure on supply, the International Energy Agency (IEA) said today. In its monthly report, the adviser to 26 industrialised countries said demand will rise by an average 2.2 million barrels per day (bpd) in 2008, up from this […]

Deadlocked Sunni, Shiite Factions Block Political Progress, Iraqis Say

Iraqi politicians on Thursday struck a more pessimistic tone about Iraq than did the White House assessment, and said the deadlock between warring Sunni and Shiite factions makes major political progress unlikely in coming months. Some Iraqi leaders, including members of Prime Minister Nouri al-Maliki’s ruling Shiite alliance, added that U.S. officials have set unrealistic […]

Refinery woes push up Midwest gas prices

The Midwest continues to get pounded by big jumps in gasoline prices USAToday

Culver Lifts Limits On Fuel Truck Drivers (Iowa)

Gov. Chet Culver suspended the limit on the number of hours that fuel truck drivers may drive on the road amid the fuel price hike and shortages in the Midwest. Drivers are typically limited to 12-hour days and at least 10 hours off after each shift, according a news release from the governor’s office.KCCI

Energising Russia

Russia exports more natural gas than any other country and has by far the biggest proven reserves in the world. Much of this so-called DailyTimes

Brent crude oil hits another 11 month high of 77.45 usd

Brent crude oil hit a fresh 11 month high of 77.45 usd, pushed higher by rising equity markets and a weak US dollar, with ongoing concerns over tightening supply still in the background. ‘The large moves in the equity markets have given some strong support to crude oil,’ said CMC Markets trader, Nas Nijjar. ‘The […]

Oil Supply/Demand Trends For 2007-2012.

The Medium-Term Oil Market Report [MTOMR] by the International Energy Agency was just released. The IEA is about as “non-kook” as you can get, being a stuffy starched-white-shirt group of 150 researchers funded by the OECD SeekingAlpha

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