Up ahead: Conservation or $100 / barrel oil?

On the heels of oil’s push through $79 per barrel, with traders indicating that a move through $80 is likely, the elevated price of oil is once again placing itself on the table of concerns facing investors. On Tuesday OPEC agreed to increase production by 500,000 barrels per day after production-increase advocates, including Saudi Arabia, […]

Oil leaps to new record above 80 dollars

Oil surged to fresh record highs above 80 dollars a barrel in New York Monday amid concerns about tight crude supplies with no real relief in sight, analysts said. New York’s main futures contract, light sweet crude for delivery in October, jumped 1.47 dollars to close at a record 80.57 dollars per barrel. Earlier, the […]

Confessions of an

The good news is that panic scenarios about the world running out of oil anytime soon are wrong. The bad news is that the price of oil is going to continue to rise. Peak Oil is not our problem. Politics is. Big Oil wants to sustain high oil prices. Dick Cheney and friends are all […]

Don’t look to OPEC for oil price relief

Don’t look to OPEC for relief from what increasingly looks to be permanently higher oil prices. At its meeting last week, the Organization of the Petroleum Exporting Countries, responsible for roughly 40 per cent of global crude-oil production, merely flirted with increasing output levels. And major OPEC producers and traditional price hawks Venezuela and Iran […]

UK: World’s first major wave farm is set to get green light off Cornwall

The world’s first large-scale wave farm will be given planning approval today. Wave Hub, a The wave farm, which has been on the cards for four years, will boost the industry worldwide and become a centre of research. Generators attached to Wave Hub’s infrastructure by other developers will produce enough electricity for 7,500 homes, directly […]

Survive the bear with peak oil bet

‘It ’s hard to imagine we are not in a recession in the U.S.,” considers Eric Sprott, manager of the eponymous Sprott Canadian Equity Fund. Despite being “one of the most vocal bears on the U.S. economy” over the past decade, Sprott has achieved the top track record in the Canadian equity space since its […]

Are Record Oil Prices Set To Torture Consumers?

SAN FRANCISCO […] “Consumers should be worried,” said Alaron’s Flynn. “We’ll be keeping our fingers crossed that we’ll meet demand this winter” for heating oil. “The margin for error going into the season is going to be very, very thin,” he said. Indeed, many analysts see heating oil supply levels as a problem to keep […]

Energy Bedfellows

Countering OPEC Through China-U.S. Cooperation President Bush has denounced our addiction to oil. His foreign policy has been guided by advisers — Dick Cheney, Donald Rumsfeld, Paul Wolfowitz — whose worldviews were formed during the 1970s, when the OPEC oil cartel emerged as a threat to U.S. interests. But OPEC now appears more menacing than […]

Russia will not cut oil and gas production, Putin says

Russia has no intention of cutting its production of oil and gas and will probably increase it, President Vladimir Putin said at the weekend. But he denied that this would increase the country’s dependence on energy exports, maintaining that the Russian economy was proportionately less reliant on exports of oil and gas than it was […]

The renewable energy future

Wind farms and solar energy have great potential — but there are still clouds on the horizon. Remember rain? As Los Angeles creaks through its driest year on record and nervously awaits its next explosive wildfire, many wonder if global warming is already taking a toll. Nobody really knows; California has always had intermittent droughts, […]

Fueling up on the food supply

Ethanol derived from corn, sugar and other crops is fueling a debate over how a plant-guzzling future will affect food and the world’s undernourished poor. Global food and agriculture experts fear that as more countries turn to crops as an energy source, spurred by worries of global warming and oil dependency, food prices could go […]

How Canada Went from 21st to 2nd in World’s Oil Reserves

The United States has its hopes pinned on Canada’s “tar sands” for North American security in the oil market. But their “black gold” is an environmental nightmare. It’s well-known that the United States consumes more oil per capita than any other country in the world, absorbing two-thirds of global oil production. This heavy dependence has […]

The Iran Attack and Aftermath:

“Yes. We’re going to hit Iran, big time. Whatever political discussions that are going on is window dressing and perhaps even a red herring. I see what’s going on below deck here in the hangars and weapons bays. And I have a sick feeling about how it’s all going to turn out.” There’s every indication […]

Iran

As global energy demand rises, natural gas increasingly plays a strategic role. The sector is poised for tremendous growth over the next two decades and some believe that it may overtake oil as the prime fuel between 2020 and 2030. IranMore than 60 percent of Iran

The Rise, Fall, and Resurrection of the NOCs

For the better part of 40 years, oil has been the great equalizer, in many ways diminishing the huge imbalance between Europeans, their American cousins, and the rest of the world NOCs were at the vanguard in the Third World

Can you spare a dime? Why we could….but won’t

…Klein, without a full analysis of the energy implications, has grasped the basic economic reality – that our next “bubble” will be/is the scavenging of wealth from the ordinary poor people (most of us) by the comparatively fortunate (mostly corporations), as we privatize the cleaning up of the messes we’ve made and pass their costs […]

Greenspan clarifies Iraq war, oil link

Says he told White House ousting Saddam was ‘essential’ to world supplies WASHINGTON – Clarifying a controversial comment in his new memoir, former Federal Reserve Chairman Alan Greenspan said he told the White House before the Iraq war that removing Saddam Hussein was

Venezuela to boost oil production to five mln bpd by 2012: Chavez

Venezuela will raise its production of crude oil from the current 3.2 million barrels per day (bpd) to 5 million in 2012, in order to maintain a fair price in the market, President Hugo Chavez said during his Sunday television and radio speech. The world is facing an energy crisis since crude oil reserves are […]

Alternative Fuels for Jet Engines

Apparently, it’s getting easier to be green — Kermit the Frog’s lament notwithstanding. Whether or not you agree that the world has passed the point where there’s less crude oil in the ground than we’ve extracted — i.e., so-called “peak oil” — or that global warming accelerated by the burning of fossil fuels over the […]

After Iraq, no one should bank on cheap oil

OIL is the fuel that, by powering the industrial revolution, changed the world. The global economy’s need for a secure oil supply is so obvious that former US central bank chief Alan Greenspan has expressed exasperation in his new memoir that “it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely […]

Is peak oil a guy thing?

Whenever I am at gatherings involving peak oil, I am always struck by the imbalance between men and women. Three reasons for this come to mind: ● The peak oil movement draws many of its members from the oil industry which is dominated by men. ● Peak oil is a highly technical subject which attracts […]

The Oil Drum: OilWatch Monthly

Latest developments: 1) OPEC Demand – In 2002 OPEC-11 (excluding Iraq) consumed 4.63 million b/d according to the JODI database. Since then, demand has increased by 1.1 million b/d to 5.69 million b/d in 2006. The increase was mainly caused by higher consumption in Iran and Saudi Arabia, which increased by 234,000 and 418,000 b/d […]

IN CASE OF MARTIAL LAW, BREAK GLASS

by Dale Allen Pfeiffer …Many people who follow the news are worried that Bush will declare martial law sometime in the months ahead. If natural crises prove insufficient, they are afraid that he will stage another 9/11. The current economic climate is very similar to the climate at the time of 9/11, though the present […]

Goldman Sachs Raises Year End Oil Price Forecast to $85 US

LONDON, Sep. 17, 2007 (Thomson Financial delivered by Newstex) — Goldman Sachs (NYSE:GS) has raised its oil price forecast amid near record high prices as the bank reckons demand is likely to exacerbate tight supplies looking ahead. ‘We are raising our end-of-year (WTI) oil (three month) price forecast to 85 usd per barrel from 72 […]

Petroleos de Venezuela to Convert Accounts Away From Dollars

(Bloomberg) — Venezuelan President Hugo Chavez instructed Petroleos de Venezuela SA, the state oil company, to convert its investment accounts from dollars to euros and Asian currencies to reduce risk. The decision may help weaken the dollar as the Federal Reserve prepares to lower interest rates this week, said Philip Wee, an economist at DBS […]

Osamanomics and the greens

Does Osama bin Laden read my column? In his latest couple of videos, the dyed one mentioned Western civilization’s contribution to global warming among his list of complaints of quite what was wrong with the state of affairs, which he suggested a bout of Osamanomics could cure. The generation of largely American (which is not […]

Opec’s production capacity to rise 4.68% by 2009

The combined production capacity of the Organisation of Petroleum Exporting Countries, the group that supplies more than a third of the world’s oil, is estimated to rise 4.68 per cent by the end of 2008 to 35.8 million barrels a day from the current 34.2 million bpd, says the latest oil market report of the […]

Mammoth dung, prehistoric goo may speed warming

For millennia, layers of animal waste and other organic matter left behind by the creatures that used to roam the Arctic tundra have been sealed inside the frozen permafrost. Now climate change is thawing the permafrost and lifting this prehistoric ooze from suspended animation. But Zimov, a scientist who for almost 30 years has studied […]

Africa: Biofuels and the Continent

Like the I-phone of the consumer telecommunications industry, Biofuels are the most talked about and most anticipated development in the energy sector. The increased attention on the production and development of Biofuels can be attributed to an international convergence of ecological, political, economic and social factors. Africa is usually last on the list of receiving […]

More Nations Back U.S. Nuclear Project

A U.S.-initiated project that aims to reduce the dangers of nuclear proliferation and control radioactive waste gained support Sunday, as 11 more nations signed on with original members Russia, China, France and Japan. Under the Global Nuclear Energy Partnership, a limited number of countries including the U.S. and Russia would provide uranium fuel to other […]

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