Crude Oil Climbs to Record $93.80 as Mexico Cuts Gulf Output

Oct. 29 (Bloomberg) — Crude oil climbed above $93 a barrel in New York for the first time after Mexico shut a fifth of its production and the dollar fell to a record low. State-owned Petroleos Mexicanos, or Pemex, halted about 600,000 barrels a day of output as a storm passed through the Gulf of […]

N.Y. Natural Gas Rises as Crude Climbs to Record $93 a Barrel

Oct. 29 (Bloomberg) — Natural gas advanced in New York, following crude oil, after Mexico shut a fifth of its production. Crude rose to a record $93 a barrel as state-owned Petroleos Mexicanos, or Pemex, shut 600,000 barrels of daily output as a Gulf of Mexico storm moved through its production fields. Heating oil, a […]

Past the threshold for dangerous warming

One of the main headlines in the first week of the election campaign was Opposition Leader Kevin Rudd’s announcement that Labor would sell additional Commonwealth land, much of it in outer metropolitan areas, to help ease the housing crisis. The Howard Government has a similar plan. While there is a need for affordable housing, these […]

Solving

We all know that $30-a-barrel isn’t coming back. Just as we know that simply turning off a few lights won’t halt global warming. Yet the search for a low-emission, non-fossil-fuel source of energy has been a bit like “American Idol”: every now and then, another fresh-faced alternative-energy rock star wanna-be is eliminated. Wind and solar […]

Climate change cannot be bargained with

Our half-hearted measures are as dangerous as the 1930s appeasement of Hitler It was a year ago this week that Gordon Brown and Tony Blair shared a platform to launch the Stern report on the economics of climate change. The then-prime minister said it was the most important report released in his time in office. […]

Little Green Lies

The sweet notion that making a company environmentally friendly can be not just cost-effective but profitable is going up in smoke. Meet the man wielding the torch Auden Schendler learned about corporate environmentalism directly from the prophet of the movement. In the late 1990s, Schendler was working as a junior researcher at the Rocky Mountain […]

UK: Energy questions that will need to be answered

THE other week, I joked about the new nature reserve of Wallasea Island being preserved in perpetuity until oil and natural gas is found beneath it. I now discover from a new report that the future lack of fuels could cause consequen- ces far more dire than this. This survey by German-based Energy Watch Group […]

Iran adapts to growing economic pressure

Oil market could help Tehran weather sanctions, but firms weigh risk Confronted by mounting U.S. and U.N. pressure, Iran has been steadily shifting its trade from West to East and, with the benefit of record high oil prices, is likely to be able to withstand the new U.S. sanctions, according to U.S., European and Iranian […]

ABCs of terms used in crude oil industry

CHEN HUIFEN explains what they mean as crude oil movements affect one and all CRUDE oil prices continue to stay strong last week, after breaching US$90 earlier this month. In the previous instalment of Young Investors’ Forum, we discussed the basics of crude oil and why it has an influence over world economics. This week, […]

South Africa: Power Cuts Lead to Sewage Spills

Sewage plants in South Africa’s northern Gauteng Province poured millions of litres of untreated waste into three rivers between the capital, Pretoria, and the commercial centre of Johannesburg earlier this month. National power utility Eskom cut electricity to the treatment plants, which were then unable to process the waste water before it was released into […]

Respected scientist sees 6 billion perishing

James Lovelock, 88, ranks as one of the 20th century’s influential scientists. He invented the device that helped detect the growing hole in our ozone layer. And he introduced the theory of Gaia – the notion that our planet is a kind of superorganism that is, in a sense, “alive.” Life is not just a […]

Canada’s Dollar Rises to Highest Since 1960 on Record Oil Price

Oct. 29 (Bloomberg) — Canada’s dollar touched the highest since 1960 on surging demand for the nation’s commodity exports, with oil reaching an all-time high. The Canadian currency strengthened against 15 of 16 most- actively traded currencies. The Federal Reserve is forecast to cut borrowing costs on Oct. 31 to prevent the world’s largest economy […]

Corn Rises as Record Oil Prices Boost Demand for Ethanol

Oct. 29 (Bloomberg) — Corn rose for a third straight session to the highest this month as record oil prices boost demand for ethanol made from grain. Corn reached a 10-year high Feb. 26 on forecasts that record consumption of ethanol made from corn would cut global reserves to the lowest since 1984. Crude oil […]

Kunstler: Assumptions

When historians glance back at 2007 through the haze of their coal-fired stoves, they will mark this year as the onset of the Long Emergency One of the stupidest assumptions made by the educated salient of adults these days is that we are guaranteed a smooth transition between the cancerous hypertrophy of our current economic […]

‘Golden age’ of oil refining margins to end

LONDON (Reuters) – The global “golden age” of record refining profits is likely to be over by the end of the decade thanks to more capacity from new plants and higher costs due to record crude prices, industry analysts say. Signs the boom is faltering have already emerged. ConocoPhillips suspended production at its German refinery […]

Supreme Court to review Exxon Valdez damages

WASHINGTON (AP) — The Supreme Court on Monday agreed to decide whether Exxon Mobil Corp. should pay $2.5 billion in punitive damages in connection with the huge Exxon Valdez oil spill that fouled more than 1,200 miles of Alaskan coastline in 1989. The high court stepped into the long-running battle over the damages that Exxon […]

PetroChina to Raise $8.9 Billion in China Share Sale

Oct. 29 (Bloomberg) — PetroChina Co., the nation’s largest oil producer, will raise 66.8 billion yuan ($8.9 billion) in the world’s biggest share sale this year to expand refineries and increase output at oilfields. The company will sell 4 billion shares at 16.7 yuan apiece, PetroChina said today in a statement to the Hong Kong […]

Tokyo Electric to Pay Record Price for Fuel Oil From Nippon Oil

Oct. 29 (Bloomberg) — Tokyo Electric Power Co., Oji Paper Co. and other Japanese fuel oil users will pay Nippon Oil Corp. record prices in the three months to December. Prices of low-sulfur fuel oil sold to Tokyo Electric and high-sulfur fuel oil supplied to Oji Paper will rise as much as 9.1 percent in […]

The Oil Drum: A Simple and Free Presentation on the Situation We Face

There are now several movies about peak oil that a person can show to audiences who are new to the subject. But sometimes it would be helpful to have a “canned” PowerPoint presentation, or a set of prepared PDF handouts that you can discuss with newcomers or use for your own talks. In this post, […]

Deffeyes: Feedback Loops

Jeff Vail posted on www.theoildrum.com/node/3017 a list of feedback loops that would diminish oil availability after the oil peak. Vail’s piece is thoughtful. I highly recommend reading it, preferably before reading my comments about it. Vail identifies five feedbacks from a diminished oil supply that would make the problem even worse. I’ll take the risk […]

Japanese pay for Iran oil in yen

Already, approximately 65 percent of IranTehranTImes

”Record Oil Prices and Washington’s Desire for Energy Independence”

…Ethanol is the key to Washington’s desired energy independence. A growable and renewable energy source is promoted as the remedy to energy geopolitics, or at the very least a key to restructuring the existing geopolitical order. Washington is keenly interested in Brazil’s ethanol production, where an abundance of sugar cane sustains a booming industry that […]

China diesel squeeze persists as oil tops $93

China’s worst diesel rationing in four years may last several more weeks as record oil prices choke output from independent refineries and the top suppliers show no rush to top up imports, industry officials said on Monday. Although China’s big state refiners have made minor cuts in output to trim deepening losses, lower production from […]

Gazprom eyes new projects in Venezuela

Russian gas giant Gazprom has submitted a request to Venezuela’s Energy and Oil Ministry to join the country’s three new gas projects, Deputy Prime Minister Alexander Zhukov said after the fourth session of the Russian-Venezuelan commission in Caracas. He named the gas deposits as Gas Delta Caribe Oriental, Mariscal Sucre and a block in eastern […]

Turkey Considers `All Options’ on PKK, Minister Says

Turkey’s Foreign Minister said his government is considering “all options” including military action to deal with Kurdish rebels operating from Iraq. “Our patience has come to an end,” Ali Babacan said in a press conference in Tehran today following talks with his Iranian counterpart, Manouchehr Mottaki. Turkey can use different tools for fighting the Kurdistan […]

The Last Days of the PetroDollar

While disturbing, it wouldn’t mean much except for the fact that this is merely the latest step in a trend away from the dollar by OPEC nations. For example: UAE central bank diversifies away from dollars Kuwait unhooks the currency peg to the dollar. Syria (not an OPEC nation) unhooks currency peg to the dollar […]

The era of cheap food is over

Oil is the prime example. Its price has been shooting up; last week it hit a record of US$92 a barrel and there are predictions of its reaching $100 in due course. This hits food prices in at least two ways TheStar

Gold targets $800/oz as $100 oil beckons

Oil and gold prices homed in on major psychological levels at $100 a barrel and $800 an ounce respectively on Monday after a sinking dollar helped propel crude to a record above $93 and bullion to 28-year highs. Oil focused on supply fundamentals as Mexico briefly halted a fifth of its production, while simmering political […]

Peak Oil And Famine: Four Billion Deaths

At some point in the early years of the 21st century, there will be a clash of two giant forces: overpopulation and oil depletion. That much has been known for a long time. It is also well known that population must eventually decline in order to match the decline in oil production. A further problem, […]

China’s oil production to peak in 2015 – report

China’s crude oil production will peak at about 190 mln tons by 2015, according to a report by the China News Service. The report cited Pang Xiongqi, professor at the China University of Petroleum, who also said that the country’s natural gas production would peak at 120 bln cubic meters by 2035. China faces even […]

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