Iran’s oil revenues USD 40 billion past eight months – minister

TEHRAN, Nov 24 (KUNA) — Minister of Petroleum Gholam-Hossein Nozari said Iran’s revenues of crude oil exports were USD 40 billion during the past eight months, projecting the digit to climb to USD 60 billion by end of next March. Nozari, at his first news conference since assuming his ministerial post, said Iran’s crude oil […]

China calls for early warning system to stabilize oil supplies

BEIJING, Nov. 24 (Xinhua) — Chinese Ministry of Commerce (MOC)on Saturday urged local commerce bureaus to set up and improve early warning system amid efforts to stabilize domestic oil supplies. Many filling stations across the country are experiencing shortages. Experts have said that the government should reform the oil pricing mechanism to reflect international levels […]

Australia

Conservative Howard ousted; policy changes on global warming, Iraq ahead SYDNEY, Australia – Conservative Prime Minister John Howard suffered a humiliating defeat Saturday at the hands of the left-leaning opposition, whose leader has promised to immediately sign the Kyoto Protocol on global warming and withdraw Australia’s combat troops from Iraq. Labor Party head Kevin Rudd’s […]

Iraq: Americans Pay US$300 a barrel or More for Mideast Oil

So what is the real cost of the Iraq war in terms of oil import prices? My rough estimate is that the real cost of oil from the Middle East for Americans may total US$300 a barrel or more. But no one has made the calculation. What is known is that the White House has […]

Leaps of faith drive ever-expanding ‘burbs

…The house the Schramkas are so eager to move into looks nothing like the squat “cracker boxes” that were the early destinations for postwar families when the migration began. Despite those jarring visual differences, the reasons families cast their fates on the outer edges of development haven’t changed in a half-century. They’re still looking for […]

Fortunes shift as oil prices soar

Millionaires are created in Moscow but French fishermen riot over lost profit as effects ripple around the globe. Oil makes the world go ’round. Each day, more than 85 million barrels of black gold are pumped from the ground — that’s nearly 70 ounces for each of the 6.6 billion men, women and children on […]

There are fundamental problems in relying on oil

Five years ago, oil went for $24 a barrel, gas was around a buck a gallon, and OPEC said that $28 was the top range of their price band for a barrel of oil. We all know the price of a gallon of gas today The problems with oil come not from hurricanes in the […]

A big toll on small oil businesses

BELFAST, Maine – Increases in fuel oil prices are not only hitting the consumer; they are taking their toll on small, independent oil dealers. With home heating oil running more than $3 per gallon with no ceiling in sight, the smaller dealers are struggling to keep their businesses solvent. The higher prices have forced them […]

Meet the women who won’t have babies – because they’re not eco friendly

Had Toni Vernelli gone ahead with her pregnancy ten years ago, she would know at first hand what it is like to cradle her own baby, to have a pair of innocent eyes gazing up at her with unconditional love, to feel a little hand slipping into hers – and a voice calling her Mummy. […]

Peak Oil Passnotes: Here’s My Tupi’s Worth

The world has been fixated by the possibility, now the probability, of oil reaching $100 per barrel in recent weeks. The recent run-up in pricing has been the talk of large sections of the media, and the notion of expensive oil is now widely understood. But the reasons why and what is to be done […]

John Browne on the Future of Energy

The former BP chief talks about rising energy prices and other challenges, and recommends a set of principles for the industry in its new era But oil and gas resource concentration is real and is leading to geopolitical friction, as some countries use their energy riches as an instrument of foreign policy. Tension is being […]

China, Russia to build 10-mln-ton oil refinery in Tianjin

China and Russia have agreed to locate a planned oil refinery capable of processing 10 million tons a year in the northern port city of Tianjin. China’s top oil firm, China National Petroleum Cooperation (CNPC), and Russia’s Rosneft, have set up a joint venture in Tianjin to implement the project, which is still subject to […]

Iran oil minister not ruling out hike in output

TEHRAN (AFP) – Iran’s oil minister said Saturday that OPEC’s number two exporter has not ruled out an increase in output in the face of soaring prices. “We are studying it and will give our opinion,” Gholam Hossein Nozari told reporters at his weekly press briefing when questioned whether Iran would consider increasing its crude […]

Iraq nullifies Kurdish oil deals

BAGHDAD (AFP) – Iraq’s oil ministry has declared all crude contracts signed by the Kurdish regional authorities with foreign companies null and void, a government official said on Saturday. “The ministry has nullified all contracts signed by the Kurdistan Regional Government,” the official told AFP, asking not to be named. “They will not be recognised.” […]

$100 oil: the terrible truth

Nearing the price barrier is a pointer to the peak of output, and the crisis the powerful want to ignore As the price of crude oil sets records almost daily, the British government remains stunningly complacent. With the $100 barrel a real and constant threat, the prime minister’s website blithely proclaims “the world’s oil and […]

Brazil reports massive oil discovery

Ultra-deep offshore find challenges ‘peak’ theorists pushing ethanol …The discovery challenges “peak oil” theorists who contend the Earth’s supply of oil is running out. WND previously reported the geological description of the Campos Basin suggests that the rock formations in which the oil is being found are in Upper Oligocene to Lower Miocene deposits; in […]

Rich, famous, influential prepare to hear the secret to climate-safe energy

A discovery that could give the world access to vast quantities of energy with minimal damage to the climate will be shown off for the first time at a glittering gathering of the famous, rich and influential next Friday night. Al Gore is to be the star turn at a dinner where guests have paid […]

Across the desert to Timbuktu in a car fuelled by chocolate

One might think a chocolate-powered vehicle would be as much use as a chocolate tea cup The pair have taken with them a small processing unit to convert waste oil products into fuel, which they will then donate to an African charity, along with the lorry. They are taking 2,000 litres (454 gallons) of biodiesel […]

Rich nations fail to honour climate pledge

A group of rich countries including Britain has broken a promise to pay more than a billion dollars to help the developing world cope with the effects of climate change. The group agreed in 2001 to pay $1.2bn ( The disclosure comes after Gordon Brown said this week that industrialised countries must do more to […]

Fuel prices produce gasps, fumes

A California tourist town’s residents are so peeved at the pump that they’ll drive miles to fill up more cheaply. BRIDGEPORT, CALIF — . — As Californians brace for ever-higher gasoline prices, they can glimpse what might be their future in this tiny Eastern Sierra town, where motorists pay more than $4 a gallon at […]

Canada: China boom fuels price fear

Voracious appetite for commodities boosts oil, mining, but consumers are feeling the squeeze As China continues to flex its economic muscle on the world stage, Canadians can expect to feel pinched at the pumps. A Bank of Canada report released yesterday predicts China’s economy will continue to expand at a furious pace, suggesting the Asian […]

Oil Closes at New Record; Nears $100 a Barrel

NEW YORK (AP) — Oil futures resumed their march toward $100 a barrel Friday, rising to a new record close in light holiday trading on concerns about tight heating oil supplies while also drawing support from a buoyant stock market. At the pump, meanwhile, gas prices retreated further from their most recent peak, falling 0.1 […]

Pemex mulls permanent closure of leaking Kab 121 well

Mexican state oil company Pemex`s E&P subsidiary (PEP) is studying the possibility of permanently closing the Kab 121 well in the Sonda de Campeche that has been leaking since October 23, local press quoted company executive Mariano Ruiz-Funes Macedo as saying. An accident during a storm nearly a month ago caused the Kab 101 and […]

Brazil, Colombia, Peru in Amazon jungle oil exploration

Government oil corporations from Brazil, Colombia and Peru signed Thursday an agreement in Lima to jointly invest in the exploration and production of hydrocarbons in the Peruvian Amazon. The three corporations, PetroPeru, Ecopetrol and Petrobras will hold an equal share of the undertaking beginning with exploration tasks in an area of 5.7 million hectares in […]

Canada assailed over climate change

KAMPALA

EU Swerves Away From Taxing Car Pollution

BRUSSELS, Nov 23 (IPS) – European Union governments look set to reject calls for taxing cars based on their contribution to climate change. At a Dec. 4 meeting, finance ministers from the EUBut Portugal, the current holder of the EU

BRAZIL: Pray, Cheer, and Do the Rain Dance to Stave Off Crisis

RIO DE JANEIRO, Nov 22 (IPS) – An energy crisis will hit Brazil in 2009 or 2010, and not even the discovery of vast undersea oil and gas reserves with “enormous potential yields,” as announced by the government, can stave it off, warn experts. The Tupi oilfield found in the Santos basin, off the coast […]

Business: What Would Jesus Buy?

As dawn breaks this Black Friday, William Talen will again be waiting to greet the sleepy-eyed masses hoping to cash in on the biggest sales of the season. Talen’s target this year: Macy’s in Manhattan, just as the doors swing open at 6 a.m. Chances are, Talen How serious? Biblical scholar Walter Brueggemannwrites that “Rev. […]

Connecting wind farms can make a more reliable – and cheaper – power source

Wind power, long considered to be as fickle as wind itself, can be groomed to become a steady, dependable source of electricity and delivered at a lower cost than at present, according to scientists at Stanford University. The key is connecting wind farms throughout a given geographic area with transmission lines, thus combining the electric […]

Rising fuel costs increase fares and reduce flights

Air travelers face higher fares and reduced flight options as carriers grapple with persistently high fuel costs. …U.S. airlines, barely out of the their deep post-9/11 slump, have been dealing with unexpectedly high oil prices since Labor Day by pushing up fares and trimming flights. Average business fares on the USA’s top 280 routes have […]

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