Malaysia: Palm oil panic buying sparks new year fears

The Malaysian Government has been forced to make an emergency palm oil injection into supermarkets and food stores across the nation to break a wave of panic-buying after prices of cooking oil soared. The crisis, which has emptied shops completely of cooking oil, has already prompted palm-oil rationing in a country that is one of […]

Nigeria: A Dozen Paradoxes of the $100 Per Barrel of Oil

The surging price of oil, from just over $10 a barrel a decade ago to $100 last week alters some orders hitherto considered moral or axiomatic. It changes the wealth and influence of nations and industries around the world. It has much more implications for producers, as well as importing nations. The following are perceived […]

Malaysia: Time to rethink life’s priorities

The start of the new year was marked among other things by the price of oil touching the US$100 a barrel level. At the same time, the price of crude palm oil is also hitting historically high levels. And, there has been a reported shortage of cooking oil in parts of the country. These events, […]

Energy Costs a Top Concern for New Hampshire Voters

HILLSBOROUGH, N.H.

Kunstler: Beyond ‘Coming Together’

…I was impressed that night by the TV commercial that followed Obama’s speech. The commercial promoted a hydrogen car that General Motors is pretending to develop. It was very slick, of course, since GM can get the best TV production talent money can buy. It featured a light-skinned African-American man (not unlike Obama) playing a […]

A scramble to understand Greenland’s melting ice sheets

…All of these changes have many glaciologists “a little nervous these days – shell-shocked,” said Ted Scambos, the lead scientist at the National Snow and Ice Data Center in Boulder, Colorado, and a veteran of both Greenland and Antarctic studies. Some say they fear that the rise in seas in a warming world could be […]

Venezuela sees no need for OPEC to hike output

QUITO, Jan 7 (Reuters) – Venezuelan Energy Minister Rafael Ramirez said on Monday there was no need for OPEC to increase oil output and he predicted prices would stay at around $100 per barrel due to high production costs and world economy worries. “We don’t think it is necessary to increase output,” Ramirez told reporters […]

Woolsey: Why Is Oil So Pricey? It’s a Conspiracy! (satire)

As oil prices hit a record $100 per barrel last week, I came into possession of a transcript of a recent conference call of a heretofore unknown organization called the Pedal to the Metal Coalition, or PedMet, which encourages Americans to stay addicted to oil. The participants seemed to be the head of the shadowy […]

Interview: deputy premier warns of strife over fate of Kirkuk

BAGHDAD: Iraq’s Kurdish deputy prime minister warned Monday that failure to resolve the dispute over the oil-rich city of Kirkuk could result in more strife in the war-ravaged country and accused unnamed parties in the government of preventing a solution. “We have a choice,” Barham Saleh told The Associated Press in an interview. “We can […]

Kirkuk oil exports unclear, but promising

KIRKUK, Iraq, Jan. 7 (UPI) — There are mixed reports on Iraq’s resumption of oil exports to Turkey, which were shut down last week because of full storage tanks, not security impediments. The Iraq State Oil Marketing Organization predicts 400,000 barrels per day of exports starting this month, as Iraq starts setting prices for its […]

Decision on listing polar bear postponed

ANCHORAGE, Alaska – Federal officials said Monday that they will need a few more weeks to decide whether polar bears need protection under the Endangered Species Act because of global warming. The deadline was Wednesday, but the U.S. Fish and Wildlife Service said it now hopes to provide a recommendation to Interior Secretary Dirk Kempthorne […]

UAE blames oil price rise on speculations, geo-political unrest

United Arab Emirates Minister of Energy Mohammed Bin Dha’en Al-Hamili blamed Monday the recent price rise of crude oil on “reasons other than supply and demand.” “The hike oil prices which surged to USD 100 per barrel is brought about by speculative elements, investment funds and a number of geopolitical factors,” the minister told reporters […]

Oil tumbles $3 on warm U.S. weather

LONDON (Reuters) – Oil tumbled more than $3 to below $95 a barrel on Monday as unseasonably warm weather and worries of a looming recession in top oil consumer the United States outweighed fresh tensions between Iran and the U.S. U.S. light crude for February delivery fell $2.79 to $95.12 by 1640 GMT, off lows […]

The Oil Drum: $100 a Barrel Quickens the Beat

After the price of oil hit $100, I checked in with The Oil Drum, a Web-based community founded a couple of years ago to discuss energy and the future. The folks who gather at the Oil Drum, by and large, agree that we’re at or near “peak oil” You can also read postings on why […]

The World

When Tata Motors set out to build a $2,500 car, people said it couldn’t be done. This week the company will unveil its vehicle of the future. Tata Motors is best known as a maker of industrial trucks from India’s rust belt that launched the country’s first completely indigenous passenger car, the Indica, 10 years […]

Fermenting the Food Supply

Many people are aware that food-based biofuel production has had an influence on food prices. Many people also know that US ethanol production is growing rapidly and now using a noticeable fraction of the total corn supply. However, I’m going to argue that the situation in the near term is potentially more serious than is […]

Venezuelan oil output down 378,000 bpd in three years

The domestic oil production figures are increasingly lower than the target set in state-run oil holding Pdvsa’s Oil Sowing Plan The Oil Sowing Plan – the Venezuelan state-owned oil giant Pdvsa’s business plan up to 2012- made no significant progress in 2007. Excluding the completion of the first stretch of the Trans-Caribbean Gas Pipeline and […]

New laws leave oil refiners uncertain

Some rethink expansions as legislation aims to reduce gas use Oil refiners may reconsider plans for some refinery expansion projects in 2008 in response to new energy legislation that could reduce gasoline use in coming years, industry groups and refiners say. While expansion projects already under way won’t be affected, those in the early planning […]

Gazprom confirms talks with Nigeria on gas projects

MOSCOW (Reuters) – Russian gas export monopoly Gazprom confirmed on Monday it is in talks with the Nigerian government to develop the African country’s vast natural gas reserves. “They (Nigeria and Gazprom) have had or are having discussions about opportunities for Gazprom’s participation in Africa’s gas market,” a Gazprom spokeswoman said, declining to name an […]

Talisman’s North Sea Ross, Blake Oilfields Remain Closed

Jan. 7 (Bloomberg) — Talisman Energy Inc., the Canadian oil company with about 30 percent of its reserves in the North Sea, said production from two fields in the region remained shut after storms over the weekend.Output equivalent to 25,000 barrels a day at the Ross and Blake fields in the U.K. sector of the […]

China seeks fusion power as shortcut to solve energy crisis

Beijing, Jan 7 (ANI): China is all set to push forward for the development of fusion power with a project called ITER, that will see it collaborating with countries like India, to seek a shortcut to solve the energy crisis. Local experts have said that fusion may produce dozens of times more energy than fission, […]

Iran interrupts natural gas supplies to Turkey

ANKARA, January 7 (RIA Novosti) – Iran has suspended supplies of natural gas to Turkey due to a cold weather front which brought a sharp fall in temperatures, rain and snow in the region, Turkish television reported on Monday. Under a contract signed in 1996, Iran must ensure daily supplies of 28 million cubic meters […]

Royal Dutch Shell Shell CEO says higher oil prices delaying new projects

AMSTERDAM (Thomson Financial) – Royal Dutch Shell chief executive officer Jeroen van der Veer said high oil prices are slowing down new projects because governments are taking longer to negotiate their slice of revenues. “It is evident that active government interest is delaying projects,” van der Veer said in an interview published in Shell’s Dutch […]

Oil at $100 a barrel? No sweat

The price of today’s crude may sound frightening, but the U.S. economy should be able to absorb it, many experts insist. NEW YORK (Fortune) — Crude’s surge last week took its price to an eye-popping $100 a barrel. The rise comes on top of a 57 percent jump for 2007 and puts oil within reach […]

50 people who could save the planet

Stranded polar bears, melting glaciers, dried-out rivers and flooding on a horrific scale – these were the iconic images of 2007. So who is most able to stop this destruction to our world? A Guardian panel, taking nominations from key environmental figures, met to compile a list of our ultimate green heroes. Last year ended […]

U.S. says Iranian gunboats harassed warships

Officials describe incident as a ’significant provocative act’ WASHINGTON – Iranian Revolutionary Guard gunboats harassed three U.S. Navy warships in the Strait of Hormuz Sunday, in what the U.S. military considers a “significant provocative act.” Military officials told NBC News that two US Navy destroyers and one frigate were heading into the Persian Gulf through […]

Iran Oil Exports Continue as Heavy Winds Cause Port Closures

(Bloomberg) — Iran’s oil exports continued as heavy winds forced the intermittent closure of Kharg Island, Iran’s primary oil export terminal, a shipping agent said. “The two oil platforms have been closed, but exports are not seriously affected,” Farhang Mir, operations manager for Kanoo Shipping Agencies, said today by telephone from Tehran. “The platforms have […]

Major fire spreads at Iraq’s biggest oil refinery

BAIJI, Iraq (Reuters) – An explosion at a fuel storage tank caused a huge blaze at Iraq’s largest refinery on Monday, injuring at least 36 workers, and the fire was spreading, witnesses said. A Reuters cameraman at the Baiji refinery complex, some 180 km (110 miles) north of Baghdad, said he had seen at least […]

Consumers may foot nuclear bill

…Ministers have consistently said that any new generation of nuclear power stations would be built by the private sector without public subsidies. Instead, nuclear opponents accuse the government of trying to smooth the financial path for prospective nuclear companies. No nuclear power stations have been built in Britain for nearly 20 years, largely because banks […]

Britons ‘richer than Americans’

The average UK person will this year have a greater income than their US counterpart for the first time since the 19th Century, figures suggest. Analyst Oxford Economics said the UK’s GDP per head of population will reach However, because goods and services are cheaper in the US, Americans will have stronger purchasing power, it […]

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