$100 oil will hurt at more than the pump

From light bulbs to golf balls, items tied to petroleum may cost you extra U.S. consumers are likely to feel the sting of $100 oil soon, and in perhaps more ways than they realize. …If oil prices stay up, Americans also may see higher prices for a host of other petroleum-derived products, from light bulbs […]

Market determines oil prices: Saudi Arabia

RIYADH (Reuters) – Saudi Oil Minister Ali al-Naimi said on Sunday that the rise in oil prices to a record high had been determined by market forces. “The market fixes the price of oil,” Naimi told reporters at an energy conference in Riyadh when asked to comment on oil’s surge to a record above $100 […]

Experts are less bullish on $100 oil

Some say $90 level more likely in January as demand weakens Oil prices finally got a date with three digits, but the relationship has been tentative …Analysts have largely attributed oil’s rally toward $100 to those inventory declines, growing global demand and an increase in commodity investment driven partly by the weak dollar. But on […]

3-digit oil price is here to stay

Just a few days into the New Year and crude oil prices hit $100 a barrel, breaking the psychological barrier and setting the scene for more records before the end of this year. It is a new era for oil prices and let us look back at the two-digit oil prices era. It took nearly […]

Taiwan’s CPC Gas Oil Unit Hit by Fire; Oil Supply Unaffected

(Bloomberg) — CPC Corp., Taiwan’s state-owned oil refiner, said its Kaohsiung refinery’s vacuum gas oil unit had an explosion and fire that injured two workers last night. Its oil supply won’t be affected. The fire at the refinery in the island’s southern city of Kaohsiung was extinguished swiftly, the company said today in an e-mailed […]

OPEC pressured in face of $100 oil

The oil producing cartel OPEC will face enormous pressure to help calm the febrile crude market at its next meeting in February after prices struck the symbolic $100 level, analysts said. “It (the 100-dollar record) will be a psychological trigger for consumer countries,” said global head of commodities at investment bank Societe Generale Frederic Lasserre. […]

Farmers, energy interests clash over pipeline plan

Canadian oil company may seek eminent domain power to buy rural land along a 170-mile route to a southern Illinois terminal MERNA, Ill. Enbridge Inc., a Canadian conglomerate, and its affiliates want to build a 170-plus-mile stretch of pipeline from just outside Pontiac in Livingston County to Patoka in Marion County that would get the […]

US$100 oil, production concerns renew interest in peak oil theory

OPEC close to maximium capacity …The rise of oil prices and production concerns is renewing interest in the “peak oil” theories which originated in 1956 when the US geoscientist Marion King Hubbert correctly forecast that US oil production would peak in about 1970. The Opponents of Peak oil say that oil output is not just […]

China could be winner in Alaska oil war

Oil hit $100 a barrel last week, but scandal and corruption still stalk the industry Doug Suttles, a senior executive at BP, had more than his fair share of bad news over Christmas. While most of the western world was eating turkey, the lawmakers in the area he runs for the British oil giant decided […]

Brazil Poised to Become World’s Second Biodiesel Producer Behind Germany

Brazil may soon leap from the fourth to the second position among the main world producers of biodiesel, overtaking Italy and France, and becoming second only to Germany. This thanks to the greater consumption of B2 (mineral diesel with a mixture of 2% biodiesel), which became compulsory January 1st, in the country. The statement was […]

Japan: Industry opposition sinks ‘biofuel island’

The government has been forced to abandon plans to replace the use of regular gasoline with a biofuel on Miyakojima island in Okinawa Prefecture, government sources said Saturday. The decision to give up on the plan to turn Miyakojima into a “biofuel island” stems from the government’s failure to win support from the oil industry […]

Oil Prices Will Rise Further Yet

I believe that the supply of oil is, for all practical purposes, inexhaustible. It’s just a matter of developing the new technologies required to discover and extract it, and the new technologies allowing the global economy to use it more efficiently. If there is ultimately a physical limit to the amount of the stuff hidden […]

The real reasons for high oil prices

At Stratfor we have not commented on the high price of oil in some time, mostly because there has been little to say. While we believe that the peak oil theory – the idea that there is a only a finite amount of crude, so eventually production will peak and then fall – is correct, […]

The post-Bush regime: A prognosis for global genocide (Part 2)

I suggest that we can see the focus of the next U.S. administration by paying attention to Al Gore. He’s going around preaching the gospel of climate change, and that is rapidly becoming the new cause celebre for the ‘international community’. It’s more than a campaign by Gore, we’re seeing a campaign being supported by […]

Matt Simmons: If Demand Rises 1.5% to 2%, Global Economic Growth May Stall

If oil demand in 2008 rises 1.5% to 2% above 2007Simmons is the financial world

Peak Oil and the Australian Army

Oil is vital to virtually everything modern industrial societies do, yet it is mostly taken for granted. It provides 90 per cent of our transport fuel, 95 per cent of the goods in shops use oil and 95 per cent of our food products require oil use. Oil is a finite resource The implications of […]

Science and the Next U.S. President

What are the United States presidential candidates Sample: Rudy Giuliani

OPEC Producing Adequate Oil, President Khelil Says

(Bloomberg) — OPEC, the producer of more than 40 percent of the world’s oil, is supplying the international market with enough crude and can’t be blamed for record prices, the group’s new president, Chakib Khelil, said. “There is enough oil in the market,” Khelil, the Algerian oil minister who took over OPEC’s rotating presidency for […]

Cleric Calls for Energy Saving in Iran

TEHRAN (FNA)- Tehran’s interim Friday Prayers leader Ayatollah Mohammad Emami Kashani called on Iranians to watch out for any wasteful use of the country’s heavily subsidized energy supplies, cautioning that Iranians are the only world nation consuming cheap energy supplies extravagantly. Addressing a large congregation of worshippers on Tehran University Campus here on Friday, Ayatollah […]

FOREIGN energy giants accused of treating UK like Treasure Island

Families face a massive surge in power bills today with accusations that foreign energy giants are treating the UK like “Treasure Island”. German owned N-Power is rushing through immediate rises of up to 27.1per cent. The average family buying both gas and electricity from the company will find the annual bill soaring above

Energy crisis? Not on U.S. campaign trail

WASHINGTON (Reuters) – It has been called the 800-pound gorilla but it’s getting scant attention in the U.S. election. And yet it could well be one of the most pressing issues facing the next winner of the Oval Office. Energy security, or the nation’s ability to procure oil whenever needed, looms large for the current […]

Iran says many OPEC states can’t raise output – agency

TEHRAN (Reuters) – Many OPEC states are now producing as much oil as they can, limiting the ability of the cartel to raise output even if such a decision was made to help cool crude prices, an Iranian oil official was quoted on Saturday as saying. Mohammad Ali Khatibi, deputy director of international affairs at […]

Iran to open oil bourse: Minister of Economy

LONDON, January 5 (IranMania) – Iranian Minister of Economy and Finance Davoud Danesh-Ja’fari said that Iran will open oil bourse during the Ten-Day-Dawn ceremonies, marking the 29th anniversary of the victory of the Islamic Revolution, IRNA reported. Danesh-Ja’fari was speaking to reporters on the sidelines of a one-day conference on opportunities and challenges of oil, […]

Is oil supply at its peak?

Some market watchers say the end of increases in conventional crude output already at hand It’s the summer of 2006. Osama Bin Laden warns the United States against becoming involved in Somalia. Mexicans elect a new president. And the international community strongly condemns North Korea for its testing of long-range missiles. But only one event […]

Much Ado About $100 Oil

If you write about energy, apparently nothing can fill up your E-mail inbox like oil briefly hitting the $100-per-barrel mark for the first time. Here is a sampling of the reactions to the crude oil price run-up that I’ve been urged to note: Sen. Richard Lugar, an Indiana Republican, speaking at the Lugar Center for […]

Russia’s Gazprom eyes Nigerian gas reserves: report

LONDON (AFP) – Russia’s state-owned gas giant Gazprom is reportedly eyeing a “mindboggling” stake in Nigeria’s energy reserves in a bid to trump US, Chinese and Indian interests. In a dispatch from Abuja and Moscow, the Financial Times quoted a senior Nigerian oil industry official as saying Gazprom was offering to invest in energy infrastructure […]

Burning biofuels may be worse than coal and oil, say experts

Using biofuels made from corn, sugar cane and soy could have a greater environmental impact than burning fossil fuels, according to experts. Although the fuels themselves emit fewer greenhouse gases, they all have higher costs in terms of biodiversity loss and destruction of farmland. The problems of climate change and the rising cost of oil […]

United Airlines leads the way for British airlines to increase fares

British Airways passengers face the prospect of further fare increases this new year, after United Airlines set the lead for the industry by raising its prices to cover the soaring cost of fuel. With oil prices topping $100 a barrel this week, the British airline would say yesterday only that it was keeping the situation […]

BA reprimanded over claim that new runway will reduce emissions

British Airways has been reprimanded for attempting to manipulate a government consultation on the expansion of Heathrow by making false claims about the environmental impact. The Advertising Standards Authority has written to BA ordering it to withdraw a claim, in an e-mail to customers by Willie Walsh, the chief executive, that a new runway would […]

Scientists take on Brown over nuclear plans

A group of scientists and academics today condemns as undemocratic and possibly illegal the government’s plans to force through a new generation of nuclear power stations to meet Britain’s energy needs for the next 30 years. They warn that questions about the risks from radiation, disposal of nuclear waste and vulnerability to a terrorist attack […]

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