$100 OIL: Crosses Line After Yrs Of Diverging Demand, Supply

…Analysts and industry experts caution that there are always unknowns with any long-term energy forecast, but many have become confident of the notion that there is now a higher long-term “floor” for oil prices. The major oil companies are making investment decisions based on whether projects make sense at $40-$50 per-barrel, as opposed to $20-per-barrel […]

IEA Chief Says Oil May Rise to $150 on China Demand

Jan. 3 (Bloomberg) — Oil prices may rise to as high as $150 a barrel because of booming demand from India and China, according to the director of the International Energy Agency. “In a very high growth scenario in China and India it may move up to $150,” Nobuo Tanaka said in an interview in […]

As jet fuel prices rise, even the drink cart’s weight matters

As jet fuel prices soar to record levels, airlines are doing more than just raising fares and passing along the costs to travelers. To conserve fuel, some are squeezing more passengers onto fewer planes. Others are getting creative and using less paint and lighter beverage carts. And some are scheduling more direct routes and adjusting […]

Oil Hits $100, Jolting Markets

Oil’s Surge Reshapes the World The surging price of oil, from just over $10 a barrel a decade ago to $100 yesterday, is altering the wealth and influence of nations and industries around the world. These power shifts will only widen if prices keep climbing, as many analysts predict. Costly oil already is forcing sweeping […]

The Stealth Oil Giant

Why Schlumberger, long a hired gun in oil-field services, is becoming a major force and scaring Big Oil Pad 1b Lempyskoye is a pretty desolate spot. The drilling site for Russian oil giant Rosneft isn’t much more than a snow-covered clearing in the endless evergreen-and-birch forest 1,200 miles northeast of Moscow. Its 37 staffers live […]

Simple Supply/Demand, or Price Gouging?

Marathon gets targeted in attempt to tap both consumer anger and record oil company revenues. In a prelude of what the landscape may hold for Big Oil, May of last year saw Kentuckys Attorney General Greg Stumbo tap into the wellspring of anti-oil company sentiment bubbling just beneath the surface by filing an $89 million […]

Storms keep Mexican oil ports shut

Mexico kept its main crude exporting ports closed today due to bad weather that hit earlier in the week, the transport ministry said. The Gulf of Mexico ports of Dos Bocas, Cayo Arcas and Coatzacoalcos, which together ship some 80% of Mexico’s oil exports, remained shut, as was the Pacific Coast oil port of Salina […]

Disasters the ‘new normal’

The 2007 global catalogue of calamities Climate change is already transforming our planet. If the world’s scientists are right, the onslaught of droughts, flooding, intensive storms and heat waves last year is but a curtain raiser on our future. Even if no single event can reliably be attributed to global warming, the trends as cited […]

Chinese shrug off $100 oil, but Beijing must beware

BEIJING, Jan 3 (Reuters) – Oil prices at $100 a barrel mean little to Chinese consumers insulated from the global rally by cheap fuel prices, but the latest market peak should sound a warning to Beijing over its disjointed energy policy. China’s leaders extolled the virtues of energy efficiency at every turn last year, but […]

CES to highlight tech for greening homes

While most electronics companies are still trying to establish green credentials, 2008 could mark a turning point for previously obscure “home automation” technologies that now are being advertised as a way to save electricity Systems that let people configure lights, security and entertainment devices from single control points are not new. But like most technologies, […]

Consumers likely to shake off rising cost of oil

NEW YORK – With oil at the once unfathomable price of $100 a barrel, consumers can expect the cost of filling their gas tanks, heating their homes

Oil at US$100 not our fault: OPEC

LONDON — OPEC officials lined up to say the exporter group could do little to tame oil prices that hit US$100 a barrel for the first time on Wednesday and world markets had enough crude oil. The comments underline the view of the producer group that factors other than supply are driving oil’s record run. […]

Oil breaks $100 as U.S. stockpiles drop

NEW YORK (Reuters) – Oil prices broke above $100 a barrel for the first time on Thursday after a U.S. government report showed a steep slide in crude inventories in the world’s biggest energy consumer. The surge in oil prices into the triple digits has darkened the economic outlook in the United States, already battered […]

Australia: This drought may never break

IT MAY be time to stop describing south-eastern Australia as gripped by drought and instead accept the extreme dry as permanent, one of the nation’s most senior weather experts warned yesterday. “Perhaps we should call it our new climate,” said the Bureau of Meteorology’s head of climate analysis, David Jones. NSW’s mean temperature was 1.13 […]

People power to warm new building in Stockholm

The body heat from hundreds of thousands of people who pass through the Stockholm Central Station each day will be used to heat a new office building nearby, the project leader said Wednesday. … “All people produce heat, and that heat is in fact fairly difficult to get rid of. Instead of opening windows and […]

ASPO Newsletter – January 2008

Including: 897. In Memory of Ali Samsam Bakhtiari 898. ASPO AUSTRIA 899. Major Oil Companies pass peak 990. Living through the Energy Crisis 991. Marketing Peak Denial 992. Comments on an article in the Sunday Times of December 16th 2007 993. Reporting More 994. Brasil Analysis Updated 995. Zero-Sum Future 996. New US policy to […]

China Looks to Coal Bed Methane

The country wants to dramatically increase its use of the coal-mining byproduct to meet its surging energy needs As the Chinese economy grows at double-digit rates, satisfying the country’s energy appetite is a top priority for President Hu Jintao and his government. While China’s oil companies and their search for partners in places like Sudan […]

From $1.80 to $100 in 37 years

Key milestones in the price of crude oil since 1970. On Wednesday, the price of a barrel of light sweet crude, the benchmark oil price in New York, broke through $100 for the first time. – 1970: The official price of Saudi crude oil is fixed at $1.80 a barrel. – 1974: Prices pass $10 […]

Western Australia not out of the woods with gas crisis

Western Australians will have to minimise energy consumption for at least 24 hours as they wait for gas from the North West Shelf to reach power stations. Gas supplies have been dramatically reduced because of an electrical fault on Wednesday that caused the shutdown of Woodside Petroleum Ltd’s Karratha plant. Western Power spokeswoman Miriam Borthwick […]

Life at the jolt

Researchers at the Biodesign Institute are using the tiniest organisms on the planet ‘bacteria’ as a viable option to make electricity. In a new study featured in the journal Biotechnology and Bioengineering, lead author Andrew Kato Marcus and colleagues Cesar Torres and Bruce Rittmann have gained critical insights that may lead to commercialization of a […]

Saudi Arabia: An Attempt to Link Oil Discoveries, Reserves and Production Data

My conclusions are the following: 1. No reasonable value for Ghawar size (i.e. < 150 Gb) is supporting the official proven reserve figure. 2. The most likely size for Ghawar is 109 The Oil Drum

Rwanda: Fuel Crisis Imminent Violence in Kenya Continues – Official

Rwanda has not experienced any shortages of petroleum products but should the violence in Kenya continue unabated – the effects will spill over, senior private sector official said on Wednesday. According to Mr. Emmanuel Hategeka – Executive Secretary of the Rwanda Private Sector Federation, Rwanda has sufficient fuel reserves at the moment that may run […]

Uganda: Fuel Crisis is Big Lesson for Us

Within hours of violence erupting in Kenya following the country’s disputed polls, an unprecedented shortage of fuel and subsequently the rise in fuel prices rocked the country. By yesterday, the queues at fuel stations had more or less disappeared, not because supplies had been restored but because many motorists had exhausted their reserves running from […]

PetroChina delays refinery, petchem unit to end ‘08

BEIJING, Jan 3 (Reuters) – PetroChina will defer the start-up of a new 100,000 barrels per day (bpd) refinery in China’s remote northwest by almost a year to late 2008 due to building problems, two company sources said on Thursday. The delay means the world’s second-largest oil consumer will have to depend on new refining […]

Oil Trades Near $100 as OPEC Officials Say They Can’t End Rally

Jan. 3 (Bloomberg) — Crude oil traded near yesterday’s record of $100 a barrel as OPEC officials said the group can’t curb prices and the U.S. refused to release emergency supplies. The Organization of Petroleum Exporting Countries is unable to counter the rally, Libyan and Qatari officials said today. The U.S. doesn’t plan to tap […]

Symposium: The World Is Not Enough

In the last issue of The National Interest, David Victor argued that the threat of resource wars is overplayed and overblown. …Now we hear from VictorStraw Man in the Wind Thomas Homer-Dixon PUNDITS, JOURNALISTS and Sunday morning news show commentators sometimes say silly things about the links between resources and war.

Political Peak Oil: Price Spikes to $100 on Nigerian Unrest

When Supplies are This Tight, Human Violence Breeds Price Volatility …This is peak oil. No, it’s not that we’ve pumped up every drop of crude oil that million-year-old plankton provided for us. Not necessarily. This isn’t geologic peak oil. It’s political peak oil. Here’s how we define political peak oil at The Daily Green: The […]

Single trader behind oil record

The man behind the record rise in oil prices to $100 a barrel was a lone trader, seeking bragging rights and a minute of fame, market watchers say. A single trader bid up the price by buying a modest lot and then sold it immediately at a loss, they said. The New York Mercantile Exchange […]

Saudi Aramco Delays Production Start From Khursaniya

Jan. 3 (Bloomberg) — Saudi Aramco, the world’s largest state- owned oil company, delayed the start of production from the 500,000 barrel-a-day Khursaniyah field and said it will meet market demand with existing spare capacity. “Should the need arise prior to the completion of the project, Saudi Aramco stands ready to meet market demands with […]

Uganda: The Fuel in Human Excreta

Human excreta and urine are now an asset to farmers because they are a cheap source of biogas energy. The two offer the best biogas followed by pig and cattle dung. Banana peels, poultry droppings, water hyacinth and algae are the other organic raw materials that generate biogas. Banana peels and water hyacinth should be […]

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