‘Gas OPEC’ could be established in June – paper

MOSCOW, January 24 (RIA Novosti) – Russia and other major natural gas exporters could announce a cartel similar to OPEC in Moscow in June, a Russian business daily said on Thursday. Kommersant said, however, citing analysts, that even if the gas cartel was formed it would be unlikely to immediately achieve a comparable level of […]

Bio-diesel film not to everyone’s tastes at Sundance

Activist Josh Tickell has been using and promoting bio-diesel for about 10 years as an alternative to fossil fuels, helping America lessen its dependence on foreign oil. In his documentary film “Fields of Fuel,” premiering at the Sundance Film Festival this week, he outlines the historical origins of and the political constructs that support petroleum […]

Zambia power woes worsen,may dent ‘08 copper output

Zambia’s copper output for 2008 could be hurt by a serious power crisis that has gripped the country, forcing the rationing of power and suspension of operations at copper mines, officials said on Thursday. “If the power shortages continue, then we are in for a rude shock in terms of production,” Frederick Bantubonse, the head […]

Iceland’s Hydrogen Ship Heralds Fossil-Free Future

REYKJAVIK – At first glance, the red ship hardly looks like a herald of the future. Even its owner admits the hull needs a coat of paint and the interior some spit and polish. But in a few weeks, the Elding — Icelandic for “Lightning” — will be transformed into the world’s first hydrogen-equipped commercial […]

Hurricanes and global warming devastate Caribbean coral reefs

Warmer seas and a record hurricane season in 2005 have devastated more than half of the coral reefs in the Caribbean, according to scientists. In a report published yesterday, the World Conservation Union (IUCN) warned that this severe damage to reefs would probably become a regular event given current predictions of rising global temperatures due […]

Britain will need 12,500 wind farms to satisfy EU targets

A rapid and vast expansion of renewable energy is on the way in Britain to help with the fight against climate change, it was revealed yesterday. In a mere dozen years, the amount of UK electricity generated by renewable technologies such as wind, wave and tidal power will have to reach nearly half the national […]

Asia To Account For Two-Thirds Of Greenhouse Gas Emissions By 2010

Easing greenhouse gas emissions cannot cope with overall energy growth in Asia, according to the Asian Development Bank (ADB). Only 2 percent of the total electricity generated in Asia comes from renewable sources – partly because of the investment risks involved, the ADB said. Renewable energy and efficient technologies are seen by private investors as […]

Mideast oil earnings could triple over next 14 years

Six Middle East oil exporters stand to earn more than $6 trillion by 2022, and how they invest the funds could have financial and political repercussions that last decades, according to a report released on Thursday. With oil at $70 a barrel, the six Gulf Cooperation Council countries would reap export revenues of $6.2 trillion […]

Wider Troubles Trickle Down to Oil Sector

As fears of an American recession ripple across the globe this week, analysts and energy experts are wondering whether the great oil boom of the last five years is finally coming to an end — or whether it is simply taking a break. While an economic slowdown might lead to lower oil demand, as consumers […]

China: Coal shortages, transport problems cause power gaps

China is experiencing a power gap of up to 69.63 million kilowatts (kw) as a coal shortage cuts generation at some plants, according to the State Electricity Regulatory Commission (SERC). The shortage has led 13 provincial-level regions, including Hubei, Sichuan, Shaanxi, Yunnan and Guangdong to ration electricity, SERC chairman You Quan said. The booming southern […]

UN Warns of Biofuels’ Environmental Risk

BANGKOK, Thailand (AP) — The world’s rush to embrace biofuels is causing a spike in the price of corn and other crops and could worsen water shortages and force poor communities off their land, a U.N. official said Wednesday. Speaking at a regional forum on bioenergy, Regan Suzuki of the U.N.’s Food and Agriculture Organization […]

Shell CEO Peak Policy

Distributed to all Shell employees this morning: “From: Jeroen van der Veer, Chief Executive To: All Shell employees Date: 22 January 2008 Subject: Shell Energy Scenarios Dear Colleagues In this letter, I’d like to share reflections about how we see the energy future, and our preferred route to meeting the world’s energy needs. Industry, governments […]

U.S. recession could drag oil to $70 – Petroleum Secretary

LONDON (Reuters) – A major recession in the United States could drag oil prices down by at least 20 percent and strong oil demand growth in China, India and the Middle East will not be able to make up the demand shortfall, Petroleum Secretary M.S. Srinivasan said on Wednesday. “If there is a serious economic […]

Saudi Arabia Plans Its First Sovereign Wealth Fund

(Bloomberg) — Saudi Arabia, the world’s biggest oil producer, plans to start its first sovereign wealth fund with about $6 billion, channeling surplus crude-oil revenue into investments in foreign companies. “The Ministry of Finance is looking into a new fund,” Muhammad al-Jasser, vice governor of the Saudi Arabian Monetary Agency, said today in an interview […]

Bodman Says He Doesn’t Expect OPEC to Cut Oil Output on Feb. 1

(Bloomberg) — U.S. Energy Secretary Samuel Bodman said he didn’t expect OPEC to cut oil production when the group meets on Feb 1. because it would hurt economic growth. “I don’t expect OPEC will cut output,” Bodman told reporters in Cairo today during a tour of the Middle East. “It will not have a salutary […]

The hottest hybrid vehicles for 2008

U.S. hybrid sales jumped more than 34 percent last year Hybrids are still niche vehicles, but at their current rate of growth, they could dominate the roads in another five or 10 years. U.S. hybrid sales jumped more than 34 percent to a total of 338,851 in 2007, according to CNW Marketing Research in Bandon, […]

Politicians Censor Report on Dangers of Arctic Drilling

There’s black gold beneath the snow white Arctic — and oil companies are gearing up to exploit it on a massive scale. Scientists had hoped to warn of the scope of the environmental dangers of Arctic drilling in a new report, but 60 passages have been removed following pressure from the United States and Sweden. […]

Is politics invading the oil patch? Rating agency says yes

(AXcess News) New York – In a report on major oil companies released Tuesday, the largest threat to the commercial oil patch appears to be state-owned oil with competitive ranking swinging over to national oil companies, or NOCs, over time as the fight for untapped global resources unfolds. According to Moody’s, major oil companies may […]

Exxon guns for all-time profit record

Surging crude prices could help the oil giant post the biggest bottom line ever for a U.S. firm; refining margins, rising costs could get in the way. NEW YORK (CNNMoney.com) — Exxon Mobil, the world’s largest publicly traded oil company, is within striking distance of setting an all-time profit record – again. Analysts are expecting […]

Clinton visits Arizona, vows to end subsidies for oil companies

LAVEEN, Ariz. (AP) — Democratic presidential hopeful Hillary Clinton on Tuesday vowed to end subsidies for oil companies and said the country needs to be more energy-efficient and less dependent on foreign countries for fuel. In a speech focusing on the country’s slumping economy, the New York senator said America can create jobs by converting […]

Drought could force nuke-plant shutdowns

LAKE NORMAN, N.C. – Nuclear reactors across the Southeast could be forced to throttle back or temporarily shut down later this year because drought is drying up the rivers and lakes that supply power plants with the awesome amounts of cooling water they need to operate. Utility officials say such shutdowns probably wouldn’t result in […]

ANALYSIS – Russia oil refiners turn to home for higher prices

MOSCOW, Jan 23 (Reuters) – Some of Russia’s largest fuel exporters are redirecting export volumes to the domestic market in a rush to cash in on high prices at home while recession fears drive a downturn on international oil markets. Prices for light products as well as heavy fuel oil remain relatively high in Russia, […]

Prius Designer Says Toyota-Led Industry Must Lose Oil Addiction

(Bloomberg) — Bill Reinert, who helped design Toyota Motor Corp.’s Prius hybrid, hovers in a helicopter 1,000 feet over Fort McMurray, Alberta. On this clear November morning, he’s craning for a look at one of the world’s largest petroleum reserves where there’s not an oil well in sight. Instead, in a 2-mile-wide pit below, trucks […]

StatoilHydro Shuts Mongstad Oil Refinery After Fire

(Bloomberg) — StatoilHydro ASA, Norway’s biggest oil company, shut its Mongstad refinery following a fire in a gasoline unit. Personnel were evacuated and the fire has been put out, said Orjan Heradstveit, a public affairs spokesman for StatoilHydro, in a telephone interview. The refinery, located north of Bergen on the west coast of Norway, is […]

There is shortage of oil in market, says Bodman

DOHA: US Energy Secretary Sam Bodman says there is a shortage of oil in the market. But he, however, said the current high oil price is a combination of various factors including a sliding dollar and instability in certain parts of the world Speaking to journalists during his brief visit to Doha yesterday, Bodman said […]

Forget the World Cup, tourism chief tells South Africa

Johannesburg – South Africa’s energy crisis raises serious questions about its ability to successfully host the 2010 World Cup, the head of the Southern Africa Tourism Services Association (SATSA) said Wednesday, following days of crippling power outages. South Africa is suffering acute energy shortages, resulting in countrywide power cuts lasting several hours at a time […]

Record power shortage hits China

BEIJING/HONG KONG (Reuters) – China is facing its most severe power shortage ever as some plants struggle to secure increasingly costly coal and others shut down capacity rather than rack up losses by selling electricity at low rates. The rebellion by power plant managers unwilling to generate at a loss is likely to worry policymakers […]

Energy shortage forces Central Asians to burn dung

DUSHANBE — With no heating and just three hours of electricity a day, Malokhat Atayeva is struggling to survive the coldest winter in three decades in her small town in western Tajikistan. “It’s so cold that water turns into ice in the kettle overnight,” Atayeva, a mother of two, said by telephone from Tursunzade, as […]

South Africa: Blackouts hit pay packets

The nationwide power cuts are costing workers income, as companies are forced to adjust their shift and working hours. Unions are in talks with about 500 companies in the Western Cape seeking to change members’ working hours to shift their employers’ electricity demand to off-peak hours. Many companies have already restructured shifts, sending employees home […]

Study: Warming may cut US hurricane hits

WASHINGTON – Global warming could reduce how many hurricanes hit the United States, according to a new federal study that clashes with other research. The new study is the latest in a contentious scientific debate over how man-made global warming may affect the intensity and number of hurricanes. In it, researchers link warming waters, especially […]

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