Gas prices rise to new national record

NEW YORK – The cost of filling up the family car jumped to a record high Tuesday, adding to the challenges consumers already face with falling home values and rising food prices. Gas prices at the pump rose overnight to a record national average of $3.2272 a gallon, according to AAA and the Oil Price […]

Guess Who Hopes to Help Power New Hybrid Cars

Exxon Mobil Corp., the world’s largest gasoline refiner, wants a piece of the hybrid-car market. After filling automobile gas tanks for decades, the company has started looking under the hood. It’s betting that further development of a component it created for cellphone batteries can help improve a new type of battery that may eventually power […]

China launches new energy body

China’s government announced the creation of a new high-level body Tuesday to promote energy security and conservation amid soaring demand for imported oil and gas. China is the world’s second-biggest oil consumer after the United States. Its communist leaders see growing reliance on imported energy as a potential strategic weakness and are trying to curb […]

Fuel imports flow to Nigeria amid recall row

…Nigeria relies on a handful of global oil majors and European trade houses, as well as a growing number of Nigerian trading companies, to make up for a shortfall in domestic refinery capacity with supplies from European markets. But late last month, as traders were putting in offers for the latest round of potentially lucrative […]

Iran: High-octane politics

If Iran’s leaders were really so dictatorial, they would have the courage to cut the country’s absurd petrol subsidies The first taste of Iran is almost always the petrol fumes from the capital’s near permanent traffic jams. Tehran is a city of about eight million people – 14 million if you count the outer suburbs […]

Sense and nonsense from Nansen Saleri

Assume you are an elected official from Connecticut, Minnesota, Virginia, or California, all states that have begun to wrestle with the implications of peak oil. Then last Monday you read Dr. Nansen Saleri On QRI

Mexico Anticipates Petroleum Trade Deficit

The trade balance in Mexican petroleum products could stop being a surplus and turn into a deficit in the medium term. Last year Mexico recorded foreign currency revenue from exports of petroleum products totalling 42,885,844,000 dollars, and imports amounted to 25,704,844,000 dolalrs, so the surplus was 17.181 billion dolalrs. Nevertheless, also taking into account foreign […]

IEA: no likely relief from oil prices

The International Energy Agency warned Tuesday that there is unlikely to be much relief from current high oil prices because of brisk demand in China and other emerging markets. While record prices above $100 per barrel may chip away at oil consumption in the United States and other developed countries, emerging markets are not slackening, […]

Record fuel prices blow budgets

…Separate from the role energy prices play in the risk-and-reward scenario for speculating investors, the result for Americans’ lives is that energy, and the mobility that it brings, is becoming crushingly expensive. High oil “makes us poorer than we would otherwise be,” says St. Louis Federal Reserve President William Poole. “There’s a hit to real […]

U.S. may protect oilsands

Considering move to exempt region from new crackdown CALGARY — In response to concerns that new U.S. environmental legislation will drastically impact development of Canada’s oilsands, Washington is considering classifying oil produced from the region as “conventional” fuel rather than subject it to the stringent standards expected of “alternative” fuels. The U.S. government passed a […]

D1 Oils chief leaves with broadside

Karl Watkin, the founder of biofuels pioneer, D1 Oils, today announced his departure from the company with a verbal broadside against governments, campaign groups and even the London Stock Exchange. All had played their part, he claimed, in unfairly damaging the financial value and progress of a firm which had been feted by Bill Clinton […]

Oil sets fresh record above $109

The price of crude oil has set a fresh record at $109.20, its fifth day in a row of historic highs. New York light sweet crude fell back after hitting the high to trade at $108.75. London Brent set a record at $105.40, before retreating to $105.06. Recent rises are being attributed to the falling […]

Eco-migration threat to UK of climate change

Climate change threatens Britain with “environmentally induced migration”, a top level European Union report has warned. The EU analysis of the security threats posed by global warming predicts social unrest as an influx of immigration sweeps “destination” Europe, following failing harvests and environmental conflicts in the world’s poorest countries.“There will be millions of ‘environmental’ migrants […]

Corn-Based Ethanol Could Worsen ”Dead Zone” – Study

Growing more corn to meet the projected US demand for ethanol could worsen an expanding “dead zone” in the Gulf of Mexico that is bad for crawfish, shrimp and local fisheries, researchers reported on Monday. The dead zone is a huge area of water — some 7,700 square miles (20,000 square km) — that forms […]

Kunstler: Cheap Oil Is Over

Kiss the Gas Guzzling NASCAR Era GoodbyeThe car and all its manifold benefits hoisted poor rednecks into a middle-class existence that had seemed like a distant fairytale previously, something only seen in the magazine pages they had used to wallpaper the rooms of their “cracker cottages” (their own typological term for such a dwelling). They […]

Venezuela’s oil belt reopens to private groups

Less than a year since president Hugo Chavez seized control of the vast oil fields in Venezuela’s Orinoco belt, executives from international energy companies are back, armed with smiles, pens and cordial handshakes. US oil groups ExxonMobil and ConocoPhillips spurned the compensation offered by Caracas, preferring to fight it out in the courts – Exxon […]

The oil price conundrum

China’s oil imports have moderated so far this year as it is taking a stance not to accumulate reserves when oil prices are high. Also, the move to employ more efficient use of oil in China and India is likely to see sustained demand without “energy shocks”. The concern is more with the supply of […]

Australia’s uranium miners face competition

Australia can expect more international competition to sell uranium as demand grows for nuclear-generated power and more “uranium friendly” nations dig new mines, the Australian Uranium Association said on Tuesday. Parts of Africa and Eastern Europe in particular were emerging as willing suppliers of uranium oxide to the world’s nuclear reactors, numbering around 440 and […]

The case for more biofuel

In the growing firestorm of criticisms about ethanol and other biofuels, the facts are being badly burned. Opponents decry policy incentives to encourage the industry’s growth and make specious claims that American biofuels are driving up food prices and perhaps even encouraging the destruction of forests in other parts of the world. But no one […]

Rising Food Prices? Let Them Eat Biofuel

Who could have predicted that 21st century cutting-edge technology designed to improve lives would, instead, contribute to starvation. According to the United Nations World Food Program (WFP), “the increasing scarcity of food is the biggest crisis looming in the world”; yet more and more agricultural land is being turned over to the production of crops […]

Saving Energy in Data Centers

Data centers are an increasingly significant source of energy consumption. A recent EPA report to Congress estimated that U.S. servers and data centers used about 61 billion kilowatt-hours of electricity in 2006, or 1.5 percent of the total electricity used in the country that year. Concern about the amount of energy eaten up by data […]

Climate and food will shape future

It seems hard these days to strike up any conversation with professionals in the financial markets without an undertone of manic depression, which may in itself be a sign that the cycle is about to turn. The best rule in markets is always to remember that booms never last, but neither do busts. The second […]

Chase Manhattan Predicted Peak Oil in 1956

Fifty two years ago – on March 8, 1956 – famed geologist and geophysicist M. King Hubbert stepped to the podium at the Spring meeting of the Southwest Section of the American Petroleum Institute and delivered a speech predicting that U.S. oil production would peak within 10-15 years. When oil did in fact peak in […]

Hard times for truckers

HIGH FUEL COSTS SPUR SOME TO QUIT RALEIGH, N.C. – Harold E. Funderburk has noticed more and more big rigs parked on the side of the road with “for sale” signs in their windows. “They are just giving it up, selling their stuff and going to work for some big (trucking) company,” the Raleigh, N.C. […]

America’s hottest export: Coal

Crippling snowstorms in China, floods in Australia and blackouts in South Africa might seem like problems a world apart. But they St. Louis-based Peabody Energy Corp. shipped more coal overseas in the first six weeks of this year than it did all of last year, said Chief Executive Gregory H. Boyce. “The globe

A Primer on Oil Prices

Sebastian Abbot, an Associated Press reporter, points out that,

Energy crunch hinges on Bolivia

Facing blackouts and a looming South American winter, energy-gobbling Brazil and Argentina have an urgent message for their longtime natural gas supplier Bolivia: Step up production, and quick. The two countries depend on their poorer neighbor for gas to power homes, businesses and cars. But Bolivia’s gas industry, stagnating after a decade of falling foreign […]

Shell seeks oil supply amid Alberta plant woes

CALGARY, Alberta (Reuters) – Royal Dutch Shell Plc lined up alternative supplies of upgraded oil sands crude for its Alberta refinery on Monday as its own upgrading plant underwent unplanned maintenance, a spokesman said. Meanwhile, Shell and Imperial Oil Ltd kept rationing fuel supplies to their retail networks as both their Edmonton-area refineries suffered unspecified […]

How to grow your own wheat

Global stocks of wheat are plummeting and people are starting to worry about the price of staples like bread. But can you beat the commodity market by growing your own? … Baker and organic food campaigner Andrew Whitley believes the answer lies in your back garden and that it’s time, as he puts it, to […]

CO2 output must cease altogether, studies warn

Research points to years of warming even with ambitious emission cuts The task of cutting greenhouse gas emissions enough to avert a dangerous rise in global temperatures may be far more difficult than previous research suggested, say scientists who have just published studies indicating that it would require the world to cease carbon emissions altogether […]

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