There is No Gas Shortage, Part 2

Columnist Ed Wallace argues that nothing in the real world justifies oil’s current pricing More amusing was the fact that, the day after that column ran, the weekly oil report came out from the Energy Information Administration, which showed that we had put another 7.4 million barrels of oil into our reserves. And to validate […]

The Bakken Formation: How Much Will It Help?

The Bakken formation in North Dakota and Montana has generated a lot of buzz in the past year. Reserve numbers in the billions of barrels, even tens or hundreds of billions show up in press reports and blogs. Now the USGS has weighed in with a comprehensive assessment of the resource. So just how much […]

‘Flammable ice’ could be mined for fuel

They call it flammable ice, and it could be the world’s last great source of carbon-based fuel – assuming we can mine methane hydrates, crystal lattices of ice that trap methane beneath ocean beds and permafrost. One problem with extracting this methane is that you have to melt the ice to bring the gas to […]

The Fed pushes gasoline prices even higher

Butte, Montana | As we well know the price of a gallon of gasoline keeps going up. And nobody sees an end to this surge let alone a drop in price. For just this past weekend the price of oil per barrel jumped again to an all time record high of $117.01. The New York […]

Delta, Northwest report combined $10.5B loss on fuel costs

ATLANTA – Delta Air Lines Inc., the nation’s third-largest carrier, said Wednesday its loss widened in the first quarter to a whopping $6.39 billion because of soaring fuel prices and the steep decline in the company’s market value. … In a memo to employees Wednesday, Ed Bastian, Delta’s president and chief financial officer, said the […]

Where are the economists?

…The independent Energy Watch Group projects a major decline in global oil consumption from the current level of over 80 million barrels per day to 58 million by 2020 and 39 million by 2030 (not even half of current consumption). Since presently observed trends exclude filling the gap with nonexhaustible energy and green substitutes for […]

Earth Day fossil fuels message: ‘The party is over’

DARTMOUTH Mr. Heinberg has authored several books; among the titles is “The Party’s Over: Oil, War and the Fate of Industrial Societies.” “U.S. energy policy is clearly failing,” he said, and the only “sensible” energy policy for the nation and world is to “discourage fossil fuel consumption.” He said the government at all levels should […]

Chavez says food prices ‘massacre’ of world’s poor

CARACAS (Reuters) – Soaring food prices are a “massacre” of the world’s poor and are creating a global nutritional crisis, Venezuelan President Hugo Chavez said on Tuesday, calling it a sign that capitalism is in decline. His comments came only hours after the United Nations’ World Food Program called more expensive food a “silent tsunami” […]

Surging energy costs take a big toll on U.S. airline earnings

The parent company of United Airlines, the UAL Corporation, reported a $537 million loss in the first quarter on Tuesday, bigger than expected, as a 51 percent increase in fuel costs overwhelmed furious efforts to raise fares at the country’s second-largest carrier. UAL shares closed down $7.88, to $13.55. Unless oil prices unexpectedly retreat, there […]

Load Up the Pantry

I don’t want to alarm anybody, but maybe it’s time for Americans to start stockpiling food. No, this is not a drill. You’ve seen the TV footage of food riots in parts of the developing world. Yes, they’re a long way away from the U.S. But most foodstuffs operate in a global market. When the […]

Peak Oil? Saudis Squeeze the Stone Even Harder

As oil reserves get harder and more expensive to suck out of the ground, one big question looms: Is Saudi Arabia facing So are the Saudis smartly shepherding their oil resources? Or are they obliquely acknowledging that getting them out of the ground will be increasingly difficult and expensive? WSJ

UK: Energy firms to target aid at poorest customers

LONDON (Reuters) – Retail energy suppliers have agreed a package of measures aimed at increasing help available to customers most affected by rising power and gas costs, energy regulator Ofgem said on Wednesday. Measures to help combat the rise in fuel poverty — where consumers spend more than a tenth of their income on energy […]

Russian Oil Has `Peaked,’ Billionaire Vekselberg Says

(Bloomberg) — Oil output in Russia, the world’s biggest supplier after Saudi Arabia, has “peaked” and may decline in the coming years, said billionaire Viktor Vekselberg, an owner of BP Plc’s venture TNK-BP. Russian companies need tax breaks to spur exploration and development of new fields to revive growth, Vekselberg told an American Chamber of […]

Europeans switching back to coal

CIVITAVECCHIA, Italy: At a time when the world’s top climate experts agree that carbon emissions must be rapidly reduced to hold down global warming, a leading Italian electricity producer, Enel, is converting its massive power plant here from oil to coal, the dirtiest fuel on earth. Over the next five years, Italy will increase its […]

Poll: Food costs a major worry for consumers

WASHINGTON “I’ll drive farther, even though gas is higher, if there’s a bigger price savings at another store,” says Anna Thomas of Austin, Ind. She and her husband can handle rising food prices with planning, though it’s a pinch. “It’s hard on us, but it’s harder for families with kids,” Thomas says. Consumer food inflation […]

Pentagon worried about spiking oil prices

WASHINGTON (AFP) – After spending 15 billion dollars on oil in 2007, the Pentagon said Tuesday it was concerned over rising prices, since for every dollar oil goes up in price, an extra 130 million has to be added to its budget. Oil price is “a significant concern for us today,” Undersecretary of Defense Tina […]

Rationing use of cars may be only way to cut emissions

EXCLUSIVE: The only way to meet targets on cutting Yorkshire’s carbon emissions would be to ration journeys and introduce congestion charging, new research reveals. Even if a whole raft of measures was introduced Currently, 24 per cent of Yorkshire’s carbon emissions come from transport, with the region committed to reducing its total levels of CO2 […]

Air fares must go up, Delta chief says

CITES CONTINUING INCREASES IN COST OF FUEL WASHINGTON — Domestic airlines need to raise fares by 15 percent to 20 percent just to break even at current fuel prices, the chief executive of Delta Air Lines, which seeks to acquire Northwest Airlines, said Tuesday. “An airline ticket has got to reflect the full cost of […]

Assessing the global food crisis

“A silent tsunami which knows no borders sweeping the world”. That is how the head of the UN World Food Programme (WFP) summed up the global food shortages. It is certainly a storm that has hit with little warning and has plunged an extra 100 million people into poverty. The crisis has triggered riots in […]

Schools struggling to keep healthy meals on menu as ingredient costs soar

The drive to make school meals healthier is being jeopardised by the soaring cost of staple foods, leaving canteens struggling to provide nutritious and cheap dinners, local authorities say. Double-digit increases in the cost of foodstuffs such as bread, eggs and cooking oil have left local authorities struggling to maintain high-quality subsidised dinners. Dining hall […]

Water – the under-reported resource crisis

Food riots in Haiti, strikes over rice shortages in Bangladesh, tortilla trouble in Mexico and bread wars in Egypt. Soaring food prices are causing more misery round the world than the credit crunch. But what is the cause? Biofuels are part of it, clearly. A quarter of US corn is now put into tanks rather […]

Trees in Your Tank? The Future of Green Gasoline

Hydrogen, ethanol and even compressed air all have the shrink-wrapped sheen of the bright, green future. But gasoline? At $1 per gallon?

Researchers at UMass Amherst recently published a new method of refining hydrocarbons from cellulose, paving the way to turn wood scraps into gasoline, diesel fuel, Tupperware

Era of cheap food ends as prices surge

Families have been warned that the prices of basic foods will rise steeply again because of acute shortages in commodity markets. Experts told The Times yesterday that prices of rice, wheat and vegetable oil would rise further. They also forecast that high prices and shortages A further 15 per cent increase in the price of […]

Beekeepers want Government to stop ‘disaster’

Beekeepers have called on politicians to help them prevent an “economic and ecological disaster in the making”. The British Beekeepers’ Association (BBKA) said new research was essential to ward off threats to the health of the nation’s honey bees. Numbers have been falling for several years but bees, which pollinate plants as well as producing […]

‘Tenfold R&D rise needed for climate change’

Climate change could cause global conflicts as large as the two World Wars which will last for centuries unless it is controlled, a leading defence think tank has warned. The Royal United Services Institute said a tenfold increase in research spending, comparable to the amount spent on the Apollo space programme, will be needed if […]

UK: Families’ annual grocery bill rises by

Families are having to spend almost A kilo of Tesco garden peas has increased from

Jubak: It’s going to $180

Yikes! Oil at $117 a barrel. It has to go down from here, right?

Wrong. In the short term — say, the next two years or so — we’re looking at bad news about global oil supply that could take the price of a barrel of crude to $180.

MSN.com

Unqualified experts create fear in market, says Naimi

Saudi Arabia has dismissed claims that it is overstating its real oil production capacity and said resulting fears and speculation are to blame for the sharp increase in crude prices. Saudi Oil Minister Ali Al Naimi slammed …

New vehicle fuel rules call for 31.6 mpg by 2015

WASHINGTON Peters said the proposal is “an aggressive but achievable standard. I think we’ve got something that is going to significantly save fuel and help clean our air.” The plan responds to a new energy law passed by Congress and signed by President Bush that requires the nation’s new cars and trucks, as a collective […]

Bush voices concern about record oil price

NEW ORLEANS (Reuters) – President Bush Tuesday said he was concerned about record-high crude oil and gasoline prices, and said the United States needs to tap an Alaskan wildlife refuge to boost supply. “I am obviously concerned for our consumers,” Bush said at a news conference along with Canadian Prime Minister Stephen Harper and Mexican […]

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