Venezuela approves windfall oil tax

Venezuela moved Tuesday to take a greater cut of windfall oil profits, approving a 50 percent tax on foreign oil companies when crude tops $70 a barrel. The tax rate would rise to 60 percent when the average monthly price for benchmark Brent crude exceeds $100, according to the bill approved by Venezuela’s National Assembly. […]

Gas station anger should be directed at Washington

One real culprit behind rising gas prices is the nation

What lies beneath

Is there really an ocean of oil off Brazil? JUST how much oil is there off the coast of Brazil? Until recently, Brazil The ANP, which regulates the oil industry in Brazil, was quick to distance itself from the remarks of its boss, Haroldo Lima. His comments were of a personal nature, it said, and […]

UK: Pumping trouble

Motorists could find themselves paying The simple explanation is that there is a long-term problem with supply. Oil and gas are finite resources. If some of the people who have them don

Iran questions need for OPEC to cool oil prices

TEHRAN (Reuters) – Iran’s oil minister on Wednesday questioned the need for OPEC to hike production to cool surging oil prices, snubbing calls for more crude from its Western foes, the United States and Britain. …”Why should OPEC try to lower prices? … Let America and Britain continue demanding,” Oil Minister Gholamhossein Nozari told reporters […]

Crude Oil Rises to Record Above $114 a Barrel as Dollar Plunges

(Bloomberg) — Oil rose to a record above $114 a barrel in New York for a second day as the dollar plunged to an all-time low against the euro. The appeal of oil and other commodities as hedging instruments grew as the dollar sank as low as $1.5968 versus the euro. Oil is also gaining […]

Steep rise in Chinese food prices

Food prices have risen 21% in China so far this year, fuelling concerns about inflation in the economy and the affordability of basic staple goods. The surge was confirmed by the National Bureau of Statistics, which also revealed that economic growth eased slightly in the first quarter. Growth dipped to 10.6% from 11.2% in the […]

Klare: The rise of the new energy world order

By Michael T. KlareOil at US$110 a barrel. Gasoline at $3.35 (or more) per gallon. Diesel fuel at $4 per gallon. Independent truckers forced off the road. Home heating oil rising to unconscionable price levels. Jet fuel so expensive that three low-cost airlines stopped flying in the past few weeks. This is just a taste […]

Kazakhstan supports China tapping Caspian oil and gas

Kazakhstan will support China in developing oil and gas resources on the continental shelf of the Caspian Sea, a joint communique by the two governments showed on Tuesday, as the two seek closer ties. The two sides will try to complete talks on the Darhan block, the communique posted on Chinese foreign ministry’s Web site […]

India: Oil through Israeli pipeline?

India is gazing at Israel for a passage to energy security in the age of high oil prices, a move that will give Asia’s fastest growing economy easy access to the abundant Russian, Caucasian and Central Asian crude as an alternative to volatile West Asian supplies but will perhaps also raise hackles of pro-Arab political […]

India loses out to Latin America, Africa in setting up oil rigs

Countries across the world are stepping up drilling in offshore areas as most companies believe that easily accessible oil and gas in onshore areas has been found. Companies are now going into deeper waters in offshore areas to find oil and gas that will feed energy hungry economies around the world. However, this rush to […]

Petrol heads for

A warning that petrol prices could hit Guardian

‘Threat’ to future of Russia oil

The surprise fall in Russian oil output in the first part of the year has raised fears about the ability of global supply to keep pace with demand over the next decade. Blamed on supply problems in western Siberia and weather conditions making it harder to move drilling equipment, the fall contrasts with substantial output […]

Oil numbers

This is what peak oil is supposed to look like — not Oh My God We’ve Just Run Out Of Oil, but steady pressure on the economy and the way we live from rising energy prices and their consequences. And it doesn’t matter much whether we’re literally at the peak, or whether production can rise […]

World Sea Levels To Rise 1.5m By 2100 – Scientists

Melting glaciers, disappearing ice sheets and warming water could lift sea levels by as much as 1.5 metres (4.9 feet) by the end of this century, displacing tens of millions of people, new research showed on Tuesday. Presented at a European Geosciences Union conference, the research forecasts a rise in sea levels three times higher […]

Surprise discovery off coast of Brazil may confound the oil and gas doom-mongers

BG declined to comment but sources close to the business – formerly a part of state-owned British Gas – said it was too early to make estimates of how much oil or gas was contained within the Carioca reservoir. “More evaluation [by drilling] is needed,” said one well-informed source. Matthew Shaw, Latin American energy analyst […]

Corn Primed for Making Biofuel

In an effort to help boost the nation’s supply of biofuels, researchers have created three strains of genetically modified corn to manufacture enzymes that break down the plant’s cellulose into sugars that can be fermented into ethanol. Incorporating such enzymes directly into the plants could reduce the cost of converting cellulose into biofuel.Mariam Sticklen, professor […]

McCain’s Gas Pains: Gas

John McCain, who just hours earlier proposed a “tax holiday” in which the 18 cent federal tax on gasoline would be suspended during the summer driving season, has reconsidered and has instead proposed that the U.S. gallon be redefined to be equal in volume to the current U.S. quart. “This will immediately lower the price […]

UK: The cost of green tinkering is in famine and starvation

Farewell the age of reason, welcome the idiocracy. Only George Orwell could have invented – and named – the government’s Renewable Transport Fuel Obligation (RTFO) that came into operation yesterday. It is the latest in a long line of measures intended to ease the conscience of the rich while keeping the poor miserable, in this […]

Corn, Soybeans Rise on `Buying Panic’ to Avoid Food Shortages

Corn and soybeans rose for a second straight day on speculation global demand will increase as nations seek to slow inflation and avoid food shortages. The Philippines, the biggest rice importer, yesterday urged Asian nations to convene an emergency meeting on the region’s food crisis. Kazakhstan, the world’s fifth-largest wheat exporter, banned shipments of the […]

Crude oil at new high just above $114; gas also at a record

NEW YORK – Energy traders rewrote the record books again Tuesday, pushing oil futures past $114 a barrel as gasoline and diesel prices struck new highs of their own at the pump. Light, sweet crude for May delivery jumped as high as $114.08 a barrel shortly after regular trading ended on the New York Mercantile […]

Brazil’s oil snafu – much ado about something big

RIO DE JANEIRO (Reuters) – Brazil’s oil market regulator may have jumped the gun by providing a huge new oil reserve estimate with little data to back it up, but analysts have little doubt about the country’s oil potential measured in billions of barrels. Just how many billion remains to be seen, and the discovery […]

A conversation with Michael Klare

Your last book, Blood and Oil, warned of the United States Rising Powers, Shrinking Planet argues that international power will no longer depend solely on a nation

Melting mountains called a water ‘time bomb’

From U.S. to Afghanistan, climate is changing what millions rely on VIENNA – Glaciers and mountain snow are melting earlier in the year than usual, meaning the water has already gone when millions of people need it during the summer when rainfall is lower, scientists warned on Monday. “This is just a time bomb,” hydrologist […]

Drilling The Future

Energy: America’s energy crunch is sadly self-inflicted. While others around the world engage in a mad dash to find more oil reserves, the U.S. seems to think $111-a-barrel oil won’t be affected by more supply. Aline from the recent film “There Will Be Blood” reminds us of the spirit this country’s original oil entrepreneurs once […]

Troops deploy as Nigerian oil state election quashed

PORT HARCOURT, Nigeria, April 15 (Reuters) – Troops deployed on the streets of the main city in Nigeria’s oil-producing Bayelsa state on Tuesday after a court quashed the election of its governor and ordered a fresh vote within 90 days. An appeals court in the southern oil city of Port Harcourt annulled the election of […]

Oil hits record, Britain calls for OPEC hike

NEW YORK (Reuters) – Oil prices jumped to a new peak near $114 a barrel on Tuesday amid lingering supply worries and weakness in the U.S. dollar, deepening concern in world consumer nations that a spike in energy costs could cause severe economic damage. Britain’s prime minister, Gordon Brown, on Tuesday called on OPEC members […]

Fuel Choices, Food Crises and Finger-Pointing

The idea of turning farms into fuel plants seemed, for a time, like one of the answers to high global oil prices and supply worries. That strategy seemed to reach a high point last year when Congress mandated a fivefold increase in the use of biofuels. But now a reaction is building against policies in […]

Berkeley Lab Examines State-level Renewables Portfolio Standards Policies

Berkeley, CA More than 50-percent of non-hydro renewable capacity additions in the U.S. from 1998 through 2007 occurred in states with RPS policies, and 93-percent of these additions came from wind power. Existing state RPS policies, if fully achieved, would require roughly 60 GW of new renewable capacity by 2025, equivalent to 15-percent of projected […]

Food Shortage Rises With Prices

…Food security is not a precise concept but is an extremely powerful one. It can be defined as “access by all people at all times to enough food for an active, healthy life.” On this definition, large parts of the developing world are, and long have been, suffering from food insecurity, as shown by the […]

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