Qatar says it will continue to peg its currency to the falling dollar

DUBAI, United Arab Emirates: Qatar will not depeg or revalue its currency despite increasing pressure on oil-rich Gulf states to sever their links to the falling dollar, Qatar’s central bank governor said Sunday. Oil is priced in dollars on the world market, but many Gulf countries rely on government-subsidized imports priced in euros and other […]

Dubai power shortage continues to deepen, say reports

UAE. Dubai’s decision to open its power industry to foreign investors, ending a 50-year monopoly, is a sign of the Emirate’s growing panic that the US$300 billion construction boom is outpacing supplies of water and electricity. Dubai’s power consumption will quadruple to 21,000 megawatts, equivalent to half of Florida’s, over the next 12 years if […]

End of the world as we know it

You might feel fine, but high oil cost, scarcity mean American Empire is about to come crashing down Peak oil spells the end of civilization. And, if it’s not already too late, perhaps it will prevent the extinction of our species. M. King Hubbert, a petroleum geologist employed by Shell Oil Co., described peak oil […]

Taiwan must diversify its coal imports: officials

The Ministry of Economic Affairs said yesterday that since the nation relies entirely on imports for its coal supply, it has to diversify its import sources to ensure smooth operations. Taiwan also needs to sign long-term purchase contracts to stabilize its coal supplies, ministry officials said.World coal prices have continued to surge since 2003, mainly […]

China’s Regulated Electricity Power Squeezed by Surging Coal Prices

China’s ever-rising coal prices and the stalled government-controlled electricity price are putting pressure on power generators, and companies are losing money. The five biggest power producers have been urging an upgrading of the coal-electricity linkage policy for some time. The National Development and Reform Commission (NDRC) is said to be studying the question but so […]

Pakistan searches for solution to power shortages

Pakistan’s electricity production was nearly 3,000 megawatts short of demand in March. The country made up the difference by turning off lights, and everything else, for several hours a day. Prime Minister Syed Yousuf Raza Gillani after being sworn in March 25 put the “energy crisis” up with terrorism as a top issue to address […]

How can sustainable energy solve greenhouse?

Overwhelmed by the greenhouse debate? Bamboozled by all the competing claims that renewable energy sources cannot supply 24-hours-a-day power (“base load”)? Depressed by the unending vastness of “the literature” on global warming and renewables? Luckily there is an antidote. It’s Mark Diesendorf’s Greenhouse Solutions with Sustainable Energy, a work that anyone who wants to get […]

Unglamorous but economical

Increasing cost of oil gives turboprops a new lease on lifeAs fuel prices soar to record highs and airlines struggle to maintain profitability, the unglamorous but fuel-efficient turboprop regional airliner is making a remarkable comeback. The revival of the propeller-driven planes, which typically consume a quarter to a third less fuel than equivalent jets, marks […]

GCC demand to curtail oil exports

Spiralling energy demand in the Gulf states, coupled with a gas-supply crunch, might lead to oil exports from the region falling during the summer, according to energy econ-omists. A Lehman Brothers report puts the possible Gulf export shortfall due to high domestic demand at up to one million barrels per day (bpd).According to Edward Morse, […]

Australia Needs to Boost `Frontier’ Oil Exploration, Group Says

Australia’s oil explorers need to widen their search for discoveries in so-called frontier areas to avoid a A$28 billion ($26 billion) petroleum trade deficit within a decade, the nation’s oil and gas industry group said. Australia has 50 sedimentary basins, of which just 12 are producing oil and gas, pointing to potential for drilling in […]

Food Prices To Rise For Years, Biofuel Firms Say

Staple food prices will rise for some years, but should eventually fall to historical averages as harvests increase, biofuel company executives said on Thursday. Soaring demand for better quality food from rapidly industrialising emerging markets such as China, supply shortages, increased demand for biofuels, and a surging appetite for food commodities by investment funds, have […]

Most rich nations pocket over 50% of gasoline prices: Opec

DOHA: The governments of the UK, France and Italy pocket more than 50% from a litre of gasoline, which confirms Opec It said the British Government received around 1.7 times more from taxation than the Opec got from the sale of its oil and the country also had the highest industry margins among the G7. […]

Thailand: Bunker-oil imports to maintain power

Thailand will import 110 million litres of bunker oil to keep generating power until the broken pipeline from Burma’s Yetagun gas field can be repaired in 10 days. “[Despite the switch to higher-priced fuel], consumers won’t see higher energy costs or blackouts,” deputy energy permanent secretary Norkhun Sittipong said after meeting with the Electricity Generating […]

Chile sees higher diesel imports in ‘08

SANTIAGO (Reuters) – Chile’s diesel imports should grow 5-10 percent in 2008 from a year earlier due to a domestic fuel shortage, state oil company ENAP said on Friday, with consumption expected to spike in the coming winter months. Chile has imported around 700,000 cubic meters of diesel (4.4 million barrels), used in electricity generation […]

Fuel shortages cause price hikes Nigeria

With massive fuel shortages in the north of Nigeria since mid March, transport costs have doubled exacerbating food prices. A cereal wholesaler in Kano said he too has increased his selling price.

Middle East atomic moves

A period of hiatus following a wave of Arab nuclear announcements appears to have ended with the signing of a Franco-UAE atomic pact, as Egypt prepares to launch a tender for the country’s first nuclear energy plant. There are strong indications that the UAE deal could constitute the first step in a developing trend of […]

‘The End of Suburbia’

After peak oil comes what fresh hell? …Humans always seem to have to learn things the hard way. Maybe we’re just an exceptionally stubborn species, but more likely we’re simply slow on the uptake. There has been a faint chorus of people warning about the end of oil since the 1970s. These days the chorus […]

A Crude Source of Welfare

“In short, apparently these countries need the price of oil to stay high to pay for their welfare expenses And to show that it can get worse than that, Mr. Bowman adds that “Venezuela, according to a report someone forwarded me recently, needs an astonishing $97 per barrel of oil to meet Hugo’s financial obligations

Kunstler: Upscale

…The past five days I went to a pretty major environmental conference put on by the Aspen Institute in their odd little mountain town — and nobody needs to tell me how un-correct it was that I flew all the way out to Denver and then drove a rent-a-car the size of a humpback whale […]

U.S. DOE To Continue Royalty-In-Kind Strategic Oil Stocks

The U.S. Department of Energy Friday solicited bids for royalty-in-kind, or RIK, oil to fill the Strategic Petroleum Reserve by up to 13 million barrels from August to December. Filling the nation’s emergency crude stockpile when oil is trading over $100 a barrel is controversial on Capitol Hill, with many federal lawmakers – backed by […]

Can’t drive 55? How about 65 instead

A trucking industry group is calling for the return of a speedier national speed limit. NEW YORK (CNNMoney.com) — Sammy Hagar’s protest ballad for speeders would need a 10-mile-per-hour update if a trucking group gets its way. The American Trucking Associations, which represents trucking companies, is calling for the return of a uniform national speed […]

New law would recreate Iraqi oil company

BAGHDAD – A parliamentary committee is working on a pair of oil-related draft bills, one to re-establish the state-run oil company and another to fight oil smuggling, a senior lawmaker said Saturday. Abdul-Hadi al-Hassani, deputy chairman of the committee on oil, gas and natural resources, said legislation to re-establish the Iraqi National Oil Co., was […]

Market supplied with enough oil, OPEC official says

TEHRAN (Reuters) – The oil market is supplied with enough crude and OPEC is not under pressure to raise output, the group’s secretary-general was quoted as saying on Saturday during a visit to Iran. “Oil supply to the market is enough and high oil prices are not due to a shortage of crude but rather […]

Social critic warns, offers hope

James Howard Kunstler tells of changes America must make as oil supplies decrease. WILKES-BARRE Kunstler was the inaugural speaker in the

Jordan faces oil price bind

The sharp rise in oil prices over the past year has provided a massive economic boost for many Arab states. In Jordan, however, it has forced the government into a delicate balancing act in order to preserve political and fiscal stability. Unlike most of its neighbours, Jordan does not sit on vast oil and gas […]

It’s a Fine Life

One day roving journalist Doug Fine decided to change his life. He would move to the Mimbres Valley in southern New Mexico, trade in his trusty 12-year-old Subaru for a biodiesel-fueled monster truck, buy a couple of Nubian goat kids and some chicks, start a garden and set out to live an oil-free life. Farewell, […]

Electrocuted rat causes central Stockholm power outage

STOCKHOLM, Sweden: The electrocution of a fat rat in an electric station Saturday caused a three-hour power outage in Stockholm’s central train station. The early morning outage led to some delays in train traffic, since the rat’s 11,000 voltage blowout led to a blackout in the station and halted elevators and escalators, Jesper Ekenlund, a […]

Skybus becomes third airline this week to close

(CNN) — Skybus Airlines announced Friday it is shutting down its passenger flights — becoming the third airline this week to cease operations. The low-cost carrier couldn’t overcome “the combination of rising jet fuel costs and a slowing economic environment,” the company said Friday. “These two issues proved to be insurmountable for a new carrier.” […]

Diesel

Will Americans finally warm to diesel cars? …So, two decades after vanishing in a puff of smoke, diesels seem poised to reappear on the American landscape. Your correspondent will be among the first to plonk down his cash the moment diesel versions of family runabouts arrive. But he wonders where all the fuel will come […]

U.S. Dependence on OPEC Jumps Seven Points in a Year

WASHINGTON – House Republican Whip Roy Blunt (Mo.) issued the following statement this afternoon regarding figures from the Energy Information Administration (EIA) indicating U.S. reliance on the Organization of Petroleum Exporting Countries (OPEC) grew from 50.9 percent of total crude imports in 2006 to 57.6 percent in 2007: “For a majority party that never wavered […]

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