Fuel and integration costs hit BMI

BMI British Midland profits were halved last year as it was hit by integration costs arising from its takeover of loss-making BMed, the former British Airways franchise carrier, as well as rising fuel costs. The group has become the first airline to capitalise its holding of take-off and landing slots at Heathrow airport in its […]

Gas costs cut into vacation travel

More than a third of Americans are rethinking vacation plans because of record-high gas prices, a USA TODAY/Gallup Poll shows, and some destinations are feeling the squeeze as the summer travel season officially begins this holiday weekend. Of those altering travel plans, 37% are scrapping trips and one in four won’t go as far or […]

Rep. Bartlett, in reversal, backs drilling in Arctic refuge

HAGERSTOWN, Md. – Rep. Roscoe Bartlett, a conservative Republican with an unusually green reputation, said Thursday he will co-sponsor a bill to allow oil and natural gas drilling in part of the Arctic National Wildlife Refuge after years of opposition. Bartlett, R-Md., cited skyrocketing crude oil prices in announcing his support for the American Energy […]

Apparently we’re in for a crude awakening

Whither oil? That’s the head-scratching question nagging everyone from beleaguered U.S. airlines and automakers to panicky motorists bracing for $4-a-gallon gasoline. Will record crude oil prices, which briefly topped $135 a barrel this week, continue soaring wildly into the stratosphere? Or will they finally come crashing back to earth, restoring sanity to energy markets? One […]

The Peak Oil Crisis: The Secretary of Transition

As gasoline prices go higher and higher and as the polls show voters more and more concerned about how they are going to fill their tanks, the Congress is starting to stir. Now mind you, they have passed a couple of major energy bills in the last few years, but these of course were drafted […]

We’re all boiling over oil

Previously on As the Oil Markets Turn: With average gasoline prices rising above $3.80 a gallon nationally, President Bush travels to Saudi Arabia to ask for more oil. But the Saudis say they’re already producing plenty and blame the market speculators for the high prices.Meanwhile, Congress, worried about consumer outrage at the outset of the […]

9 Airlines Face Threat of a Credit Downgrade

In the latest sign that the outlook for the airline industry is darkening, Standard & Poor The price of jet fuel has risen 82.5 percent in the last year and 10 percent in the last month, making it the single biggest expense for the airlines. If the price does not moderate, Mr. Baggaley told The […]

Municipalities cut back to fuel vehicles

Raleigh, N.C. “We have to make decisions on a daily basis,

Detroit automakers at the brink as oil surges

DETROIT Ford Motor Co.’s warning Thursday that it would miss its goal of returning to profitability in 2009 underscored the growing economic pressure on the battered industry. For now, Ford, General Motors Corp. and Chrysler LLC have the cash and credit to weather a continued slump as they play for time by selling more assets […]

China releases oil for quake aid

China has released another 49,000 barrels of fuel from its strategic petroleum reserve to ensure adequate supplies in earthquake areas, the government said Friday. The fuel released on Wednesday and Thursday brings the amount of oil distributed from the national reserve to disaster areas to 169,365 barrels, the Cabinet’s National Development and Reform Commission said. […]

Airlines’ default risk soars

The cost of protecting airline bonds from default soared and bond prices plunged as oil reached a record $135 a barrel, stoking concern that carriers will run out of cash as jet-fuel prices surge. Credit-default swaps tied to the bonds of American Airlines parent AMR Corp., Continental Airlines, JetBlue Airways and United Airlines parent UAL […]

Methane rise points to wetlands

Higher atmospheric levels of the greenhouse gas methane noted last year are probably related to emissions from wetlands, especially around the Arctic. Scientists have found indications that extra amounts of the gas in the Arctic region are of biological origin. Global levels of methane had been roughly stable for almost a decade. Rising levels in […]

Soaring prices are a warning that we need to change

Just how high can it go? A year ago, analysts were talking darkly about the prospect of oil breaching $100 a barrel for the first time. It turns out they were too optimistic. The price of a barrel has hit an unprecedented $135 this week. The recent predictions of a $200 barrel of oil suddenly […]

High prices won’t stop the world going on growing

This time it is different. True, this is an oil shock akin to those that struck the world economy in the 1970s, for the price of oil So will the surge in the oil price have similar consequences this time? It is a tough judgement because we don’t know how high oil will go, but […]

Oil surges to $135 a barrel but OPEC holds firm

Bank of Ireland oil analyst Paul Harris said the price could go even higher. He said the growing focus upon ‘peak oil’ and the failing productivity of previously abundant giant oil fields has fuelled renewed belief that the era of ‘cheap’ oil has well and truly ended. He said a raft of forecasts from leading […]

Rubber Futures in Tokyo Surge to 28-Year High as Oil Rallies

(Bloomberg) — Rubber futures in Tokyo jumped to the highest in 28 years as record oil prices made synthetic rubber more expensive, increasing the attraction of the natural product. Rubber also gained as much as 3.4 percent as Chinese stockpiles fell for an eleventh week. The futures often move in the same direction as crude […]

Oceans turning acidic decades earlier

Greenhouse gases are turning the oceans acidic enough to dissolve the shells of sea creatures decades earlier than scientists had expected, with potentially catastrophic consequences for marine life. Many marine organisms produce calcium carbonate (chalk) shells but, when the acidity of the water is increased, a point is reached at which that calcium carbonate starts […]

Minister: We face economic crisis (UK)

Britain was facing “the first real economic crisis” in a generation, a senior Government minister has admitted. Baroness Vadera, a business minister and former adviser to Gordon Brown, made the comment as the price of oil experienced its biggest one-day increase in almost 20 years. The minister said the economy was facing “testing times” but […]

Portugal getting a hand on Venezuela’s energy riches

In advance of the European Union Among the entourage where representatives of some of the largest companies operating in Portugal, with the objective of firming protocols in the vein of

Another Airlines Tinkers On Bankruptcy

Another interisland carrier is threatening to file for bankruptcy protection. It’s the latest in a string of bad news for the airline industry, and could add to the travel concerns in Hawaii. Mesa Air Group, the parent company of Go told federal regulators that bankruptcy depends on the outcome of a legal battle with Delta […]

Fees may not be enough to save airlines

Higher fares and new fees are irritating air travelers, but airlines still can’t raise money or cut flights fast enough to cover ever-higher fuel prices. In the view of airline executives and analysts, the industry is facing its toughest challenge yet, with little prospect that carriers can return to profits anytime soon. Even though most […]

Silverjet shares suspended on AIM

Shares in the loss-making business class airline Silverjet have been suspended after it failed to get money vital to the company’s survival.The UK airline, which flies from London’s Luton Airport to New York and Dubai, is having to deal with high fuel prices and tight credit conditions.BBC

James Hansen: Clock running out on irreversible climate change – Part II

To all intents and purposes, the Kyoto Protocol is dead, and unless urgent actions are taken its successor, the Copenhagen process may turn out to be dead on arrival or comatose. Kyoto never delivered reductions of CO2 emissions, but still binds 174 nations until 2012. Meanwhile, global greenhouse gas emissions have steadily increased since the […]

UK: Energy hunt turns to straw, woodchips

Energy companies are turning to waste products including wood chips, sawdust and straw to produce light and heat, as soaring oil prices and new climate policies penalize fossil fuels and favor renewables. Some alternative sources of energy have had a bad press recently, especially as biofuels, meant to replace gasoline, have helped stoke food prices […]

Producers say $200 oil is possible as prices hit record three days running

The oil price soared to a record for the third day in a row yesterday, reaching $135 a barrel, more than double the price a year ago. The surging cost of crude is increasing the pressure on petrol and diesel prices and led yesterday to renewed calls for the government to scrap planned rises in […]

Analysts doubt that airlines can afford consolidation

Surging oil prices are becoming so costly to U.S. airlines that some analysts are beginning to wonder whether industry consolidation is moving beyond the carriers’ reach. “Mergers, which are supposed to make the industry more efficient, may not work in this environment since there is a large cash outlay up front and high execution risk,” […]

Oil company plans first floating wind turbine

Offshore rig expertise being used in $80 million pilot project OSLO, Norway – An oil company announced plans Thursday to build next year what it claims will be the world’s first full-scale floating wind turbine. State-controlled StatoilHydro ASA, based in the western port of Stavanger, is the key producer in the offshore oil industry that […]

Sealife at risk from rapid acidification

Scientists conducting a major survey of the North American Pacific coast have found significant increases in acidity that could have a profound effect on sealife. Rising ocean acidity has been predicted by scientists as a consequence of increased CO2 emissions, but the new research suggests that in some parts of the ocean these increases are […]

Italy Embraces Nuclear Power

Italy announced Thursday that within five years it planned to resume building nuclear energy plants, two decades after a public referendum resoundingly banned nuclear power and deactivated all its reactors. “By the end of this legislature, we will put down the foundation stone for the construction in our country of a group of new-generation nuclear […]

Iran’s surprise package tests waters

The White House has been quick to dismiss it, and certain European diplomats have criticized it for “sidestepping” the nuclear issue, yet a close scrutiny of Iran’s “Proposed Package for Constructive Negotiations” reveals a new Iranian sentiment in favor of compromise and flexibility on the country’s nuclear activities.This document, which has been submitted to the […]

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