How Tehran wants to fix the world

Iran wants to enter into “serious and targeted” negotiations with major nations on a wide range of issues, including nuclear energy, Tehran said in a new package of proposals. These were outlined in a letter from Iran’s Foreign Minister Manouchehr Mottaki to United Nations secretary general Ban Ki-moon. The “Proposed Package for Constructive Negotiations” included […]

Oil price spike has wide economic impact

Continued surge could spark ’something worse than a mild recession’ As dire forecasts about runaway oil prices become reality, it Consumers

Is It Time To Tap U.S. Oil Reserves?

Energy Secretary Tells Congress Dipping Into Strategic Reserve Won’t Reduce High Gas Prices (CBS/AP) With gas hitting a new high almost daily, some members of Congress pleaded with the energy secretary to release the nation’s 700 million barrel emergency stockpile, reports CBS News correspondent Nancy Cordes. His response – that’s not what it’s for. “The […]

Australia: How petrol is putting Sydney under the pump

As petrol prices soared yesterday, many people stayed clear of the pump. Service stations appeared to be almost empty, except for people who could not avoid buying petrol. “It’s just ridiculously expensive,” said Wendy Claydon, who drives in heavy traffic between Neutral Bay and Chippendale. She spends at least $100 a week on petrol.”Most fuel […]

Britain faces an ‘economic crisis’ on soaring oil prices

Britain is facing an ‘economic crisis’, a minister warned last night, as soaring oil prices threatened to pile Yesterday, in the latest blow to the cost of living, the price of oil soared to a record high, hitting $135 a barrel and leaping by $5 in just 24 hours to more than twice what it […]

Cheap flights boom over, says BA chief as oil hits new high

Britain’s leading airline boss declared the era of cheap flights over yesterday as the price of oil hit a record high for the third day running. Willie Walsh, the boss of British Airways, said the soaring cost of oil allied to global economic uncertainty would force airlines to raise fares in a scramble for survival […]

IEA worried about oil supplies, prepares forecast

PARIS – A leading global energy monitor fears there may not be enough oil to slake the world’s thirst – and is preparing a landmark forecast that could reverberate through the global economy even as major companies announce fuel-related cutbacks. The International Energy Agency is studying depletion rates at about 400 oil fields in a […]

Ethanol Vehicles for Post Office Burn More Gas, Get Fewer Miles

(Bloomberg) — The U.S. Postal Service purchased more than 30,000 ethanol-capable trucks and minivans from 1999 to 2005, making it the biggest American buyer of alternative-fuel vehicles. Gasoline consumption jumped by more than 1.5 million gallons as a result. The trucks, derived from Ford Motor Co.’s Explorer sport- utility vehicle, had bigger engines than Jeeps […]

American Petroleum Institute spent $1.3M lobbying in 1Q

The American Petroleum Institute, the trade group for major oil and natural gas companies, spent nearly $1.3 million in the first quarter to lobby on fuel economy standards, appropriations bills and other issues, according to a disclosure form. The API also lobbied on various pieces of legislation dealing with oil taxes and fees, renewable fuel […]

The Wall Street Peak Oil Journal

…How the World Works has been closely following the Journal’s coverage of oil-related issues for several years — today’s front page story is the most pessimistic piece I’ve seen the newspaper publish. Two years ago (when a barrel of oil cost a mere $75), the phrase “peak oil” was more likely to be accompanied by […]

Report: ANWR could produce 780,000 barrels/day

The Arctic National Wildlife Refuge would likely produce 2.6 billion barrels of oil between 2018 and 2030, when its production would start to decline, the U.S. Energy Information Administration said today. The Alaskan refuge, which is currently off limits to drilling, would produce 780,000 barrels a day in 2027, declining to 710,000 barrels a day […]

Exxon pursuing arbitration with Venezuela – exec

WASHINGTON (Reuters) – Exxon Mobil Corp.is still pursuing arbitration with Venezuela over the OPEC nation’s 2007 nationalization of the Cerro Negro heavy oil project, a company executive told U.S. lawmakers on Thursday. “We’re currently in arbitration regarding the value of those assets,” Stephen Simon, Exxon’s senior vice president, told lawmakers at a hearing in the […]

Asia to cut subsidies as oil hits $135

Asian governments on Thursday moved to cut energy subsidies to protect their finances and those of state-owned energy companies in the face of soaring oil prices. As crude oil pushed through $135 a barrel for the first time, Taiwan, Malaysia and Indonesia announced plans for urgent action to free prices or cut subsidy costs. China […]

Baker Institute study, conference weigh risks for global energy markets

In recent years, a growing scarcity of energy commodities worldwide has heightened concerns about key geopolitical risks and threats, such as conflict in the Middle East, terrorism and resource nationalism. However, a study released this week by Rice University’s Baker Institute for Public Policy suggests that, taken individually, many of the risks driving the oil […]

Baker Institute study finds continuing upward pressure on retail gasoline prices

With the price of a barrel of oil hovering around $120, U.S. drivers can expect to pay more at the pump in the near future, according to a new study by Rice University’s Baker Institute for Public Policy. “There is room for retail gasoline prices to move up,” said Kenneth Medlock III, a Baker Institute […]

Food for thought

The report

Nigeria to employ militants to guard oil

The Nigerian government announced it intends to employ the very same militants often blamed for attacks on oil installations in the Niger Delta to guard the region’s oil pipelines. In a surprising and certainly controversial move, defense officials said they would negotiate a possible protection agreement with militants. “We will engage them to police oil […]

High gas prices drive farmer to switch to mules

High gas prices have driven a Warren County farmer and his sons to hitch a tractor rake to a pair of mules to gather hay from their fields. T.R. Raymond bought Dolly and Molly at the Dixon mule sale last year. Son Danny Raymond trained them and also modified the tractor rake so the mules […]

Energy secretary rejects releasing oil from US government emergency stockpiles

WASHINGTON: Energy Secretary Samuel Bodman rejected a call Thursday by some members of Congress to release oil from the U.S. government’s emergency stockpile, saying that oil is needed to respond to future oil supply emergencies and not to influence prices. Bodman also told a House hearing that he does not believe that rampant market speculation […]

Why the oil price means bubble trouble

There are plenty of explanations for what’s happening in the global oil markets. It’s caused by the economic boom in the world’s largest developing countries, particularly China and India. It’s caused by the unwillingness of the oil cartel Opec to pump more crude. It’s caused by the fact that the world has reached peak oil […]

POLL: Non-OPEC oil output growth slows to a trickle

LONDON, May 22 (Reuters) – Oil production from countries outside OPEC is stagnating despite a more than sixfold rise in oil prices since 2002, driven partly by the failure of non-OPEC producers to deliver a lot more oil. A Reuters survey of 12 analysts put the consensus forecast for non-OPEC oil supply in 2008 at […]

Gas over $3.83 as early holiday travelers hit road

NEW YORK – Americans getting an early start on the Memorial Day weekend found that gasoline prices again sprinted to a new record high overnight, reaching a national average above $3.83 a gallon. Some analysts predict gas will break past $4 as early as next week. Oil prices, meanwhile, fluctuated Thursday after setting a new […]

FACTBOX: Why oil prices are at a record high

…Adjusted for inflation, oil is now above the $101.70 peak hit in April 1980, according to the International Energy Agency, a year after the Iranian revolution. DOLLAR WEAKNESS The fall in the value of the dollar against other major currencies has helped drive buying across commodities as investors view dollar assets as relatively cheap. It […]

As gas prices rise, so does cost of small used cars

DETROIT – The beige 2003 Honda Civic sat on Mike Haile’s used car lot in Atlanta for only three days before he sold it for $8,200. And that was $300 more than the asking price. The car, with 62,000 miles on it and equipped with an automatic transmission, sunroof, air conditioning, side airbags and a […]

Brazil finds more oil near huge offshore field

RIO DE JANEIRO, Brazil – Brazil’s state-run oil company Petroleo Brasileiro SA says it has struck more oil in ultra-deep waters near the huge offshore Tupi field. Petrobras says it discovered oil at 22,221 feet below the surface in the Santos Basin, 155 miles off the coast of the state of Sao Paulo. The company […]

Canada as an energy superpower

To get TOD Canada rolling again, I’ve written a refresher on Canada’s energy situation. Canada can’t be ignored when it comes to energy. We are a land of plenty. Lots of land, lots of weather, lots of consumption, lots of production. Plenty can easily become scarce though and it has to be managed, and managed […]

Oil rocks airlines

SINGAPORE/PARIS (Reuters) – Airlines around the world braced for slower growth, tighter earnings and deeper cost cutting on Thursday as oil prices surged and the biggest carrier by revenue, Air France KLM, warned on profits. Oil’s spike to a record $135 a barrel knocked airline shares worldwide, with top U.S. carrier American Airlines revealing its […]

Air France warns on fuel prices

Shares in Air France KLM have fallen almost 9% after the warned fuel prices would hit its profits this year. The group reported pre-tax profits of 1.15bn euros ($1.81bn; It reported operating profits of 1.41bn euros, but predicted that it would make only 1bn euros in the coming year. Air France KLM also blamed the […]

”Stingers” will slash petrol thieves’ tyres

Petrol stations are cracking down on Petrol now costs

Airlines: Big decline in business class travel in March

The number of international air travelers flying in business or first-class fell in March by the largest amount in 5 years, the International Air Transport Association (IATA) said. Premium air traffic shrank 3.9 percent in March compared with the same month last year, after growing by 5.1 percent in February. Although the drop was exaggerated […]

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