Energy Watchdog Warns Of Oil-Production Crunch

IEA Official Says Supplies May Plateau Below Expected Demand The world’s premier energy monitor is preparing a sharp downward revision of its oil-supply forecast, a shift that reflects deepening pessimism over whether oil companies can keep abreast of booming demand. The Paris-based International Energy Agency is in the middle of its first attempt to comprehensively […]

Oil prices spike to historic highs beyond 135 dollars

Oil prices rose above $135 a barrel for the first time Thursday, with supply worries, global demand and an ever weakening U.S dollar driving crude futures up. The world’s top energy watchdog is preparing a sharp downward revision of its oil-supply forecast, according to a report in The Wall Street Journal reported. Light, sweet crude […]

Qantas increases fares in response to record fuel prices

THE rising cost of jet fuel has once again prompted Qantas to increase the price of its air tickets. Qantas said its international air fares would rise by around 4 per cent and domestic fares by about 4 per cent for tickets issued in Australia from June 4.. The increases follow hikes of about 3 […]

As Oil Prices Rise, Nations Revive Coal Mining

While Japan’s coal industry remains tiny, its revival is an example of how higher commodity prices are driving a search for resources even in some of the world’s most urbanized and developed nations. In recent months, South Korea has experienced calls to create a domestic coal industry in order to reduce dependence on imports. In […]

More-Powerful Fuel Cells

A cheap polymer material increases the power output of methanol fuel cells by 50 percent.Methanol fuel cells have the potential to replace batteries as a lightweight power source for portable electronic devices. But fuel-cell materials are expensive, and fuel cells that consume methanol are inefficient. In particular, the membranes used in methanol fuel cells are […]

Ocean Acidification: Another Undesired Side Effect Of Fossil Fuel-burning

Since the industrial revolution, the oceans have become 30 percent more acidic (from 8.2 pH to 8.1 pH). “Under a “business as usual scenario, predictions for the end of the century are that we will lower the surface ocean pH by 0.4 pH units, which means that the surface oceans will become 150 percent more […]

Indonesia looks to Papua to expand palm oil plantations: official

The government of Indonesia, the world’s largest palm oil producer, is now looking at its vast easternmost provinces in Papua to expand its palm oil plantations, a senior official said Wednesday. “After Sumatra and Kalimantan became too dense for new palm oil plantations, the only land available is in Papua,” the agriculture ministry’s Director General […]

Cost Of Wind Power Turbines Is SkyRocketing

For years we’ve heard about how a shortage of silicon kept solar panel prices higher than they would otherwise be. Just as we’re expecting supply to improve in that field, we learn that wind turbines are getting more expensive. Not just a little, but a lot: “The price of offshore turbines rose 48 percent to […]

Energy boss foretells future scarred by oil wars

The world’s dwindling oil and gas reserves will become the main cause of global political tension if consumers continue to “run on empty”, the head of one of Scotland’s leading energy companies warned yesterday. Ian Marchant, chief executive of Scottish and Southern Energy, told delegates at a renewable energy conference that world oil and gas […]

Japan’s trade surplus plunges 46.3 percent

Japan’s trade surplus in April fell 46.3 percent, due to a steady rise in energy imports, overshadowing a small rise in exports led by slowing US demand, the finance ministry said on Thursday. Trade surplus in April was estimated at 485.03 billion yen (4.71 billion dollars), bigger than a market expectation of a 21.7 percent […]

Mexico’s plans to boost oil refining hit a slick

On the corner of 101st street at the Miguel Hidalgo oil refinery north-east of Mexico City, five men stand in the warm sun contemplating their afternoon’s work: to cut an iron rod. Dwarfed by the towers and storage tanks surrounding them, two of the helmeted workers knuckle down while the other three look on. As […]

Oil and Gas on Public Lands Off-Limits to Exploration

With oil soaring over $130 a barrel and average national gas prices climbing towards $4 per gallon, the Department of the Interior today released a study showing that vast untapped oil and natural gas resources exist on public lands in the United States. Federal lands throughout the United States are estimated to contain 31 billion […]

Record oil prices signal ‘new world’

Investors are placing huge bets that today’s record crude prices are headed sharply higher in the coming years, essentially gambling that scarce resources and a weak U.S. dollar will trump the age-old law of supply and demand. As crude for near-term delivery shot past $133 (U.S.) a barrel yesterday, many analysts were more focused on […]

Russian oil firms may cut exports during repairs

Russia’s top oil firms have pledged to cut exports of refined products or build up stocks during refinery repairs if there is a risk of a domestic market shortage, the anti-monopoly service said on Wednesday. “We wanted some clarifications as to what firms will do during repairs. They pledged to meet domestic market needs, including […]

Airports Lose Passenger Flights As Peak Oil Starts To Bite

In what is still the pretty early stages of the Peak Oil transition cities are losing passenger air service. Financially strapped airlines are cutting service, and nearly 30 cities across the United States have seen their scheduled service disappear in the last year, according to the Bureau of Transportation Statistics. Others include New Haven, Conn.; […]

Blame Wall Street for $135 Oil on Wrong-Way Betting

Oil’s rally to a record above $135 a barrel came as traders bought crude to cover wrong-way bets that prices would decline, according to data from the New York Mercantile Exchange. The number of outstanding futures contracts, known as open interest, fell 8.1 percent in a week to 1.36 million at the same time that […]

Oil’s perfect storm set to blow over

The perfect storm that has swept oil prices to $132 a barrel may subside over the coming months as rising crude supply from unexpected corners of the world finally comes on stream, just as the global economic downturn begins to bite. Telegraph

Oil

…What are these prices signalling? For Matt Simmons, energy investment banker and Problems abound in the oil sector

To the Last Drop

Maybe oil-addicted America can turn tricks for the Saudis. Saudi Arabia gave President Bush the appropriate response to his petulant begging for more oil last week, and it basically amounted to telling him he could go back to his fake ranch and buy a Prius. The Saudis are surely tired of being treated like dope […]

Scary tales: Oil hunger!

You can argue that the surging price of crude oil is a bubble that will one day pop. Or, you can look at China’s growing energy consumption and conclude that if the world’s tight supply of oil is worrisome right now, the future looks downright frightening. James Hamilton, professor of economics at the University of […]

The Real Reason Behind Record High Oil Prices – Part 2

…The hoax of Peak Oil The chief market strategist for one of the world’s leading oil industry banks, David Kelly, of J.P. Morgan Funds, recently admitted something telling to the Washington Post,

BP natgas exec says prices ‘need’ to stay high

CHICAGO (Reuters) – A senior executive for BP Energy North America said Wednesday natural gas prices need to remain in their current range near $11 per million British thermal units in order to support necessary investment in infrastructure and promote further development. Brian Frank, president of BP North America Gas and Power, told participants at […]

EU plan could lead to power blackouts

Energy providers have begun a fierce lobbying campaign against new plans by the European Commission to clamp down on industrial pollution, saying they could cause the premature closure of a quarter of Britain’s electricity generation capacity and leave the country struggling to keep its lights on. David Porter, the head of the Association of Electricity […]

Airlines fly by the seat of their pants

American Airlines yesterday appeared to cross the Rubicon, asking its passengers to pay $15 ( It is not just some carriers that are in trouble; the business model of an entire industry is close to bust. Since the end of January, the cost of the fuel that keeps planes in the air has risen by […]

They’re wrong about oil, by George

Rip up your textbooks, the doubling of oil prices has little to do with China’s appetite Just as the credit crunch seemed to be passing, at least in the US, another and much more ominous financial crisis has broken out. The escalation of oil prices, which this week reached a previously unthinkable $130 a barrel […]

UK: Road policy oil assumptions attacked

The government’s roads policy has been labelled “absurd” after it emerged that decisions on road building and pay-as-you-drive schemes over the next decade will based on an oil price of no more than $70 a barrel. New traffic and congestion forecasts, which are integral to government road policies, are based on an oil price of […]

Warning over volatile oil prices

Sky-high volatile prices in oil, food and a swath of minerals are now a permanent feature of the economy, a Nobel prize-winning economist has warned as crude touched a new record peak. Michael Spence of Stanford University warned that volatile commodity prices were perennial features of the modern economy, but were “worth suffering”. It came […]

Oil Rises Above $134 on U.S. Supply Drop, Bank Price Forecasts

(Bloomberg) — Crude oil rose to a record above $134 a barrel as U.S. stockpiles unexpectedly dropped and banks raised price forecasts because of supply constraints and demand growth. Inventories fell 5.32 million barrels to 320.4 million last week, the biggest drop in four months, the Energy Department said. Oil for December 2016 delivery rose […]

Three raging bulls as oil barrels higher

Eric Sprott so believes in ‘peak oil’ theory that he’s sinking some IPO proceeds into his energy fund Energy stock funds have been on a tear as the price of oil keeps soaring, and at least one fund manager is sinking more of his own cash into his portfolio because of his belief in the […]

Airlines

…Financially strapped airlines are cutting service, and nearly 30 cities across the United States have seen their scheduled service disappear in the last year, according to the Bureau of Transportation Statistics. Others include New Haven, Conn.; Wilmington, Del.; Lake Havasu City, Ariz.; and Boulder City, Nev. Over the same period, more than 400 airports, in […]

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